Surety

The guarantee is a mandatory one-sided contract, payment to the creditor of a third party (called the principal debtor ) is obliged by the Guarantor (obsolete Kavent ) to stand up for fulfilling the obligations of the parties. The creditor will be safeguarded by the surety in the event of insolvency of his debtor. Usually it is the third party is a borrower and the creditor is a credit institution which granted the loan.

Legal situation in individual countries

  • Germany: guarantee ( Germany )
  • Austria: guarantee ( Austria )
  • Switzerland: guarantee ( Switzerland )
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