Bondsman
A bondsman is a professional agent (possibly acting for an insurance company), agency or corporation who takes responsibility for another person’s obligations by signing a bond to that effect.
In its widest meaning, bondsmen act as surety, pledging money and property as bail for defendants in court. Defendants will typically have been charged with crimes and be awaiting trial. The bondsman’s role is to try to have them released. Such defendants can expect to pay the bondsman around 10% of the bond amount. However, a bondsman may revoke the bond and surrender their client to prison if they suspect that they are about to flee. A bondsman’s offices will typically be located close to a court or prison. They usually advertise their services online and in local telephone directories. Some may even hand out their calling cards in court. The profession of bondsman is almost exclusive to the US. Several organisations there, including the American Bar Association, oppose the practice of bond dealing, claiming it does not benefit public safety and discriminates against the poor.
Such a bondsman may also be known as a bondsperson, bail bondsman, bail bondsperson, bail bond agent or bond dealer.
In the construction industry, bonds are typically a means of protection against the non-performance of a contractor. They are an undertaking by a bondsman or surety to make a payment to the client in the event of non-performance. The cost of the bond is usually borne by the contractor, although this is likely to be reflected in the contractor's tender price.
The choice of bondsman and terms with regard to cost falls entirely to the contractor who secures it prior to the start of work.
The bond is related to the contract conditions and the courts take a view that the bondsman has little protection against adverse risk. So it is wise to seek the bondsman's consent before acting outside the contract conditions, for example by paying the contractors in advance of work undertaken to ease its cash flow difficulties. Such conduct could jeopardise a subsequent claim on the bond.
For more information see: Bonds and Performance bonds.
See also: Surety (or Guarantor).
[edit] Related articles on Designing Buildings Wiki
Featured articles and news
2023 HSE data on workplace injuries and ill health
And CIOB's response.
Building Safety Act and Secondary Legislation
Presidential update from CIAT's Eddie Weir PCIAT.
Starting pistol Statement for an election campaign?
Rates freeze, NI cuts, full expensing; early election?
Positive pressure or positive input ventilation
Could this be a remedy for condensation, damp or mould?
Unlocking a Healthier Tomorrow
Report on Social housing retrofit in Scotland 2023
Call for ministerial group and National Retrofit Delivery Plan.
The Great Transformation 1860–1920. Book review.
2023 Autumn Statement in brief with reactions
Including the devolved governments, CIOB, ECA, APM and IHBC.
Irish Life Sciences HQ, an exemplar of adaptive reuse
AT awards small to medium size project category winner.
Formal and informal adaptive re-use or new use of buildings.
Broken Record. Emissions Gap Report 2023
Temperatures hit new highs, yet world fails to cut emissions (again).
Environment Agency cuts waste red tape
No longer enforcing certain waste transfer documentation.
APM Project Management Awards 2023
Winners reactions during the event at the Park Plaza Hotel.
BSRIA Living Laboratory Innovation Challenge
An exciting opportunity for stakeholders to collaborate.
Discussing issues related to inside and outside air quality
Report from the BSRIA Briefing 2023, Cleaner Air, Better Tomorrow.