Judicial bonds are a type of court bond that guarantees court costs are secured. They are required in civil court proceedings when someone involved in a lawsuit seeks a special right or remedy in advance of a final court decision. If an opposing party incurs damages as a result of the special privilege granted and the court later determines the privilege was unjustified, a judicial bond guarantees that the obligee will be made whole.
A court action is a legal proceeding brought by one party against another to enforce or defend a right. The case will be decided by a judge, and the ruling can be appealed to a higher court. In anticipation of a favorable judgment, plaintiffs often want to take possession of the property, cash or merchandise in question without waiting for the trial. Those who are financially reliable can often achieve that goal by posting a plaintiffs court bond. The plaintiffs bond is usually required to protect the defendant should the court decide that he and not the plaintiff, is entitled to the property or judgment.
Types of plaintiff Judicial bonds include Indemnity to Sheriff Bonds which protect the sheriff against suit when dispossessing a person of property or goods and Cost Bonds which guarantee payment of trial costs. Other types of plaintiffs bonds include Cost on Appeal, Injunction, Attachment Objecting Creditors Replevin and Petitioning-Creditors-in-Bankruptcy Bonds.
Admiralty Bonds: An admiralty bond is a type of judicial bond related to maritime law. Admiral courts have jurisdiction over the high seas and the navigable waters of the United States. Admiralty law is based on English common law and is governed by federal statutes, federal regulations, and state laws. Admiralty courts exercise exclusive jurisdiction over all maritime contracts, torts, injuries, collisions and other damages occurring on navigable waters in the United States.
Replevin Bonds: A replevin bond guarantees the plaintiff will return the covered property along with any damages and costs to the defendant, if the resolution of the lawsuit favors the defendant.
Injunction Bonds: An injunction bond is a type of judicial bond required in civil court proceedings which guarantees that the plaintiff will indemnify the defendant against all damages and costs if the court rules in the defendant’s favor.
A bond is a type of guarantee. There are many assurance services that offer bonds, and they differ in the guarantees they provide. The law and courts have been around for thousands of years. Surety services and their bonds are with us today to help protect individuals who aren't able to stand up for themselves against suitors who want to extort them or prevent them from being able to carry out essential tasks.
Judicial bonds, like all bonds, vary in cost depending on the specific type of court bond required. Court bonds vary in price and rate depending on the required bond amount, type of bond, and duration of the bond. Generally, you can expect to pay between 0.5% and 3% for your court bond. All surety bond rates vary based on the person requesting the bond. Personal finances, such as your credit score and bond history are important factors that are considered when solidifying your premium rate.
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