Surety Bond in North Carolina
There are many different types of bonds throughout the US. In North Carolina a Surety Bond can be issued for a wide range of reasons including a Business Service bond, Lottery Bond, Motor Dealer Bond, Insurance Broker Bond or a Bail Bond which can sometimes be referred to as a Jail Bond. The one thing these bonds have in common is that they can all be issued by an insurance company and they are all types of Surety Bond.
What is a Surety Bond?
A Surety Bond is an agreement that requires specific acts be performed (or not be performed) and is subject to financial compensation if the agreement is not kept. When a Surety Bond is in the form of a Bail Bond aka Jail Bond, the bond is issued by a bondsman representing an insurance company that guarantees the person requiring the bond will adhere to all conditions of bail set by the judge. Failure to meet all conditions means the accused will lose their ability to stay out of jail and will pay a financial penalty for breaking the bond, usually the penalty is the entire amount that was requested by the courts for bail.
Bail Bond or Jail Bond – Any Difference?
While a Jail Bond can be a Surety Bond, not every jail bond or bail bond is a surety bond. A family member or loved one can post bail by putting up the full amount of bail requested by the magistrate, they are then acting as an Accommodation Bondsman. By far the most common type of jail bond however is a surety bond as most people just don’t have the entire amount of cash sitting around that the courts may require for bail. Bail is specifically set high enough to cause pain if bail is broken and that usually means more than you have cash on hand.
Only Three Types of Bail Bondsman Exist:
- Accommodation Bondsman – Any person who puts their own money up with the magistrate to get someone out of jail.
- Surety Bondsman– A bondsman who is backed by a Surety Company if a bond should go bad by a defendant who skips court.
- Professional Bondsman – A bondsman who puts up his or her own money with the State and can write bonds against it depending on how much they deposited.
All 3 bondsman are doing the same thing posting a bail bond; there are no other bonds that can be used for getting out of jail.
Advantages of using a Bail Bondsman
The advantage of getting a Jail Bond or Bail Bond from a bail bondsman means you only must pay a small portion of the amount of the bail that has been set for your release. You pay a small percentage of the bond as a fee in order to enjoy this benefit while remaining free “on bail”.
If you adhere to all your bail restrictions and report as ordered to all court dates, you will never have to pay more than the small fee agreed upon for the bail posting with your bondsman. If eventually you are found innocent you just continue to remain free, the bond requirements are ended, and you go on with your life. If guilty the bond is also ended, no further payment is required and whatever punishment is handed down to the accused must be served.
Breaking a Surety Bond or Jail Bond
If you break the agreement that the surety bond stipulates you must adhere to, you will be re-arrested, put back in jail and financially responsible for the full amount of the original bail whether you are found innocent or not. Needless to say, breaking your surety bond is not a wise move and can have enormous financial consequences.
Our Head Office Is In Statesville, NC:
Release Me Now Bail Bonds
Open 24 hours / 7 days