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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 ...
"Life, Liberty and the pursuit of Happiness" is a well-known phrase from the United States Declaration of Independence. [1] The phrase gives three examples of the unalienable rights which the Declaration says have been given to all humans by their Creator , and which governments are created to protect.
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 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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For example, a $100,000 premium on an immediate annuity may only generate $6,000 to $10,500 a year in lifetime payments, depending on how old you are when you sign your contract.
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 ...
[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]
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