A court case involves two parties contesting their claims in front of a judge. The outcome leads to the judge asking one of the parties to fulfill an obligation. But what happens when that party backs out? What if they do not honor their word? That will surely create a mess. Thankfully, there are judicial bonds in Miami that can avoid that from happening.
How Does it Work
People contesting a case have to obtain a judicial bond that binds them to follow through with their obligations. If they don’t do so, they forego their right on the payment made on securing the bond. Moreover, the outcome may also turn out against them. Courts mandate these bonds themselves, so that their time is also not wasted and those contesting a claim can come to a satisfactory conclusion.
How to Obtain Judicial Bonds Miami
Judicial bonds are a kind of surety bond. So, just like most of the other bonds, you have to undergo a screening by the surety company before you get the bond. Your personal and financial history will be taken into account. You will also have to pay a percentage of the bond premium before the bond is issued to you.
The amount you need to pay to obtain a judicial bond will depend upon your past record. If your financial standing is strong and you have never defaulted on similar bonds before, you would have to pay a smaller percentage of the total amount. If you have defaulted before, then the payment you have to pay can even go up to the full value of the bond.
Always make sure that you choose your surety bond from a leading surety company. Ask them questions if you have any before procuring the bond. Get in touch with our team today to get your judicial bond.
Judicial Bond Miami is a type of surety bond that is categorized under court bonds. They are usually required in civil proceedings. The bond ensures that you will pay for all the costs related to the legal proceedings. The court will typically let you know if you are required to get a Judicial Bond.
Types of Judicial Bonds
Judicial Bonds are usually categorized as Defendant Bonds and Plaintiff Bonds, or voluntary and compulsory bonds.
Defendant bonds: As the name suggests, the defendant bonds are bought by the defendant in a case. There are many different types of Defendant Bonds, such as Appeal Bonds, Bail Bonds, Release of Lien Bonds and Counter-Replevin bonds. These are usually compulsory bonds. The defendant bond ensures that the defendant will pay the fee in case of an adverse judgment.
Plaintiff Bonds: These are required of plaintiffs and are usually voluntary. The bond protects the defendant in case the lawsuit goes against the plaintiff. In such cases, the plaintiff is held liable for any damages suffered by the defendant as a result of the court proceeding. The bond guarantees that the plaintiff will pay the damages. If the plaintiff fails to do so, the court will recover the cost from the surety. There are different types of plaintiff bonds, such as acclaim and Delivery Bonds, Attachment Bonds, Injunction Bonds, Replevin Bonds and Indemnity to Sheriff Bonds.
Why do we need Judicial Bonds Miami?
Judicial Bonds ensure that court judgments are carried out, an essential requirement for any judicial system. It forces the losing party to pay the compensation amount decided by the court. In case the losing party doesn’t the court can recover the cost from the surety. By protecting the rights of the winning party, it also ensures that justice is done.