Absolute Guaranty of Payment of Obligation — Short Form is a legal document that is used to guarantee payment of an obligation in the event of a default. It is a guarantee of payment issued by a third party without any conditions attached. The guarantor agrees to pay the debt in full in the event of a default, regardless of the reason for the default. There are two types of Absolute Guaranty of Payment of Obligation — Short Form: the Unconditional Guaranty and the Conditional Guaranty. The Unconditional Guaranty is a guarantee that does not contain any conditions or contingencies, while the Conditional Guaranty is a guarantee that contains conditions or contingencies that must be met before the guarantor is obligated to pay the debt.
Absolute Guaranty of Payment of Obligation - Short Form
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Description
Perhaps the single most important task facing the drafter of a guaranty agreement is the need to ensure that the instrument accurately reflects the intention of the guarantor as to the nature and extent of his or her liability. If the guarantor does not want to render himself or herself liable to anyone who acts on the faith of the guaranty, the creditor or obligee must be named or identified. If the guarantor's liability is to be conditioned on the occurrence of a contingency (other than default of the debtor), the contingency should be described clearly. In addition, the terms of a guaranty agreement should clearly indicate whether the guaranty is to be continuous or whether it is to be restricted to a single transaction or limited number of specific transactions.
Absolute Guaranty of Payment of Obligation — Short Form is a legal document that is used to guarantee payment of an obligation in the event of a default. It is a guarantee of payment issued by a third party without any conditions attached. The guarantor agrees to pay the debt in full in the event of a default, regardless of the reason for the default. There are two types of Absolute Guaranty of Payment of Obligation — Short Form: the Unconditional Guaranty and the Conditional Guaranty. The Unconditional Guaranty is a guarantee that does not contain any conditions or contingencies, while the Conditional Guaranty is a guarantee that contains conditions or contingencies that must be met before the guarantor is obligated to pay the debt.
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