A bail bond is a bond provided by an insurance company through a bail bondsman acting as agent for the company, to allow an accused defendant to be released before trial. A bail bond is designed to ensure the appearance of the defendant in court at the scheduled time. Prior to the posting of a bail bond, the defendant or a co-signer must guarantee that they will pay the full amount of bail if the defendant does not appear in court. The bail bond company usually charges 10 percent of the amount of the bond and often requires the defendant to put up some collateral like a seconded of trust or mortgage on one's house.
When the case is concluded, the bail bond is "exonerated" and returned to the insurance company. If the defendant disappears and fails to appearing court (skips bail), the bond money will be forfeited unless the defendants found and returned. The bond may be forfeited, by order of the court, upon the partys failure to appear or to comply with the conditions of the bond. If the defendant is located and arrested by the bail agent the cosigner is responsible for all expenses the bail agent incurs while looking for the defendant.
The New Mexico Bail Bond Agreement serves as a contractual agreement between a defendant and a bail bond agent or company, outlining the terms and conditions of the bail bond arrangement. Bail is a form of collateral that guarantees the defendant's appearance in court for their scheduled hearings. In New Mexico, there are various types of bail bond agreements available to defendants, offering flexibility and options to cater to different circumstances. These may include: 1. Cash Bail Bond Agreement: This type of agreement requires the defendant or their family/friends to pay the full bail amount in cash directly to the court to secure their release. Once the case concludes, and the defendant complies with all court obligations, the bail amount is returned, minus any applicable fees. 2. Surety Bond Agreement: This is the most common type of bail bond agreement in New Mexico. In this case, the defendant seeks the assistance of a licensed bail bond agent or company who acts as the surety, guaranteeing the full bail amount if the defendant fails to appear in court. The defendant or their family/friends pay a non-refundable premium, usually a percentage of the total bail, to the bail bond agent, who then assumes responsibility for the bail. 3. Property Bond Agreement: If the defendant does not have sufficient cash or assets immediately available, they may opt for a property bond agreement. This agreement involves using real estate holdings as collateral for the bail amount. The property must have equity equal to or exceed the bail amount, and the court places a lien on the property until the case is resolved. 4. Release on Recognizance (ROR) Agreement: In some cases, the court may release the defendant without requiring bail. This option is typically reserved for individuals with minimal flight risk and strong ties to the community. The defendant signs an ROR agreement, promising to appear in court as instructed without any financial obligation. Regardless of the specific type of New Mexico Bail Bond Agreement, the main purpose is to secure the defendant's presence in court, ensuring their compliance with the legal process. It is crucial to thoroughly review and understand the terms and conditions of the particular agreement before signing it, as non-compliance may result in further legal consequences.
