When filing an application for bail, the bail bond company normally requires a third party to sign a contractual agreement known as an indemnity agreement. This is signed by a cosigner who is close with the defendant and financial solvent.
Here are few things to know before consigning a bail bond:
The contract is binding until the case is fully disposed.
The bail bond is not only limited to the first court appearance but is effective and binding throughout all the stages of the trial proceedings. This could take days, weeks, months or even years.
If the defendant stops paying, the payment becomes your responsibility.
If the defendant stops paying the bail bonds payments, the payments will be your responsibility as the cosigner.
If the defendant fails to appear in court, you are responsible for the financial penalties.
A cosigner is obligated for the full amount of the bail if the bond is forfeited as a result of the defendant failing to appear in court.
The indemnity agreement is enforceable in court.
Outstanding civil judgments against a cosigner resulting from defaulted bail bond contracts can have a negative impact on the cosigner’s employment. It can also complicate renewing a professional license, result in a seizure of personal property and can eventually become a lien against real property.
Cosigning for a friend or loved one is a serious responsibility. It should only be done after careful consideration about your relationship to the defendant, the defendant’s level of responsibility and your ability to fulfil your obligations under the agreement.
Apple Bail Bonds understands how stressful the arrest of a friend or family member can be. Our professionally trained and experienced bail bond agents will work hard for you. We work tirelessly to get your loved ones released from custody quickly and at very low rates. We are open 24 hours a day. Call us at 484-268-5663 or 610-432-1222.