What Are Bail Bonds and How Do They Work?
What are Lancaster County bail bonds? A bail bond is an agreement by which an individual or entity promises to pay for an individual or entity on a certain occasion if such an entity or person does not appear in court on the scheduled date. The promise may be made by an individual or a company. A bail bond broker, bail agent, or licensed bond trader is any person, institution, or corporation who will act as an obligatory and promise to pay for the appearance of an individual or entity in court on a specified date.
Commercial Paper or Collateral
It is possible to become bonded through something called commercial paper or collateral. Commercial paper is real estate or a vehicle that is owned by someone but is not used regularly. When collateral is listed, it means that a third party has guaranteed the payment of a bond if the individual or entity fails to appear. Some banks use collateral to help with collecting their loans. Collateral can also be legal costs or a portion of profits in some cases. There are many types of collateral, but the most common forms are real property, vehicles, jewelry, antiques, cash, and securities.
Arranging for Commercial Paper
To arrange for commercial paper, a bail bondsman would need to have information about the items listed above. Then he would have to provide the information to the court or prosecutor. The bank would then review the documents to ensure that the amount was sufficient to make it likely that the person would appear in court. If the judge approved the plan, the bank would transfer the bond to the person or entity named in the contract.
The Final Decision
A bail bondsman works with the defendant until a final decision has been made. In that time, the defendant may not be released. In some instances, the defendant does not show up and bond services do not get the money needed to release the defendant. If the defendant misses court dates, his bond amount will increase until funds are received.
A criminal justice system allows the public to look into and hold those who are suspected of committing crimes. Bail ensures that those accused of crimes are not able to flee the jail while awaiting their day in court. It can help a prosecutor build a strong case for conviction. Once a defendant has been found guilty of a crime, it is important to have a bond put up by a bail bond company so that they can collect on the debt.
