When arranging bail bonds Denver, most bail bond companies require a co-signer as an indemnitor. However, not everyone can be a co-signer for bail bonds. The co-signer for bail bonds must be an American Citizen and have lived in the same place or area for a predetermined period, have a stable job, and have a good credit score. Most of the time, co-signing includes pledging tangible property as collateral.
What Is a Co-Signer?
A co-signer, also called an indemnitor, guarantees that the defendant will have court appearances on the scheduled date. The co-signer, who can be a relative, spouse, or friend, will pay the bail bond amount if the defendant flees and misses several court dates. He will also help the authorities to locate the defendant if he fails to go to court.
It is also essential that you know your rights as a co-signer. First, you have the right not to be a co-signer, and you should enter into a legal agreement wherein you fully understand the consequences. Second, you have the right to withdraw from being a co-signer if you feel that the defendant won’t adhere to bail conditions set by the court.
Qualifications of a Co-Signer
Before settling on becoming a co-signer for your loved one, you must meet the bail bonds company’s qualifications.
- Good Credit History. Just like when you are applying for a loan, your credit history is an essential factor that a bail bondsman will take into consideration. A good credit standing means that you respect and honor financial agreement from the other party. It will be easier for the bail bonds Denver company to put its trust in you.
- Good Employment History. An ideal co-signer is someone who has held a steady job for many years. It is a good indicator that the co-signer will have the ability to make payments if ever the defendant breaches the bail terms.
- Good Sense of Responsibility. Bail bond terms are an agreement that should be taken seriously by the defendant and the co-signer. The Denver bail bonds company should see you as a responsible and reliable person who will be accountable for the defendant’s failure to follow bail conditions.
Responsibilities of a Co-Signer
Speaking of being a responsible co-signer, you should understand that you are entering into a written contract as a liable party of the defendant. Additionally, if there is more than one co-signer, all co-signers are held responsible for the defendant’s actions. Co-signer has two primary responsibilities under his name.
Your first responsibility as a co-signer is to ensure that the defendant will attend his scheduled court appearances. And if the defendant fails to do so, you will pay the full bail amount in exchange.
Your second responsibility is paying the bail bond premium, which is usually 10% to 15% of the bail amount. This premium charge is for the service of the Denver bail bonds agent, who will face the court and act as a surety on behalf of the defendant.
For your bail bond needs in Denver, CO, and surrounding areas, contact Red’s Anytime Bail Bonds. Call 303-623-2245 today!