Joint And Several

Can I have more than one guarantor? In the same way that you can have multiple tenants on a tenancy agreement, you can also have multiple guarantors. In fact, it is desirable to try to get more than one guarantor as this means you have more people who are responsible for ensuring the costs are covered.

Guarantors are asked to sign a guarantee agreement this is a legally binding document and once you sign it you become responsible for the loan repayments if the person you are acting as guarantor for cannot pay.

Performance Guaranty means any agreement entered into by Company or any of its Subsidiaries under which Company or any such Subsidiary guarantees the performance of a Subsidiary of Company under a principal lease, service or operating agreement relating to a Project.

A Guarantor's obligations A guarantor may be bound to maintain repayments on a borrower's loan in circumstances where the borrower defaults on repayments. Alternatively they may be called upon to repay the loan in full.

A Guarantor's obligations A guarantor may be bound to maintain repayments on a borrower's loan in circumstances where the borrower defaults on repayments. Alternatively they may be called upon to repay the loan in full.

A guarantor for rent on a residential tenancy is somebody who acts as surety by legally agreeing to take over the financial obligations of the lease in the event that the tenant defaults. This often means that a guarantor is liable for any rent or property damage that the leaseholder has failed to cover.

If you have provided a guarantor to your landlord and your tenancy agreement states that you are "jointly and severally liable", your guarantor could be held responsible for any unpaid rent or damages caused by other tenants in the property.

In law, joint and several liability makes all parties in a suit responsible for damages up to the entire amount awarded. That is, if one party is unable to pay, the others named must pay more than their share.

The term jointly and severally indicates that all parties are equally responsible for carrying out the full terms of an agreement. In a personal liability case, for example, each party named may be pursued for repayment of the entire amount due.