If you’ve ever needed to bail someone out of jail, you might have come across the term “surety bond” and wondered what it was. In this blog we’ll explain the basics of what a surety bond is, why it’s needed when you want to help someone get out of jail, and how ASAP Bonding in Duluth can help you.
At ASAP Bonding, we do everything possible to make a difficult time easier on you and your family. No one wants to have to deal with the legal system but when you do, it’s nice to know that you have someone on your side who can make the process run as smoothly and simply as possible. If you’re in Duluth or the surrounding area, give us a call when you need help posting bail for a friend or family member. Our premiums are affordable and we take a lot of pressure off of you by dealing with the court and the jail on your behalf.
What is a Bond?
At the most basic level, a bond is a loan that doesn’t necessarily come from a bank. Bonds can be a way for an investor to loan money to a company or the government and have it repaid in full with interest. A bond can also be an agreement between two people or a person and an institution. In the case of bail bonds, the bond serves as an agreement between the court and the person who was arrested. This agreement is pretty simple: show up for your court date or lose all of this money while also facing additional criminal charges and the inability to bond out again once you’ve been rearrested for failing to appear.
How is a Surety Bond Different?
A surety bond is different, and more complicated, than a regular bond because it involves three parties instead of just two. With a surety bond, the three parties are the obligee, the principal, and the surety.
The Surety: The surety, also known as the guarantor, is the person or business that loans out money on behalf of another party to an institution like a court. Sometimes they pay for a bond in real currency and sometimes they may have a line of credit with the court.
The Obligee: In a surety bond, the obligee is the court who requires a defendant to show up for their court date. If the defendant fails to appear, they are paid the entire bond amount from the surety.
The Principal: The principal is the person who is required to meet the terms of a contract. In the case of a bail bond, the principal is the defendant who has to appear on time to their court date to fulfill their end of the contract. When they show up for their court date, the obligee repays the money paid by the surety for the bond.
As you can see, the bail bonding process can get a little confusing if you’ve never had to deal with it before. When you choose ASAP Bonding to be your bail bondsman, we streamline the process for you so you don’t have to try to understand complicated legal terminology when you already have so much on your mind. However, we invite you to ask any questions that you may have about the process. We will take the time to explain to you and the person who was arrested what your responsibilities are, what the consequences for failing to appear might be, and why it is in everyone’s best interest to follow the rules as strictly as possible.
Contact ASAP Bonding in Duluth if you need to post bail for a friend or family member. Our premiums are low and we can get your loved one out of jail quickly!