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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.
A guarantee ensures the fulfilment of international obligations by a state promising to help another state fulfill its obligations when they are hindered by a third party. [ 1 ] Previously, other methods to ensure fulfillment of international obligations, like oaths or the receiving of hostages , were also called guarantees.
An indemnity is distinct from a guarantee, which is the promise of a third party to honor the obligation of a party to a contract should that party be unable or unwilling to do so (usually a guarantee is limited to an obligation to pay a debt).
The VA guarantee for a home loan promises a certain amount to a lender should a VA loan borrower default. VA loans give borrowers and lenders a lot of leeway. For example, VA guidelines don’t ...
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
A personal guarantee is a promise made by a person or an organization (the guarantor) to accept responsibility for some other party's debt (the debtor) if the debtor fails to pay it. In the case of a personal guarantee made by an individual on behalf of another, the person who makes the personal guarantee is usually referred to as a co-signer ...
A warranty is a term of a contract, but not usually a condition of the contract or an innominate term, meaning that it is a term "not going to the root of the contract", [6] and therefore only entitles the innocent party to damages if it is breached, [6] i.e. if the warranty is not true or the defaulting party does not perform the contract in ...
The loans are made by private lenders with the caveat that the government will pay off the loans if the company defaults on them. Chrysler did not go into default. Another example was the creation of the Emergency Loan Guarantee Board to administer $250 million in US government loan guarantees made to private lenders on behalf of Lockheed in 1971.