Understanding Appeal Bonds – Basics, Requirements And Costs
The legal system in Canada is truly complex. If the court rules against your company, you will likely be disheartened and devastated. Of course, you should not give up right away. There are ways to attempt to rectify the judgment and get it overturned. In order to do so, you will need to file an appeal with a higher court. Although most people have heard about this process, the majority is not entirely familiar with each step. It is truly more complicated than you could ever imagine. In fact, you will need to obtain an appeal bond (supersedeas bond), before moving ahead. Don’t worry, as you’ll learn all about this type of bond below.
What Are Appeal Bonds?
All in all, an appeal bond is precisely what it sounds like it should be. It is a bond, which must be acquired, before you will be able to appeal a court’s judgment and attempt to have it overturned in a higher court. Although it may seem like a scheme initially, the appeal bond is actually very beneficial for all sides of the courtroom. First and foremost, the bond helps to ensure that all financial and legal requirements, which have been set forth by the court, are fulfilled, if the initial judgment is overturned. At the same time, the bond also guarantees that the individual, who is requesting the appeal, will live up to their fiduciary requirements, if their appeal is denied.
Of course, the appeals bond also helps to protect the court system’s integrity. If everyone was able to file an appeal, they would do so, regardless and this would cause immense delays in the court system.
In Canada, you should understand that appeal bonds are always required. If you feel the need to appeal a court’s judgment, you will need to obtain this bond. There is truly no other way around it. At the same time, this type of bond comes with an extensive fee, because 100% collateral is required! This has been set in place to try and protect the court system from being overwhelmed with fraudulent claims.
How To Obtain An Appeal Bond
If a court rules against you, it is imperative to obtain the bond and file the appeal. In order to make this a reality, you will need to learn precisely how to obtain the appeal bond. The good news is that the process isn’t complicated and can be completed online, without too much difficulty. First and foremost, you will need to select a surety company. Once this has been done, you will want to complete the court bond application. After the application has been processed and analyzed, you will receive a price quote. Remember that these bonds require 100% collateral, so the fees are somewhat higher than that of other bonds.
After the quote has been received and you agree to the price, you will need to sign the agreement and mail it back to the surety. Within a few days, you will receive the official bond in the mail.
File Your Appeal Today!
If you wish to file an appeal, you’ll need an appeal bond. Now that you’ve learned all about the process, you will want to begin submitting your own application, so you can hurry along the appeal and rectify the wrongful judgment sooner rather than later.