This form states that in consideration of and in order to induce the payee(s), to extend credit to the customer, 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 customer incurred to payee, including collections fees and reasonable attorneys' fees, up to a certain maximum amount.
New Jersey Guaranty of Open Account - Alternate Form
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The purpose of the New Jersey Guaranty of Open Account - Alternate Form is to provide security for businesses when extending credit. It ensures that creditors receive payment even when a debtor fails to meet their financial obligations. This fund protects the interests of creditors, fostering a more stable economic environment. By utilizing this legal tool, you can mitigate risks associated with defaults, ensuring smoother operations for your business.
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