2. COURT BOND VALUATION
What is a Bond? A bond is a temporary reprieve that one gets from the court pending hearing of a case.
A valuation for Court Bond is a valuation conducted for the purpose of presenting it in a court of law so that a bond may be granted.
How does a valuation, property/asset and court of law combine to form a valuation for Court Bond? If someone is arrested for committing an alleged crime, they are first taken to court where a date for hearing is set. Before the hearing date arrives a person will be put in remand.
A remand is therefore a lock-up center where people are kept pending the date of hearing as set by the court. There is a provision in law whereby one can be released on bail, pending hearing , in exchange of a refundable amount of money paid in court guaranteeing ones appearance for the hearing is called the bail and therefore we say someone was granted a bond.
Due to the economic conditions and standards of living, a majority of Kenyans cannot afford to pay the substantial sum which is required for one to be released on bail. To solve this problem, the law provides a solution by allowing a bond in the form real property/assets which must have money value. This means that the property can easily be liquefied through sale to a willing buyer or the highest bidder.
A valuation for court bond is thus a valuation whose purpose is to determine the value of ones asset, which they intend to use in a court of law for bond purposes.