While there are different types of surety bonds, when most people think of the term they are looking for surety bonds to guarantee bail. When that is the case, finding a fast and reliable supplier of a surety bond in Lakeland becomes a priority. However, many people who are looking for surety bonds are unfamiliar with the process. Here is the information that people need when looking for a surety bond.
What Is a Surety Bond?
A surety bond is a bond where a surety guarantees the principal (the person getting the bond) will perform according to the terms of a contract with an obligee (the person benefitting from the terms of the contract). The surety is a third-party and does not benefit from the performance of the contract.
Are Surety Bonds Bail Bonds?
While bail bonds are a type of surety bond, not all surety bonds are bail bonds. Surety bonds can be used to guarantee the performance of a variety of types of contracts.
How Does a Surety Benefit?
While a surety does not benefit from the principal performing the terms of the contract, the surety and the principal enter into their own contract. Usually, the terms of this contract require the principal to pay a fee to the surety to get the surety to guarantee their performance. InAlsothese contracts may impose a penalty on the principal if the principal fails to perform their contract.
How Do Bail Bonds Work?
When securing a surety bond in Lakeland to get someone released on bail, the bail bondsman acts as a surety for the defendant. The bail bondsman charges a fee to promise the court that, if the defendant fails to appear at trial, the bail bondsman will pay the full amount of a defendant’s bail. If the defendant fails to appear and the bail bondsman has to pay, the bail bondsman then seeks the full amount of bail from the principal.
Is the Principal the Defendant?
For bail bonds, the defendant may be the principal. However, the principal may also be a defendant’s friends or loved ones. Find out more about bail bonds by visiting Zona Long Bails Bonds Bartow. In addition to explaining surety bonds, they can provide information on how to begin the bail process.
