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Cross guarantees are created where two or more related businesses or individuals agree to guarantee each others' liabilities and obligations. Cross guarantees enable businesses within a corporate group to support each other with raising finance, reducing risk to lenders, or to win contracts based on a stronger financial position.
They often support private relationships and unique business needs. Examples of significant miscellaneous bonds include: lost securities bonds, hazardous waste removal bonds, credit enhancement financial guaranty bonds, self–insured workers compensation guaranty bonds, and wage and welfare/fringe benefit (trade union) bonds. [citation needed]
Loan guarantees can also be extended to large borrowers for national security reasons, to help companies in essential industries, or in situations where the failure of a large company will harm the larger economy, For example, Chrysler Corporation, one of the "big three" US automobile manufacturers, obtained a loan guarantee in 1979 amid its ...
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 ...
Express warranties are created when the seller makes a guarantee to the buyer that the product or service being offered has certain qualities. For there to exist an express warranty, a statement regarding the product or service must be made to the buyer and the statement must play a role in the buyer's decision to purchase the product or service.
John C. Bogle is the founder and retired CEO of The Vanguard Group, the largest mutual fund organization in the world, comprising more than 160 mutual funds with current assets totaling more than ...
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.
Many lenders also require a personal guarantee — a legal promise making business owners personally responsible for their business debt. If you stop making payments, lenders can take you to court ...