An agreement by a person, partnership, or corporation (other than the borrower) to repay a bank loan if the borrower does not pay.
An assurance provided by one party that another party will perform under a contract.
In law and common usage: An undertaking to answer for the payment of some debt, or the performance of some contract or duty, of another, in case of the failure of such other to pay or perform; a guarantee; a warranty; a security.
In law and common usage: To undertake or engage that another person shall perform (what he has stipulated); to undertake to be answerable for (the debt or default of another); to engage to answer for the performance of (some promise or duty by another) in case of a failure by the latter to perform; to undertake to secure (something) to another, as in the case of a contingency. See Guarantee, v. t.
The legally binding promise to pay another person's debt if that person defaults.
Promise by an individual or organization to repay a loan in the event of default.
A contract where one party agrees to answer for or satisfy the debt of another
A promise by a third party to answer for payment of a debt or performance of an obligation if the person liable in the first instance fails to make payment or to perform the obligation.
When federal loans are guaranteed by the guaranty agency, the agency is affixing federal protection to the loan. This protection ensures that the lender is repaid in the case of a default. The guaranty agency assumes responsibility for the defaulted loan and attempts to correct it.
A contract by which one undertakes to be liable to the debt of another person in the event of his default.
A pledge to make good a note or security in case of default by the borrower. Although the original debtor is responsible for the debt, a guarantor becomes liable in the event of a default.
A pledge made by one person (the guarantor) to ensure that another person (the obligor) will fulfill an obligation to a third party (the obligee).
A written promise by one party to pay a debt or perform an obligation contracted by another in the event that the original obligor fails to pay or perform as contracted. For example, a parent may guarantee payments owed by a son or daughter.
Agreement whereby the guarantor agrees to pay the debt or perform the obligation of another who fails to do so. Differs from la surety agreement in that there must be a failure to pay or perform before the guaranty can be in effect.
a collateral agreement to answer for the debt of another in case that person defaults
a contract under which one person agrees to pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so
a document that makes a Guarantor legally responsible for a debt if the Borrower fails to repay the money as promised
an arrangement between a creditor and a debtor
an undertaking or promise that is the answer to or payment for a debt or default
a promise to answer for the payment or debt or performance of obligation if the person liable in the first instance fails to make payment or perform that obligation
a seperate obligation to answer for another's debt, default or failure to perform
A document by which a person or corporation (a "guarantor" or "surety") promises payment of a debtor's obligations to a secured party. It is quite customary to require guaranties from the principals of a debtor and from the debtor's parent, subsidiary, or affiliates.
A pledge by a third party to assume the obligation of another. Also applies to the government assured portion of a VA loan.
Sometimes individuals and or business owners may be required to personally guarantee a leasing transaction. An agreement to obligate oneself for the debt of another. The guarantor is obliged to pay the obligation in the event of default or non-payment by the entity being guaranteed.
A loan guaranty is a promise by a third-party entity called a guarantor to ensure repayment of the loan. If the borrower defaults on a loan, the guarantor assumes loan payments. Banks may require a guaranty to reduce the default risk of a loan.
An agreement in which a guarantee or assurance of a state of facts or the performance of an objective or obligation is given.
Generally a written agreement between a creditor and a guarantor which sets forth the terms and conditions under which the guarantor will pay the debts of another person.
A promise by one party to pay a debt or perform an obligation contracted by another in the event of that person's default.
An agreement to obligate oneself for the debt of another. A guaranty by an individual is called a personal guaranty and by a corporation, a corporate guaranty. The guarantor is obliged to pay the obligation in the event of default by the entity being guaranteed. A guaranty is not a standard requirement with Ervin Leasing, but is required by policy under certain circumstances and from time to time it may be requested by the credit manager.
A promise to answer for the debt of another.
An agreement in which one party (guarantor) promises to satisfy the debts or obligations of another party (debtor), if that debtor is unable to fulfill its obligations.
A promise by one party to pay a debt or perform an obligation contracted by another if the original party fails to pay or perform according to a contract.
A written promise by one party to perform some duty or pay a debt if another party should fail to do so. nsurable Value - The value of the leased equipment that is to be insured by the lease.
Agreement whereby the guarantor undertakes collaterally to assure satisfaction of the debt of another or perform the obligation of another if and when the debtor fails to do so. Differs from a surety agreement in that there is a separate and distinct contract rather than a joint undertaking with the principal. See also " Guarantor".
An agreement to answer for the debt or obligation of another if that other party fails to pay or perform.
A contract in which the signer engages the promise of a third party to pay in the event the debtor is unable to perform under terms of the contract.
An agreement where one party pledges to perform a service or repay an obligation to another.
A contract pursuant to which a person promises to pay or perform obligations that another person is supposed to pay or perform. In a Limited guaranty, the Guarantor will guarantee all or part of certain identified obligations of a debtor or will guarantee all obligations up to a certain dollar amount. Often, a guaranty is not limited to set obligations, but also includes all future obligations that the debtor may subsequently owe to the lender. Such continuing guaranties may be revoked by the guarantor at any time, but such revocation is only effective with respect to obligations of the debtor that arise subsequent to revocation.
A three-party contract involving the promise of the guarantor to pay the debt in default of a borrower.
An agreement by which one person assumes responsibility of assuring payment or fulfillment of another's debts or obligations, or something given as security for the execution, completion, or existence (or payment) of something else.
The undertaking of responsibility by one party for another party's debt or obligation to perform some specific act or duty. Although the original debtor is responsible for the debt, the guarantor becomes liable in the event of a default.
Guarantee; assurance. Nelson says the ballot is a form of security for citizens because it give them a voice in public affairs.
A promise by a third party to repay a loan in the event the primary borrower fails to do so.
Agreement to pay the debt or perform the obligation of another in the event the debt is not paid or obligation not performed.
A legal document obligating a third party other than the borrower for repayment of a loan.
a written promise by one party to perform an obligation, such as pay a debt, if another party fails to perform or pay the debt according to the contract. Parents are frequently asked to be guaranty for loans made to their children, esp. if there is a doubt the child has the financial ability or will repay the debt.
(Personal/Corporate/Other): At times, business Owners (especially in the case of Proprietorships, Partnerships, closely-held Corporations, or Small Businesses), may be required to personally guarantee a leasing transaction. In these cases, the appropriate party(s) will acknowledge his or her Guarantee on a separate Guaranty form, or in a separate Guaranty section of the Lease Agreement itself. At other times, a business may be a subsidiary of, or owned wholly or in part by, another business. Depending on the circumstances, the Lessee's "Parent" may be required to guarantee a Leasing transaction.
Legal arrangement involving a promise by one person to perform the obligations of a second person to a third person, in the event the second person fails to perform.
A promise by one party (the guarantor) to pay a debt contracted by the original party if the original party fails to pay according to a contract.
Promise to uphold a guarantor's contractual and financial obligation in the event of default.
Agreement by a third party to pay debt if the borrower does not.
A separate agreement by which party (or parties) other than borrower assumes responsibility for payment of obligation if principal debtor defaults or is subsequently unable to perform under terms of obligation.
A promise by a third party to fulfill the obligations of a contract (such as a mortgage loan) should the original party fail to fulfill such obligations as contracted.
When used as a verb, to agree to pay another person's debt or perform another person's duty, if that person fails to come through. As a noun, the written document in which this assurance is made. For example, if you cosign a loan, you have made a guaranty and will be legally responsible for the debt if the borrower fails to repay the money as promised. The person who makes a guaranty is called the guarantor. Also known as a guarantee or warranty.