Bonds come in several forms, with bail bonds and surety bonds being two of the most common types. However, most people don’t know the differences between bail bonds and surety bonds. When an arrested person or their family reaches out to a bail bond agency, one of the first things they inquire about is the type of bond they will need for release.
While there are many similarities between bail bonds and surety bonds, there are some differences as well. One of the most important things to note is that the terms bail bonds and surety bonds are not interchangeable in any way. Both serve completely different purposes and are used in different circumstances.
No one wants to spend their days and nights behind bars, especially if they can get out with the help of bail. However, not knowing the differences between surety bonds and bail bonds can lead to several problems. To eliminate this issue, this blog will compare bail bonds and surety bonds. Keep reading to learn more.
What are Bail Bonds?
After the suspect is charged with a crime and arrested, they will stay in jail until they apply for bail. This helps them navigate this difficult time with their loved ones and prove their innocence in court. Therefore, it is fair to say that bail bonds are used to release them from jail.
However, the bail process is not that easy. Once the defendant applies for bail, they have to wait until their bail hearing. If the judge decides they qualify for bail, they will set a bail amount that the defendant or their family has to pay.
If neither party is able to pay the bail amount, they can hire a bail bond agent to pay for their bail. They charge a small fee (around 10 percent of the bail amount) or ask for collateral in exchange for paying the bail amount. Once the bail bond has been paid, the defendant is free to go but has to appear for trials.
What are Surety Bonds?
A surety bond requires the involvement of three parties; the principal, the obligee, and the surety. This type of bond comprises several categories, holding the bonded party financially accountable.
The process is quite simple. The obligee asks the principal to opt for a particular type of surety bond that is worth a certain amount of money. However, if the principal violates the terms and conditions of the bond agreement, the obligee can file a claim against them. The bail bond agency providing surety will compensate the obligee, settling all claims.
In this case, the principal will have to pay back the bond amount plus their fee and interest charges to the surety. Some common categories of surety bonds are highlighted below:
- Contract bonds
- Commercial bonds
- Court bonds
- Fidelity Bonds
Conclusion
The main difference between bail bonds and surety bonds is who pays for the bond and undertakes the risk. In the case of bail bonds, whoever pays the cash bond has to take full responsibility and carry the risk. On the other hand, in the case of surety bonds, there is an intermediary in the picture that takes the risk.
Both types of bonds have their unique characteristics, advantages, and disadvantages. It is the situation of the arrested person that determines the type of bond they opt for.
Get in Touch with One of the Most Reliable and Affordable Bail Bond Agency in Indiana
Now that you know the differences between bail bonds and surety bonds, it is time to find yourself a professional service provider.
If you are looking for a licensed bail bondsman or bail bond agency offering 24-hour bail bond service, DeLaughter Bail Bonds is your best bet. They have been providing affordable bail bond services in Indiana and surrounding regions for more than a decade.
At DeLaughter Bail Bonds, we ensure that you and your loved ones receive the support you need during these difficult times.
This is why we have licensed bail bonds agent available to assist you at any time in multiple areas, including Hamilton County, Wabash County, Wayne County, Fulton County, and more. You can explore the areas they serve and the type of bonds they specialize in right here.
So what are you waiting for? Get in touch with them to learn more about their unique offerings. Alternatively, you can visit their website to get started.
