Las Vegas Bail Bonds Companies Must Keep Good Financial Records to Succeed.

Feb. 14, 2011 - PRLog -- Oral Premium Receivable Agreement Enforced in Part

The bondsman wrote bonds totaling $215,000. The defendant’s father paid him $6,500 before the bonds were posted. The bondsman argued that the defendant owed him an additional $9,150, which was never paid. The Indemnity agreement and promissory note entered in to evidence at trial were not complete and made reference to security for appearance rather than premium amounts. The documents did not state an unpaid premium balance. The defendant admitted that he had agreed to pay $2,650 in additional premium. The court held that because the bondsman’s records were so incomplete, there was no written or oral agreement to enforce. The judge did, however, award the bondsman $2,650 based on the theory of unjust enrichment. Arroyo v. Bajramj (Conn.Super. 2010).  Las Vegas bail bonds companies agree with this verdict.

Lesson Learned – A fully completed premium receivable note must be executed each time you agree to take premium over time. The note should specifically refer to payment of premium, the payment plan, and the award of attorney’s fees to the bondsman if he is required to sue to enforce the note. The agreement should be signed and witnessed. If you do not get the premium payment plan in writing, you risk your ability to collect the unpaid premium. In addition, many states have specific regulations related to the content of premium receipts and unpaid premium promissory notes. Consequently, Las Vegas bail bonds companies should make sure your forms comply with state law.

Like anything else, keeping good records will always help in the long run, whether it's a business or your personal life.  In these case with so much money at stake, there seems to be even more incentive for bail agents to make sure their contracts are legit and complete.  Also it's important for Las Vegas bail bondsman to carefully explain the contracts so that there are no issues going into the future.

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