This form states that the guarantor unconditionally and absolutely guarantees to payee(s), jointly and severally, the full and prompt payment and performance of any and all account receivable charges by the customer incurred to the payee, including collections fees and reasonable attorneys' fees, up to a certain maximum amount.
California Accounts Receivable - Guaranty
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Multi-State
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US-00401
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Word;
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How to fill out Accounts Receivable - Guaranty?
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FAQ
The "guarantor" is the person guarantying the debt while the party who originally incurred the debt is the "principle" and the creditor is the "guaranteed party." Under California law, if properly drafted, a guaranty is a fully enforceable obligation which allows the guaranteed party to proceed directly against the ...
With a guaranty of payment, you can collect payment from the guarantor without first trying to collect from the primary debtor. With a guaranty of collection or performance, you must first attempt (and fail) to collect from the primary debtor before you can collect from the guarantor.
In a finance or lending context, a guarantor would be forced to answer for the debt or default of the debtor to the creditor, if a debtor does not fulfill an obligation on their part to repay their debt.
All guarantees must be in writing A guarantee has to be in writing and signed by the guarantor or some party authorised by the guarantor (Statute of Frauds 1677). It is often thought that more formality is required, but in fact the formal requirements are few.
In California, even though the ?main? contract/loan might be with the corporation or limited liability company, a personal guaranty allows the creditor to sue the guarantor if the contract is breached or the loan becomes past due.
A guarantee is entitled to receive the payment as a creditor to whom a guaranty is made. A guarantee holds the right to receive payment as a creditor first from the debtor, then from the creditor. Also, a guarantee could be an alternative spelling of the word guaranty, the promise to the creditor, itself.
In California, a complaint for breach of guaranty requires: (1) the existence of a contract; (2) plaintiff's performance or excuse for non-performance under the contract; (3) defendant's breach under the contract; and (4) damages. Acoustics, Inc. v. Trepte Constr.