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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 ...
For example, the directors of small companies (who are frequently also shareholders) are often required to give personal guarantees of the company's debts to those lending to the company. [5] They will then be liable for those debts that the company cannot pay, although the other shareholders will not be so liable.
Frankpledge, for example, was a system of joint suretyship prevalent in Medieval England which did not rely upon the execution of bonds. [3] The first corporate surety, the Guarantee Society of London (whose insurance business ultimately merged into Aviva), dates from 1840. [4] [5]
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A personal guarantee means you personally promise that a debt will be paid back. If you sign a personal guarantee on a business loan, you are responsible for paying back the money if the business ...
A retainer agreement is a work-for-hire contract. It falls between a one-off contract and permanent employment, which may be full-time or part-time. [1] Its distinguishing feature is that the client or customer pays in advance for professional work to be specified later. The purpose of a retainer fee is to ensure that the employed reserves time ...
That function is essentially taken over by the attorney for the party in whose favor the affidavit is given; the court relies upon the honesty of the attorney, or, perhaps more realistically, upon the attorney's fear of being disbarred, to guarantee that the declarant is competent to testify, is who he says he is, and has actually sworn to the ...
Taking out a loan can keep your business running smoothly and allow it to scale, but there's one potential catch: Lenders may require a personal guarantee. In most cases, you should plan to sign a ...
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