A bail bond is defined as a financial agreement between the bail bondsman and the criminal defendant. The bail bond is a written agreement that states that the bond will be repaid by the defendant after he or she goes to court following their release on bond. In order to make sure that the bail bond will indeed be repaid, collateral is set up in order to act as a monetary value to the bail bond. This collateral is usually taken by the bail bondsman in the form of cash, a vehicle, or property.
In the event that the defendant fails to show up to court, the collateral must be surrendered to the bail bondsman. If you are looking to be the cosigner of a bail bond for a defendant, there are a few things you need to remember in order to keep yourself safe.
1. It is a Legally Binding Document
Consigning a bail bond is more than just a written agreement. Being a cosigner means that you are agreeing to pay the bail bond fee in full, which is usually 10% of the amount owed and put up collateral, as well as being responsible for getting the accused person to appear in court. If the defendant fails to come to court, you will be responsible for repaying the full amount of the bail bond, which is stipulated in the contract between you and the bail bondsman. Even if you do not like the rules of the cosigner document, they must be followed.
2. Cosigner is Liable
As the cosigner of the bail bond, you are liable for any fees that may accrue should the criminal defendant flee or fail to appear for their court date. If this happens, it is the duty to find the accused person and bring them back to jail. However, whether or not the cosigner is able to find the criminal defendant after fleeing, he or she must still pay the bail bondsman's 10% fee, as well as surrender any collateral.
3. Stipulations Can be Made
Because the cosigner of the bail bond is responsible for the collateral and the criminal defendant, he or she has the option to set stipulations for the accused person. This can mean requesting that they go to a drug or alcohol treatment center or to a mental health facility for an evaluation. This can be a good idea if drugs, alcohol, or behavior was the reason they were arrested.
4. Cosigner is in Charge
It is important to remember that the cosigner is in charge. If they believe the accused person will not hold up his or her end of the bargain and stay out of trouble while out of prison on bail, the cosigner can meet with the bail bondsman and request that the bail be canceled. This way collateral is returned to the cosigner and the criminal defendant is taken back to jail.
After you understand the important facts of cosigning a bail bond, you can meet with Nickel Bail Bonds or another local bail bondsman. Remember to ask him or her any questions you might have and make sure you understand the answers. The right bail bondsman for you will be one who is detailed with their answers and will be eager to work with you.
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