File Type: Word Price: $5.99
guaranty is a separate obligation to be held responsible for another's debt,
default or failure to perform. A guaranty agreement is an independent contract,
having three parties. The first party is the obligor or debtor, the second party
is the party to whom the obligation is owed, and the third is the party which is
guaranteeing the debt or performance of the Debtor, and is called the Guarantor.
This guarantee agreement a basic guaranty agreement that may be used by a
Creditor to cause a person or entity to guarantee the debt or performance of
another. A Guaranty may be limited to a stated amount or particular performance.
It may also be continuing if it covers ongoing transactions. A Guaranty is often
requested by a Creditor when a Debtor lacks financial strength. For example,
Creditors often request the principals or officers of a small or closely held
corporation to guarantee the company's debts.
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