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.
