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US Legal Forms
Localized Forms
California
Long Beach
Specific Guaranty

Long Beach California Specific Guaranty

Category:

Guaranty - Absolute

State:

Multi-State

City:

Long Beach

Control #:

US-1340743BG

Format:

Word;

Rich Text

Instant download

Buy now

Description

A guarantee which is given for only one transaction or debt, the guarantee is known as a Specific Guarantee. A specific guarantee is said to be discharged when the debt is repaid or the promise is performed.

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Interesting Questions

What should I keep in mind before signing a Specific Guaranty?

Make sure you fully understand your responsibilities and the implications involved. It's wise to read the fine print and consider consulting a legal professional.

Is it common for businesses in Long Beach to use Specific Guaranties?

Sure thing! Many businesses use Specific Guaranties, especially when dealing with loans or large contracts. It's quite the standard practice in the biz world.

Can I cancel a Specific Guaranty once it's signed?

Generally, once you sign it, you're committed. Cancelling typically requires mutual agreement or specific conditions, so it's important to review your options first.

Are there risks associated with signing a Specific Guaranty?

Yes, signing a Specific Guaranty puts you on the hook if things go south. If the borrower defaults, you could be held responsible for the debt.

How does a Specific Guaranty benefit me as a business owner?

It can help you secure funding by making lenders feel more confident in your ability to meet your commitments. It's like a safety net for your business dealings.

Who needs a Specific Guaranty in Long Beach?

Typically, businesses and entities looking for loans or credit may need a Specific Guaranty to reassure lenders that they will fulfill their obligations.

What is a Specific Guaranty in Long Beach, California?

A Specific Guaranty is a legal promise that ensures certain obligations will be met in a business agreement or contract. It provides extra security for lenders or creditors.