The
Structure of the Bail Bond Contract
A Bail Bond is executed with a legal instrument
known as a recognanze.
It is a 3 way contract
between the State of
The Contract becomes in
breach if the defendant fails to appear. Under contract law, the bail bond is
forfeited and must be paid to the Court.
There are provisions
that allow for a timely surrender of the defendant
(75 days). There will
then be Court costs paid to the New Jersey Bail Fund and attorney fees
incurred.
The bail
can not be reinstated, nor can there be any changes to the bail with out the
approval of all 3 parties to the Contract.
Definition: bail
bond n. a bond provided by an insurance company (the Surety) by Power of
Attorney to a bail bondsman acting as an agent
for the company, to
secure the release from jail of an accused defendant pending trial. The Usual
charge or “Premium" is 10 percent of the
bail (e.g. $1,000.00
for a $10,000.00 bond). At times the defendant or Co-Signer must pledge
collateral such as a deed of trust or mortgage
on Real Property. Upon
acquittal, conviction, or other conclusion of the case, the bail bond is
"exonerated" and returned to the Surety.
If the person who has
been bailed out fails appear in court, the bond funds will be forfeit unless the
defendant is surrendered to the court.
The
holds the Insurance
Company harmless. Meaning, that if the Defendant fails to appear in court and is
not surrendered in 75 days, the Bondsman
is to pay the Court the
full amount of the bail bond. If the bondsman does not pay, the Insurance
Company will pay the court and then go after the assets of the
bail bondsman (most bondsman put up their own cash or real property with the
insurance company as collateral). In turn, the Co-Signer
or "Indemnitor" will sign like documents holding the Bondsman harmless and
pledge to pay the bail amount if forfeited.
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