Bail bonds are a kind of financial security offered by a suspect to court .This is a guarantee that the accused person gives to court ensuring he/she will abide by court dates and will fulfill trial period and attend the court dates.
This bail bond is used to release an accused person from a jail no matter his/her guilt or crime has been proved or not. By putting this bail bond as a guarantee, arrested person can free himself from jail and would have time to prepare for the legal preceding and prove himself innocent. Bail amount is a legal procedure allowed by court to give time and opportunity to the accused person to prove his innocence or make a trial with the victim. Why bail bond is used to ensure this legal procedure followed.
Amount of the bail amount depends upon the nature and seriousness of the crime. Sometimes, owing to some reasons, bail amount is beyond the affordability of a detainee. Bail bonds are used to compensate the accused person from the very high payment of due amount by getting the bail bond. Private bail bonding agencies issues these bonds and charges a fee that is not refundable. In this way accused would be needed to pay 10 % or more amount of the whole bail sum and the remaining amount will be bear by bail bonding agency. If accused person fails to attend the due dates of courts, this bail bond will be forfeited by the court. This bail bond is basically a pledge to the court to relieve the accused person, in case the condition imposed by court is not being fulfilled by the accused this whole amount of bail which is mainly bear by bail bonding agency will be forfeited. In this way, bail bonding agency is tolerating the risk of bankruptcy of the accused who may break the laws again and would fail to ensure legal compliance imposed by courts. To manage this risk, this bail bonding is done by a collateral arrangement. If the accused person attends the court in desired manner, bail amount is being returned. So Bail bonding agency will recover the amount and pay the collateral back to accused person. Fee of the bail bond is the no refundable right of bail bonding agency so accused has to sacrifice this amount as a service charge of the agency.
The legal perspective of bail and bail bond is different in every country. Normally, the concept of bail bond as a pledge to court is only used in United States. In some countries use of bail bond to secure an accused person is not allowable.
The characteristics of a bail bond is more or less like insurance policy where bail bonding agency insures the court on prisoners behalf that he/she will ensure presence in the court and will do the assigned obligation in a manner designed by court. The only difference is that unlike regular insurance premium, one off payment is made to the agency and this one off payment is the upfront amount that will be charged as service fee of the agency.