What is a Bail Bond?
A bail bond is an agreement that a person will appear on a designated court date or pay a sum of money for not showing up. It is like insurance to the magistrate that if the defendant is let out of custody, they will show up for their court appearance..
In order to sign the contract, there needs to be some assurance that the money will actually be paid if the defendant doesn’t show up. If the individual does not have enough collateral for the bail bond, then they can ask for some help from a close friend or family member. An indemnitor is a person who arranges for the bail and actually signs the contract.
Situations that require a bail bond usually happen quickly, and with no notice, so it is important to not act rashly, but understand completely what signing the contract entails.
The indemnitor is the one responsible for the individual to appear at every court date. There may be more than one, and missing any of them can have negative consequences for you. If they do miss a court date, you will have to pay fees. Fees may include payment for a recovery agent to locate them.
If the defendant does more than just miss a court date and disappears completely, then you will be liable for the entire sum of the bail. If you used collateral like real estate or pink slips for a vehicle, then you will lose those holdings.
Cancelling a Bail Bond Contract
When you sign a contract for a bail bond, you become completely responsible for the defendant. This contract is legal and binding, and it is not something that should be done in a moment of panic. You need to consider the ramifications of what the defendant might do under stress and what the consequences for you will be if that happens.
Once you sign the contract, there is not a way to get out of it, even if it is ruining you financially or you tried to get the defendant to their court dates to the best of your abilities. The only way to be removed from a bail bond contract is if the bail bondsman cancels it for you. This is not common and is very unlikely to happen unless the defendant is returned to custody, or a new co signer is implemented.
Once the defendant has fulfilled all the court responsibilities, that is when the contract becomes no longer binding. You are only free from the financial responsibilities when the court case is closed.
The Right Bail Bonds Company
303 Bail Bonds is available all day and night, every day to help you arrange bail for your loved ones. We service all 64 Colorado counties and work hard to make sure your bail bonds are posted quickly and discreetly.
We are knowledgeable, so we can help you move quickly through the process to ensure that your loved ones are back home quickly. We offer fair fees and interest-free payment plans to help you fulfil all your financial responsibilities. During this troubling time, you can rely on us to offer friendly and helpful service.