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Collateral, in the context of bail bonds, refers to an asset that a defendant or co-signer pledges as security to the bail bondsman to obtain the release of the defendant from custody. This asset serves as a guarantee that the bondsman will be compensated if the defendant fails to appear in court as required. By using collateral, the bondsman mitigates their risk, ensuring that they have a means of recovering their losses should the defendant not fulfill their legal obligations.

This practice is important because bail bondsmen typically charge a non-refundable fee which is a percentage of the bail amount, but if the defendant skips bail, the bondsman risks losing that money. Therefore, obtaining collateral helps protect the bondsman's financial interests and ensures that there’s a tangible form of security linked to the bail agreement. The other options, while related to the broader context of bail, do not accurately define collateral in this specific legal and financial framework.