If you are involved in a current court case, you might be evaluating what happens if you lose as a defendant. In a scenario like this, you may be able to appeal the decision, often to a higher court. Be aware that the process of doing this is not free. Instead, you’ll need to pay more on top of your current legal fees to appeal as a defendant and that’s why Appeal bonds can be incredibly important. Also known as Surety Court bonds, these are designed to ensure that you have the money you need to pay for your appeal.
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Appeal bonds are a form of a court bond. They are often required in a court proceeding to guarantee financial protection against potential monetary loss. They may be categorized as judicial bonds or probate bonds. Appeal bonds are an example of the former.
With an appeal bond, you will be held financially liable if the appeal is not a success. In an appeal, a higher court could uphold the judgement of the original lower court. If this does happen, then you will need to make sure that you do pay all the costs for the initial hearing and the appeal. This includes attorney fees, interest and court costs. Before you proceed to an appeal you do need to be prepared for the additional costs that you will face if you lose.
Choose Pinnacle Surety for your Appeal Bonds Requirements
Appeal bonds or court surety bonds will be necessary when you, the defendant, wish to delay payment until after the appeal. It does guarantee payment for the judgement as well as any other costs including interests that may occur due to the appeal process. Typically, collateral will be the full penal sum for the bond however this is not always the case.
The idea behind an appellate bond is to cover the cost of the appeal. Typically, when an appeal is granted you won’t need to pay the judgement until the process is complete. However, depending on the case, an appeal can go on for months or potentially even years. Through this time, you will need to pay more legal fees and other costs connected to the court case. It’s even possible that a defendant will go bankrupt and this is one of the reasons why supersedeas bonds are necessary.
By posting the appeal bond, you are essentially showing good faith. If you lose, it demonstrates that you are prepared to pay the costs. It’s also designed as a protective measure for the court. With the appeal bond, the defendant is not able to delay proceedings or make appeals that are irrelevant and simply a way of avoiding payment.
When to Get An Appeal Bond?
If you wish to appeal a case, both federal and state courts do require you to post an appeal bond. You should discuss this early on in the hearing with your lawyer. Due to the heavy financial cost of the appeal bond, it is crucial that you are ready to pay it before you need to make your actual appeal. Be aware that you only need an appeal bond if you plan on making an appeal. If you are prepared to accept the lower court judgement this will not be necessary.
When Will You Need To Post Your Appeal Bond?
The appeal bond does not need to be posted immediately. You will have a couple of weeks to decide with your lawyer whether you want to proceed. You can then move forward but court surety bonds must be posted before your appeal.
Best Appeal Bond Rates
The cost will usually match or exceed the original judgement. It can be significantly more and this will be based on the decision by the court. You won’t have to pay the entire bond upfront. The cost may also be impacted by state regulations. Some states like California ensure that the bond is 150% of the judgement. Others will cap the amount with Florida ensuring that supersedeas bonds cannot exceed $50 million.
You won’t need to pay the full bond. Instead, you will be asked to pay a percentage of the total. You will, however, also need to pay collateral on top of the bond as well. Collateral is a protection on the bond. If you are unable to pay it the collateral will be taken and this is usually the full total of the bond. If you do pay the bond, the collateral remains with you.
Will An Insurance Company Cover The Cost?
Whether or not an insurance company will cover the cost is going to depend on the individual aspects of the case. For instance, if a company is sued, then liability insurance may be at play. Liability insurance can ensure that a company does cover the cost of a supersedeas bond. There have even been cases where a court has ruled that an insurance company must cover the cost even if it is not explicitly written in the contract.
It’s important to be aware of this possibility as these bonds can cost a fortune and exceed millions of dollars. However, it’s also important to note that some insurance companies explicitly state that they will not cover the cost of appeal bonds. If you are unsure whether your insurance company will cover the cost, please contact us now. We’re happy to assist you with your appeal bond and ensure that you get all the information that you need on the process.
Call Pinnacle For Appeal Bonds
You might be wondering why you should use our solution for appeal bonds. While there are other options on the market, we provide an award-winning solution and are completely committed to helping clients get the appeal bonds they need. We make sure that background checks are fast providing you peace of mind and minimizing delays.
With a high standard of service guarantee, we strive to deliver everything you could possibly need. Whether you need help with the application process or you’re unsure if your insurance company will cover the bond we are here for you.
Contact us today, find out more and get the best support with your appeal bond now.
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