Types of Bail Bonds
Bail bonds are your ticket out of jail. Essentially, they are specialized loans that can be paid by the defendant in full or paid by a special agency. In general, bail bonds are good for one year and renewable at the end of the year if the bail bond is not exonerated. There are six main types of bail bonds: standard, federal, immigration or foreign national, cash, property and surety.
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Standard Bail Bonds
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Standard bail bonds are a unique type of insurance loan. Typically only insurance agents licensed to write bail bonds can post these types of jail release and appearance bonds. They are granted when a family member or friend contacts the bail agent before the defendant is released. In general, bail bonds are purchased by paying a small premium (10 percent of the bond amount) plus any associated fees, such as recording, storage, phone calls and travel. The fee schedule should be supplied prior to entering into an agreement.
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Federal Bail Bonds
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Federal bail bonds can be obtained in most areas of the United States 24 hours a day, seven days a week. Bail bondsmen generally work on an "on call" basis whenever they are away from their offices. They have been used for hundreds of years, dating back to the times of Elizabethan England, as the most effective method to ensure the appearance of a defendant in court. Federal bail bonds work differently than standard bail bonds. Due to the nature of federal crimes, federal bail bonds are usually of a higher risk and price than standard bail bonds, therefore most bail bond agencies will ask for a higher deposit.
Immigration Bail Bonds
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There are also other types of bonds that are specific to the crime. One of these is immigration bonds, which are for people who are charged with crimes involving foreign nationals. Immigration bonds involve a great deal of risk and are therefore expensive and difficult to get.
Cash Bonds
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Cash bonds are for people who can afford to pay cash for their bail. These are by far the easiest bail bonds to obtain as they come along with little risk for the issuing bond agency. However, they also tie up the money used for bail until a court appearance. This may hinder the defendant's ability to retain counsel.
Surety and Property Bonds
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Surety bail bonds involve contracts and stipulations, such as driving school or rehab preconditions. In addition to the precondition, collateral is required for the bail amount. Property bail bonds are used when property is used for the collateral, however, these are very complicated and are completely dependent on the value of the property in relation to the amount needed for bail issuance.
References
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