23 Jul Should You Agree to be Someone’s Indemnitor?
In the world of bail bonds, an Indemnitor is someone who agrees to co-sign for a friend or family member when they need a bail bond to be released from jail. This isn’t a role you should take lightly, particularly if your loved one is facing serious charges. Before you agree, you should talk to the bail bonds agency and seriously ask yourself if you’re in a position where you feel comfortable acting as your loved one’s Indemnitor
Your biggest responsibility when you agree to become an Indemnitor is taking the financial risk. This goes far deeper than putting up the 10% fee needed to establish the bail bond. If your loved one fails to make all of their scheduled court appearances, you are on the hook for the entire amount of their bail bond. If the bail is small enough, that might not seem like a huge risk, however, if they face serious charges you could conceivably lose your home, car, and retirement savings.
By making you bear the financial burden of your friend’s actions, the bail bonds company hopes that you will be motivated to see that your friend follows all the rules connected to their bail deal and also shows up to court.
The other thing you should discuss with the bail bonding agency before you agree to sign a contract is who is financially responsible for covering the cost of recovery if your loved one not only fails to appear in court but also decides to flee the region. Some bail bonds businesses have been known to bill the Indemnitor in an attempt to recoup the cost of the recovery. This is something that should be discussed before the bail bonds contract is covered.
The next thing to consider is if you can handle the fee the bail bonding agency charges before they will bond your loved one out of jail. The fee is 10% of the set bail price. If you’re covering the fee, you need to understand that it won’t be reimbursed. You have to decide if you’re willing to lose that amount of money, or if you should create another contract with your loved one that explains how and when they’ll repay you.
If you decide that you are willing to take the risk and act as your loved one’s Indemnitor, you should contact Knoxville Bail Bonds. We have a reputation for providing compassionate service, free bail bonds consultations, affordable payment plans, zero-interest bail, and more