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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 ...
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.
In finance, a surety / ˈ ʃ ʊər ɪ t i /, surety bond, or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a surety or guarantor to pay one party (the obligee ) a certain amount if a second party (the principal ...
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 ...
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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 ...
[citation needed] A work ethic is a set of moral principles a person uses in their job. People who possess a strong work ethic embody certain principles that guide their work behaviour; according to proponents, a strong work ethic will result in the production of high-quality work which is consistent. The output motivates them to stay on track. [5]
This California-based company guarantees many of its yoga mats for life, even if the product wears out from regular use. Manduka notes that their mats last around 10 years when cared for properly.
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