Bail liability ends in one of the following circumstances: It is essentially a “release from prison” scenario in which the defendant takes bail and can continue to live at home until he is summoned to court for formal criminal proceedings. Depending on the nature of the crime committed, the judge may not allow the defendant to post bail, or may provide an incredibly high amount of bail, making it almost impossible for the defendant to post bail. Since many defendants cannot afford to pay bail, they will seek the help of a bail officer who charges a 10 or 20% fee to help the defendant post bail. However, the defendant must pay the additional percentage in advance and give the surety agent items as collateral, i.e. jewelry, a car, etc. Thereafter, the bail officer is liable to the court for the full amount of bail if the defendant fails to appear in court at the scheduled time and date of his hearing. Construction bonding works for the creditor, usually a government agency, to protect a project from completion or compliance with the project specifications of the contractor who received the contract. This commitment binds the contractor to the project and ensures that its performance meets specifications. BOND, contract. An obligation or surety is an act by which the debtor obliges himself, his heirs, executors and administrators to pay a certain amount of money to another on a given day. But see 2 Shepl.
185. When all this is all, the bond is called one, simplex obligatio; However, a condition is usually added that if the debtor pays or makes or fails to perform a lower amount, the obligation is void. 2 Com. 840. The word obligation ex vi termini imports a sealed instrument. 2 p. & r. 502; 1 Baldness.
R. 129; 2 Porter, R. 19; 1 R. black 241; Harp. R. 434; 6 Vermin R. 40 See condition; interest on money; Punishment. It is proposed to consider the following: 1. The form of a link, namely the words with which it can be concluded and the necessary ceremonies. 2.
The condition. 3. Performance or relief. 2.- I. 1. There must be parties to a surety, a debtor and a creditor: where a security has been entered into on the condition that the debtor pays twenty pounds to that person or persons; da E. H. by his last will and will should name and appoint the same in writing in order to be paid, and E.H.
did not appoint a person to whom the same should be paid, it was determined that the money was not payable to the executors of E. H. Hob`s will. 9. No specific word is essential for the establishment of an obligation, but any wording declaring the intention of the parties and indicating that one is related to the other is sufficient, provided that subsequent ceremonies have been observed. Shep. Touch. 367-8; Ferry. Abr.
obligations, B; Com. Dig. Obligations, B 1. 3. – 2. It must be written, on paper or parchment, and if it is made on other materials, it is void. Ferry. Abr. Obligations, A.
4. – 3. It must be sealed, although it is not necessary to mention in writing that it is sealed. What is a sufficient seal, see the case above and the word seal. 5. – 4. It must be handed over to the other party by the party for whom it is binding. Ferry.
Abr. Obligations, C. However, delivery and acceptance can be done by a lawyer. The date is not taken into account for the content of an act, and therefore a guarantee that has no date or that has an impossible date is always good, provided that the actual day of its dating or indication, that is, delivery, can be proven. 2 Bl. Com. 304; Com. Dig. Done, B 3; 3 Call, 309. See date. 6. – II.
The condition is either for the payment of money or for the execution of something else. In the latter case, if the condition violates a rule of law that is totally impossible at the time of its expression, uncertain or unreasonable, the condition alone is null and void, and the undertaking remains alone and unconditional; for it is the folly of the debtor to enter into such an obligation from which he can never be released. When it comes to doing something in itself, the obligation itself is void, because the entire contract is illegal. 2 Bl. Com. 340; Ferry. Abr. Conditions, K, L; Com. Dig.
Conditions, D 1, D 2, D 3, D 7, D 8. 7. -III. (1) If the act to be taken from the creditor on the condition of an obligation is by nature temporary, such as the payment of money, the delivery of charters or the like, and no time limit is limited, it should be carried out within a reasonable time. 6 Co. 31 Co. Lit. 208; Roles. Abr. 436. 8.
– 2. A payment before the day is good; Co. Lit. 212, s; or before the trial. 10. Fair 419; 11 Fair 217. 9. – 3.
If the condition is to do something in a certain time, it can be done on the last day of the set time. Ferry. Abr. Conditions, P 3. 10. – 4. If the condition is to take an action without time limit, the one who has the advantage can do it at the time he wants. Com. Dig. Conditions, G 3. 11. – 5.
If the place where the act to be performed is agreed, the party to perform it is not obliged to look for the other party elsewhere; The person to whom it is to be provided is also not required to accept the benefit at another location. Roles. 445, 446 Com. Termes, G 9 Bac. Abr. Conditions, P 4. See performance. 12. – 6. For a violation of a condition in a bond, see Bac. Abr. Conditions, 0; Com.
Dig. Terms, M; and this Dict.. Fracture. Suretypedia groups contractual obligations into 5 unique categories, mainly by industry and sub-industry. Below is a link to more information about each category of obligations: The performance and payment guarantee guarantee guarantees that the project will be completed as promised in the contact specifications and that all subcontractors and material suppliers will be paid in full, which protects the project owner. Contractual bonds cost between 1% and 3% of the contract amount. Interest rates on contractual obligations are determined by the amount of the bond and the financial stability, experience and reputation of the entrepreneur. For contractors who are eligible for bond amounts of up to $500,000, contract bonds cost 3% of the bond amount. For entrepreneurs who need larger bonds, interest rates are staggered according to the size of the bond. The tiered interest rate is essentially a volume discount for larger bond amounts.
The most typical staggered rate is called the 25/15/10 rate. converted to 2.5% of the first $100,000 of the bond, 1.5% to the next $400,000 and 1.0% to the remainder. In order to be able to benefit from a contractual guarantee, contractors are invited to provide the guarantee company with information proving that they are able to conclude the contract as intended. The information requested varies depending on the type of work to be performed and the scope of the contract. Contractual guarantees protect the contracting authority by transferring to a guarantee company the costs of damage resulting from a contractor`s failure to fulfil the obligations under the contract (“performance bond”) and does not pay workers and material suppliers (“payment bond”).