South Carolina Personal Guaranty of Another Person's Agreement to Pay Consultant: A South Carolina Personal Guaranty of Another Person's Agreement to Pay Consultant is a legal document that serves as a contract between a consultant and a guarantor. The guarantor, typically an individual or business entity, agrees to be responsible for the financial obligations of another person or entity who has entered into an agreement to pay the consultant for their services. Keywords: South Carolina, Personal Guaranty, Another Person's Agreement, Pay Consultant. Types of South Carolina Personal Guaranty of Another Person's Agreement to Pay Consultant: 1. Individual Personal Guaranty: In this type of guaranty, an individual agrees to assume responsibility for the payment obligations of another person or entity who has contracted with a consultant. The individual's personal assets may be at risk in the event of default or failure to fulfill the financial obligations. 2. Corporate Personal Guaranty: A business entity, such as a corporation or LLC, acts as the guarantor, accepting liability for the debt or payment obligations of another person or entity who has engaged a consultant. This type of guaranty typically protects the personal assets of the business owners or shareholders. 3. Limited Personal Guaranty: A limited personal guaranty sets specific restrictions or limitations on the scope of the guarantor's liability. This type of guaranty may limit the duration of the obligation, the amount covered by the guarantor, or other terms specified in the agreement. 4. Joint and Several Personal guaranties: In a joint and several personal guaranties, multiple individuals or entities agree to be jointly and severally liable for the payment obligations of another person or entity. This means that the guarantors can be pursued individually or collectively for the full amount owed by the primary debtor. 5. Continuing Personal Guaranty: A continuing personal guaranty remains in effect for a specified period, typically until the fulfillment of all obligations under the consultant's agreement. It provides an ongoing guarantee, even if the primary debtor enters into subsequent agreements with the consultant. It's important to note that the specific details and terms of a South Carolina Personal Guaranty of Another Person's Agreement to Pay Consultant may vary depending on the parties involved and the negotiated terms. Consulting with a legal professional is highly advisable to ensure compliance with South Carolina state laws and protection of all parties' interests.
South Carolina Personal Guaranty of Another Person's Agreement to Pay Consultant
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FAQ
A personal guaranty is not enforceable without consideration A contract is an enforceable promise. The enforceability of a contract comes from one party's giving of consideration to the other party. Here, the bank gives a loan (the consideration) in exchange for the guarantor's promise to repay it.
If you sign a personal guarantee, you are personally liable for the loan balance or a portion thereof. If your business later defaults on the loan, anyone who signed the personal guarantee can be held responsible for the remaining balance, even after the lender forecloses on the loan collateral.
Contracts of guarantee must be in writing For a guarantee to be enforceable, section 27(2) of the Act provides that the contract of guarantee must be: in writing; and. signed by the guarantor.
Risks of Personal Guarantees If the business defaults on the loan, legal action could be taken against you to repay the loan balance. You could lose your personal assets. But note that some states have homestead laws, which prohibit creditors from seizing your primary residence and retirement savings accounts.
Your personal guarantee may be unenforceable due to circumstances outside of your contract. This may include being misled by the creditor, if a key fact was omitted from the contract, co-guarantor issues, suspicions of fraud, or if the facility provided by the bank changed significantly since you signed the guarantee.
When a personal guarantee is given, the principals of the company pledge their own assets and agree to repay a debt from personal capital in case the company defaults. In short, the business owner or principal becomes a cosigner on the credit application.
A personal guarantee can be enforced the same way as any debt. If the business owner does not pay, the creditor can bring a lawsuit to receive a judgment and levy the owner's personal assets to cover the debt. The exact terms of a personal guarantee specify a creditor's options under the guarantee.
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In writing The guarantee must be evidenced in writing to be enforceable. Signed The document must be signed by the guarantor or their authorised agent. Their name can be written or printed. Secondary liability The document must establish that the guarantor has secondary liability for the debt.