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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 letter of comfort, sometimes called a "letter of intent", is a communication from a party to a contract to the other party that indicates an initial willingness to enter into a contractual obligation absent the elements of a legally enforceable contract.
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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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 ...
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 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.
When a contract is not negotiable (adhesion contract), the wording often lets the indemnitee decide what to spend on legal costs and bill the indemnitor. [29] Most clauses are quite broad. [29] [30] The following are examples of indemnity requirements from a range of businesses. The last one, Angie's List, limits issues to the user's fault, but ...
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