Abacus Bail Bonds
What is a "premium"?
A "premium" is the amount paid to a Bail bonds company for the many services and financial risks assumed by the Bail Bond Company, on behalf of the defendant.
Is the premium paid refundable?
No - the premium amount is for the many service provided by the Bail Bonds Company to release the defendant from jail and make sure he appears in court. The premium is not refunded when the defendant appears in court - even if the charges are dropped.
What is a Contract to Indemnify and what are the main terms?
A Contract to Indemnify spells out the relationship and obligations of the defendant, the court, the bail bonds company, the surety insurance company behind the bond, and the indemnitors of the bond.
What is the duration of a bond?
A bond is in effect until the defendant completes his obligations to the court. This usually means that it ends when the defendant appears in court when scheduled.
What happens if the defendant fails to appear?
This is considered a "forfeiture."
What does "forfeiture" mean?
A forfeiture occurs if a defendant fails to appear in court as scheduled. In this event, the bail bonds company has approximately six months to "surrender" the defendant to the court with no financial consequences. If this does not happen, the bond is payable to the court by the Bail Bonds Company.
What is "collateral"?
Collateral is usually supplied by relatives and friends of the defendant and provides added financial security to ensure that the defendant appears in court when he or she is supposed to. Collateral can be in the form of anything of financial value that is legally pledged to back up the promise that the defendant will appear on his or her appointed court date.
When do I get my collateral back?
Collateral is returned to its owners in 30 days following the payment of all premiums and the "exoneration" of the bond by the court.