In this guaranty, the guarantor is guaranteeing both payment and performance of all leases now or later entered into with lessee and all the obligations and liabilities due and to become due to lessor from lessee under any lease, note, or other obligation of lessee to lessor. Such a blanket guaranty would suggest a close business relationship between the lessee and guarantor like that of a parent and subsidiary corporation.
District of Columbia Continuing Guaranty of Payment and Performance of all Obligations and Liabilities Due to Lessor from Lessee under Lease
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FAQ
A payment bond guarantees a party pays all entities, such as subcontractors, suppliers, and laborers, involved in a particular project when the project is completed. A performance bond ensures the completion of a project.
Definition of guaranty (Entry 1 of 2) 1 : an undertaking to answer for the payment of a debt or the performance of a duty of another in case of the other's default or miscarriage. 2 : guarantee sense 3. 3 : guarantor. 4 : something given as security (see security sense 2) : pledge used our house as a guaranty for the
Noun, plural guar·anA·ties.
A personal guaranty (suretyship) is a promise by the individual owner to be responsible for the performance of the business (typically operated as a corporation, limited liability company or limited partnership) and the payment of its monetary obligations.
A promise that an investment will make at least a particular amount of profit: performance guarantee for sth The company will offer a performance guarantee for 92% of the stated performance capacity for the first 12 years.
Put another way, a guaranty of collection requires that the debtor must exhaust certain remedies against the debtor before proceeding against the guarantor, while a guaranty of payment means that the lender can proceed directly against the guarantor even if the debtor is solvent and otherwise able to pay.
A continuing guaranty is an agreement by the guarantor to be liable for the obligations of someone else to the lender, even if there are several different obligations that are made, renewed or repaid over time. In contrast, a specific guaranty is limited only to one individual transaction.
Guarantee can refer to the agreement itself as a noun, and the act of making the agreement as a verb. Guaranty is a specific type of guarantee that is only used as a noun.
ANSWER: Guarantee, the broader and more common term, is both a verb and a noun. The narrower term, guaranty, today appears mostly in banking and other financial contexts; it seldom appears in nonlegal writing. Guarantee, vb.
Purpose of GuarantyThe guarantor agrees to pay the obligations of the borrower under the loan agreement in the event that the borrower does not pay. In addition to being an alternate source of repayment, guaranties provide evidence that the guarantor intends to stand behind the borrower.