For example, let’s assume that someone is arrested and charged for a crime. The timetable of a bond issue can vary from a few days to several months depending on the complexity of the terms and conditions, the parties and their jurisdictions, whether the issuer is a first-time issuer and whether and where the bonds are to be listed. There are several other types of bonds, including the treasury, serial, revenue, municipal, junk, income, flower, discount, bid, and debenture bonds, among several others. The words “bail” and “bond” are often used almost interchangeably when discussing jail release, and while they are closely related to each other, they are not the same thing. 1) written evidence of debt issued by a company with the terms of payment spelled out. [+ … Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. If you need help learning more about the bond legal definition, or different types of bonds, you can post your legal need on UpCounsel’s marketplace. In finance, a bondis a debt in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest at a later date, termed maturity. This also makes it much more difficult for defendants arrested in these states to post bail. Essentially, it’s an “out of jail” scenario in which the defendant makes bond and can continue living at home until he is called into court for the official criminal proceeding. Failure to perform the act obligates the person to pay a sum of money or to forfeit money on deposit. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. The principal use of bail in modern legal systems is to secure the freedom, pending trial, of one arrested and charged with a criminal offense, although it…. Therefore, such bail bond agencies cannot operate out of these states. Other stipulations may also be attached to the bond issue, such as the obligation for the issuer to provide certain information to the bond holder, or limitations on the behavior of the issuer. A bond is a fixed income instrument that represents a loan made by an investor to a borrower (typically corporate or governmental). BOND. See more. That being said, many people name a person as executor that they know, love and trust, and do not wish to add the extra burden of a bond to their responsibilities. 2 people chose this as the best definition of bond: A binding agreement; a co... See the dictionary meaning, pronunciation, and sentence examples. A failure to perform results in the party’s forfeiture of the money previously given, or a requirement of the party to pay a sum of money to cover the failure to act. Contract Bond vs Performance Bond: Everything to Know. Was this document helpful? Bonds are generally issued for a fixed term longer than ten years, and are as such categorized as long-term debt. No need to spend hours finding a lawyer, post a job and get custom quotes from experienced lawyers instantly. Broadly defined, surety bonds act as security for payments or obligations. Thereafter, the bail agent will be liable to the court for the full amount of the bail if the defendant fails to show up in court at the scheduled time and date of his hearing. Failure to perform the act obligates … Share it with your network! Since a lot of defendants cannot afford bail, they will seek the help of a bail agent who will charge a 10 or 20 percent fee to help the defendant post bond. Bond in the context of law refers to a formal contract to repay at fixed intervals the amount borrowed with the interest. bond definition: 1. a close connection joining two or more people: 2. an official paper given by the government or…. Hire the top business lawyers and save up to 60% on legal fees. Bond, In law, a formal written agreement by which a person undertakes to perform a certain act (e.g., appearing in court or fulfilling the obligations of a contract). See also bail. A bail bond is a written agreement signed by a defendant in a legal suit whereby the defendant (or surety) pays a fixed fee if he or she fails to appear in court for a criminal proceeding. Something, such as a fetter, cord, or band, that binds, ties, or fastens things together. Generally, the bail agent will look at the defendant’s history to determine whether or not they should assist the defendant in posting bail. For example, generally a defendant in a criminal proceeding will give a bail bond, and those defendants in civil actions will give an appearance bond. Corrections? Liability under the bail bond will end in any one of the following circumstances: Keep in mind that if the defendant fails to show up in court, a warrant will be issued for his arrest. Bond Definition: A written guarantee in regards to the fulfillment of a legal obligation. In commercial law, a borrower's obligation to pay a stated amount of money after a stated amount of time. Want High Quality, Transparent, and Affordable Legal Services? Omissions? 1. It is very common to have the bond … While the details of each bond … Define bond. TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed. 4 : a chain or rope used to prevent … Bonds Law and Legal Definition. Learn more. 2 : the condition of being held together The glue forms a strong bond. n. 1. The defendant is called into court and shows up on the date/time when called into court. Related Terms: Surety ... the intended administrator of all the estate which by law devolves to and vests in the … Our editors will review what you’ve submitted and determine whether to revise the article. A bond is an obligation, expressed in writing, to pay a fixed and liquidated sum on the happening or nonoccurence of a specified condition or event. UpCounsel accepts only the top 5 percent of lawyers to its site. The bond will protect the estate from losses due to the executor's abuse. Bond, In law, a formal written agreement by which a person undertakes to perform a certain act (e.g., appearing in court or fulfilling the obligations of a contract). A bond is posted on a defendant’s behalf, usually by a bail bond company, to secure his or her release. ... bond - (criminal law… A surety usually is involved, and the bond makes the surety responsible for the consequences of the obligated person’s behaviour. 1. countable noun A bond between people is a strong feeling of friendship, love, or shared beliefs and experiences that unites them. between … bond synonyms, bond pronunciation, bond translation, English dictionary definition of bond. Depending on the type of crime committed, the judge may not allow the defendant to post bond or might alternatively provide an incredibly high bail bond amount, making it almost impossible for the defendant to post bail. A common law bond is a bond that either is intended to satisfy the conditions of a statutory bond, but for some reason does not meet the specific requirements outlined, or one that significantly exceeds the … In other states, the value of the property as declared on tax … Such history includes how long the defendant has lived in the community, prior criminal record, and overall reputation in the community. A written promise signed by a defendant or a surety (one who promises to act in place of another) to pay an amount fixed by a court should the defendant named in the document fail to appear … Bond definition, something that binds, fastens, confines, or holds together. Legal definition of bond for deed: contract for deed —used in Louisiana. New debt between one year and ten years is cat… Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree.... …sum of money, or a bond, although originally bail included the delivery of other forms of property, such as title to real estate. This article was most recently revised and updated by, https://www.britannica.com/topic/bond-law. Let us know if you have suggestions to improve this article (requires login). Bond Attorney: A lawyer who represents the bondholders' interests during a bond offering and who prepares the legal opinion attesting that the issue is legal, valid and binding. The bail agent will receive a bill for the remaining amount due; more importantly, the bail agent actually has the authority to find the defendant, arrest him, and bring him to the nearest police station. The defendant secures a loan with collateral, such as a car or house. The bond legal definition is, by law, a written agreement in which someone receives the bond (monetary payment) and promises to engage in a specific act, i.e., performing under a contract or appearing in court. bond n. 1 a : a usually formal written agreement by which a person undertakes to perform a certain act (as appear in court or fulfill the obligations of a contract) or abstain from performing an act (as … bond meaning: 1. a close connection joining two or more people: 2. an official paper given by the government or…. A legal bond is a written agreement where a person decides to perform a specific act, such as fulfilling a contract's obligations or appearing in court. (1) A suretyship agreement where a bonding company guarantees to a court that a person will perform some required act (for example, making all court appearances, providing the title to a parcel of real estate) and will pay to the court or aggrieved party the entire amount of money required (the value of the bond… The bond is a debt security, under which the issuer owes the holders a debt and (depending on the terms of the bond) is obliged to pay them interest (the coupon) or to repay the principal at a later date, … Learn more. Generally, a surety is involved in the bond process; this person is responsible for the consequences of the obligated person’s actions. Bonds are bail monies paid by a bail bond company. Immediately thereafter, the bond amount will be forfeited to the court. 3 : a force or influence that brings or holds together a bond of friendship. A bond could be thought of as an I.O.U. See Bail bond. Bail Bond. “Court bond” is an umbrella term for various types of surety bonds that are required in certain court proceedings. This is where bonds come in. It is a deed that imposes an obligation upon the obligor, his/her heirs, or executors … In criminal law, an obligation to pay the court if a defendant fails to meet the terms of conditional release from custody. If they don't perform this act, they will have … Bail is the money a defendant must pay in order to get out of jail. Bottled in bond is a label for an American-made distilled beverage that has been aged and bottled according to a set of legal regulations contained in the United States government's Standards of … • These can be minimised by writing the bond … An appearance bond is given by a defendant in a criminal proceeding to guarantee that the defendant will appear in court when called in; while this is similar to a bail bond, it’s different in that the defendant might not ordinarily be put in jail for the legal issues at hand. Instead of sitting in jail and waiting for his trial, the surety or defendant himself pays the bail bond in order tobe released from jail. Definition of Pledged Bond Pledged Bond means any 2006 Bond pledged to the Credit Issuer pursuant to the Pledge Agreement in connection with the provision of moneys under the Credit Facility and as … Updates? 3 min read. Parity Bonds means the Existing Bonds and any additional bonds or other obligations hereafter issued or incurred pursuant to Section 902 hereof and standing on a parity and equality with the Bonds with … 1 : something that binds. • The rate of interest on the bonds is quoted net of basic rate tax. If the bond terms become impossible to execute, i.e., death of the defendant or his arrest or imprisonment for an unrelated offense. 2. A bond is an incentive to fulfill an obligation; it also provides reassurance that compensation is available if the duty is not fulfilled. A bond differs from corporate shares of stock since bond payments are pre-determined and provide a final … • U.S. savings bonds • She was sharp-eyed and even sharper of tongue, but the bond of affection between them was unbreakable. He also pays a set fee, usually 10% … However, the defendant must pay the additional percentage up front and give the bail agent items for collateral, i.e., jewelry, car, etc. Bail is not intended as a punishment in itself. Depending on the law of the particular state, a court-appointed appraiser may need to asses the value of the property being used to post the bond. After a person is arrested, he appears before a judge who sets a bail amount. While bail bond agents are common in a lot of states, several states make it illegal to post bail for profit; such states include Kentucky, Illinois, Wisconsin, Nebraska, and Oregon. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law, and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb. 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