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Comment: This “merger clause” is intended to demonstrate that the written agreement is the final and complete agreement of the parties and that it must be understood. If you need to guarantee a person`s creditworthiness, you can use our personal guarantee form. Whether you want a bank to lend money to a family member or hold on to collections for its late phone bill, a deposit is your responsibility to pay off your debts if they don`t. Using a warranty contract can help you indicate the terms of this contract. 1. Guarantee. The surety heresken guarantees unconditional, absolute and irrevocable the performance of the debtor`s obligations to the beneficiary under the contract (guaranteed collective obligations). The guarantee that is exposed is payment, not recovery. The term “unconditional and absolute” means that no conditions must be met or that there is no need to appeal against the debtor before the rights become enforceable against the guarantor. The term “irrevocable” means that the guarantee cannot be revoked as long as the underlying trade agreement remains in force. ⇒ pro beneficiaries: this clause contains an unlimited guarantee requiring the surety to answer for all the principal debtor`s claims with respect to the secured bonds. Comment: This section outlines the obligations of the bond, including the nature of the guarantee.

This agreement contains a guarantee of payment, i.e. if the debtor does not pay, the beneficiary can act directly against the bond without the beneficiary having initiated the first proceedings against the debtor. A payment guarantee differs from a collection guarantee in this respect. As part of a recovery guarantee, the beneficiary must first exhaust his claims against the debtor before he wants to assert his rights against the guarantor. A performance guarantee requires the guarantor to keep the promise that the debtor made but did not keep. The commitment may involve a payment obligation or other obligation (for example. B for the provision of goods or services). Comment: Considerations that may begin with the more formal “WHEREAS” but should not begin with the more formal “WHEREAS” define the context of an agreement. Since an important element of a guarantee is to take into account the commitments made by the surety, the recitals are useful in determining the purpose of the guarantee and the relationship between the debtor under the basic agreement and the guarantee. If the surety is linked to a debtor`s parent company as part of the agreement or in any way, it must indicate it. Regardless of which party is filling out this document, it is important to ensure that the actual conditions of the agreement between the parties have been met. When everything is deposited, it should be printed and signed by the guarantor.

Then, a copy should also be produced for the debtor and the creditor. Note: This section could also be formulated in such a way that the guarantee remains fully in effect until all obligations arising from the agreement are fully paid, such as.B. “[d] its guarantee is an ongoing guarantee and will remain fully in effect until the full payment of the guaranteed commitments.” 9. Final agreement.