Difference Between Bail and Bond
Bail and Bond are legal terms and a person who knows law would know the difference between the two but for common people these words are quite confusing.
When a person is facing trial in court and he wants to get out of the prison then he needs to deposit some security against that. This security is known as bail. The most popular form of bail is money. This is temporary release of the person during the trial. You must have heard the phrase ‘to bail out’ which means getting bail or release from jail on payment.
Bond is a kind of binding agreement between two parties. The word of executer of the bond is binding for the person who enters into the agreement. ‘Bond of Duty’ is common phrase and it means that the person who is in the bond is responsible for the wording in the bond.
This bond has a different meaning in commerce and there it is referred to as a certificate issued by a company or an agency for paying a fixed rate of interest to the person who is investing money for a given time. Debenture is similar to bond.
Now that we know the difference between these two words, we should use them with care.