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A parent company guarantee (PCG) is a guarantee by a parent company of a contractor’s performance under its contract with its client, where the contractor is a subsidiary of the parent company. [1] It is mandatory for all the companies to mention about the guarantees granted as a note in their accounts because it is a risk for the company.
On February 12, 1998, its area of operation was expanded and its name accordingly changed to Trade and Investment Development Corporation of the Philippines by Republic Act No. 8494. It was re-titled again through an Executive Order 85 on March 18, 2002, to Philippine Export-Import Credit Agency (PhilEXIM).
A surety bond is defined as a contract among at least three parties: [1]. the obligee: the party who is the recipient of an obligation; the principal: the primary party who will perform the contractual obligation
Courtroom, though used only to refer to a specific branch of a Regional Trial Court, and not to refer to higher courts, unlike in Spain, where sala remains in use for all courts (e.g. in the set phrase la sala acuerda [22] —lit. the chamber agrees, or to describe a division of the Spanish Supreme Court, e.g. la tercera Sala —"Branch №3".)
A personal guarantee, by contrast, is often used to refer to a promise made by an individual which is supported by, or assured through, the word of the individual. In the same way, a guarantee produces a legal effect wherein one party affirms the promise of another (usually to pay) by promising to themselves pay if default occurs.
The demand guarantee bridges the "gap of distrust" that exists between the parties. When the bank issues the demand guarantee, the beneficiary deals with a party whose financial strength he can trust and a party which would pay upon first demand regardless of an existing dispute between the parties on the performance of the underlying contract. [5]
MANILA (Reuters) -American companies are set to announce investments amounting to more than $1 billion in the Philippines, U.S. Commerce Secretary Gina Raimondo said during an official visit to ...
A loan guarantee, in finance, is a promise by one party (the guarantor) to assume the debt obligation of a borrower if that borrower defaults. A guarantee can be limited or unlimited, making the guarantor liable for only a portion or all of the debt.