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In economics and finance, arbitrage is the practice of taking advantage of a difference in prices in two or more markets; striking a combination of matching deals to capitalise on the difference, the profit being the difference between the market prices at which the unit is traded. When used by academics, an arbitrage is a transaction that involves no negative cash flow at any probabilistic or temporal state and a positive cash flow in at least one state; in simple terms, it is the possibility of a risk-free profit after transaction costs. For example, an arbitrage opportunity is present when there is the possibility to instantaneously buy something for a low price and sell it for a higher price.
In finance, a bond is a type of security under which the issuer (debtor) owes the holder (creditor) a debt, and is obliged – depending on the terms – to provide cash flow to the creditor. The timing and the amount of cash flow provided varies, depending on the economic value that is emphasized upon, thus giving rise to different types of bonds. The interest is usually payable at fixed intervals: semiannual, annual, and less often at other periods. Thus, a bond is a form of loan or IOU. Bonds provide the borrower with external funds to finance long-term investments or, in the case of government bonds, to finance current expenditure.
A government bond or sovereign bond is a form of bond issued by a government to support public spending. It generally includes a commitment to pay periodic interest, called coupon payments, and to repay the face value on the maturity date.
Bail is a set of pre-trial restrictions that are imposed on a suspect to ensure that they will not hamper the judicial process. Bail is the conditional release of a defendant with the promise to appear in court when required. In some countries, especially the United States, bail usually implies a bail bond, a deposit of money or some form of property to the court by the suspect in return for the release from pre-trial detention. If the suspect does not return to court, the bail is forfeited and the suspect may be charged with the crime of failure to appear. If the suspect returns to make all their required appearances, bail is returned after the trial is concluded.
A bounty hunter is a private agent working for a bail bondsman who captures fugitives or criminals for a commission or bounty. The occupation, officially known as a bail enforcement agent or fugitive recovery agent, has traditionally operated outside the legal constraints that govern police officers and other agents of the state. This is because a bail agreement between a defendant and a bail bondsman is essentially a civil contract that is incumbent upon the bondsman to enforce. Since they are not police officers, bounty hunters are exposed to legal liabilities from which agents of the state are protected as these immunities enable police to perform their functions effectively without fear of lawsuits. Everyday citizens approached by a bounty hunter are neither required to answer their questions nor allowed to be detained. Bounty hunters are typically independent contractors paid a commission of the total bail amount that is owed by the fugitive; they provide their own professional liability insurance and only get paid if they are able to find the "skip" and bring them in.
Parole is a form of early release of a prison inmate where the prisoner agrees to abide by certain behavioral conditions, including checking-in with their designated parole officers, or else they may be rearrested and returned to prison.
Fixed income refers to any type of investment under which the borrower or issuer is obliged to make payments of a fixed amount on a fixed schedule. For example, the borrower may have to pay interest at a fixed rate once a year and repay the principal amount on maturity. Fixed-income securities — more commonly known as bonds — can be contrasted with equity securities – often referred to as stocks and shares – that create no obligation to pay dividends or any other form of income. Bonds carry a level of legal protections for investors that equity securities do not — in the event of a bankruptcy, bond holders would be repaid after liquidation of assets, whereas shareholders with stock often receive nothing.
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin.
In finance, a surety, surety bond or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a surety or guarantor to pay one party a certain amount if a second party fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation. The person or company providing the promise is also known as a "surety" or as a "guarantor".
A bail bondsman, bail bond agent or bond dealer is any person, agency or corporation that will act as a surety and pledge money or property as bail for the appearance of a defendant in court.
The bond market is a financial market where participants can issue new debt, known as the primary market, or buy and sell debt securities, known as the secondary market. This is usually in the form of bonds, but it may include notes, bills, and so on for public and private expenditures. The bond market has largely been dominated by the United States, which accounts for about 39% of the market. As of 2021, the size of the bond market is estimated to be at $119 trillion worldwide and $46 trillion for the US market, according to the Securities Industry and Financial Markets Association (SIFMA).
A supersedeas bond, also known as a defendant's appeal bond, is a type of surety bond that a court requires from an appellant who wants to delay payment of a judgment until an appeal is over.
In some common law nations, a recognizance is a conditional pledge of money undertaken by a person before a court which, if the person defaults, the person or their sureties will forfeit that sum. It is an obligation of record, entered into before a court or magistrate duly authorized, whereby the party bound acknowledges (recognizes) that they owe a personal debt to the state. A recognizance is subject to a "defeasance"; that is, the obligation will be avoided if person bound does some particular act, such as appearing in court on a particular day, or keeping the peace. In criminal cases the concept is used both as a form of bail when a person has been charged but not tried and also when a person has been found guilty at trial as an incentive not to commit further misconduct. The concept of a recognizance exists in Australia, Canada, Hong Kong, the Republic of Ireland, and the United States. Recognizances were frequently used by courts of quarter sessions, for example they make up more than 70% of surviving records for the Bedfordshire Quarter Sessions records.
In law, rendition is a "surrender" or "handing over" of persons or property, particularly from one jurisdiction to another. For criminal suspects, extradition is the most common type of rendition. Rendition can also be seen as the act of handing over, after the request for extradition has taken place.
Taylor v. Taintor, 83 U.S. 366 (1872), was a United States Supreme Court case. It is commonly credited as having decided that a person to whom a suspect is remanded, such as a bail bondsman, has sweeping rights to recover the suspect.
Compassionate release is a process by which inmates in criminal justice systems may be eligible for immediate early release on grounds of "particularly extraordinary or compelling circumstances which could not reasonably have been foreseen by the court at the time of sentencing". Compassionate release procedures, which are also known as medical release, medical parole, medical furlough, and humanitarian parole, can be mandated by the courts or by internal corrections authorities. Unlike regular parole, compassionate release is not based on a prisoner's behaviour or sentencing, but rather on medical or humanitarian changes in the prisoner's situation.
Pretrial services programs are procedures in the United States to prepare cases for trial in court. In most jurisdictions pretrial services programs operate at the county level. Six US states operate and fund pretrial services programs at the state level. The US federal courts system operates pretrial services in all 94 federal districts.
Bail in the United States refers to the practice of releasing suspects from custody before their hearing, on payment of bail, which is money or pledge of property to the court which may be refunded if suspects return to court for their trial. Bail practices in the United States vary from state to state.
Sidney Leonard Jaffe was an American-born Canadian businessman who was kidnapped from outside his Toronto home in 1981 by American bounty hunters Timm Johnsen and Daniel Kear and transported to Florida after failing to appear for a trial there on charges of land sales fraud. His conviction on the fraud charges was overturned on appeal; his conviction on an additional charge of failure to appear for trial was upheld, but he was paroled after two years and returned to Canada. At the request of the Canadian government, Jaffe declined to appear at a new Florida trial on further land fraud charges in 1985. Johnsen and Kear were extradited to Canada and convicted of kidnapping in 1986, but were set free pending appeal, and their sentences were reduced to time served in 1989, after which they returned to the United States. The Jaffe incident caused significant tensions in Canada–United States relations, and resulted in a 1988 exchange of letters between the two countries on cross-border kidnappings.
A marriage bond was a type of surety bond guaranteeing that two people were legally available to marry each other, free of complications like being legally underage, having too close a genetic relationship, having other extant marriages, etc. A marriage bond is legally distinct from a marriage license or a marriage certificate, although all three types of records are used in genealogical research as evidence of marriage. Marriage bonds are also not to be confused with marriage contracts or prenuptial agreements. Marriage banns were similar in practice although usually lacked the explicit financial guarantees. The person who co-signed the marriage bond was called the guarantor, security, bondsman or surety, and was often a relative of the prospective groom or bride. Most marriage bonds have an amount of money listed but "no money literally changed hands at the time of posting the bond" rather that was a penalty amount "if an impediment to the marriage was found." The dates of marriage bonds may not correlate with the actual date the marriage was performed. In some cases a bond document exists but no actual wedding ever took place.
References
- ↑ SB 441 Senate Bill - INTRODUCED Archived 2012-07-09 at archive.today
- ↑ Morgan O. Reynolds (June 1, 2000), Privatizing Probation and Parole, National Center for Policy Analysis