Agreement Regarding Guarantee

Gepostet von am Sep 10, 2021 in Allgemein | Keine Kommentare

In some guarantees, the consideration is „complete“. For example, the surety becomes responsible for the execution of the covenants of the lease agreement in return for the granting of a lease agreement. In other cases, it is „piecemeal“ or is provided from time to time, such as when a guarantee is given to guarantee the balance of a current account with a bank for the delivered goods.[41] If the consideration is „complete“, the guarantee is in progress for the entire term of the lease and is irrevocable. If the consideration is „fragmentary“, the guarantor may terminate his responsibility for the guarantee at any time, unless the guarantee provides otherwise. In case you are asked to assume the role of guarantor, take the time to determine the right guarantee that you will accept. It is not always easy to determine how long liability lasts under a warranty. Sometimes a warranty is limited to a single transaction and is clearly only a guarantee against a particular defect. On the other hand, as is often the case, it happens that it is not exhausted by a transaction on faith, but extends to a certain number of transactions and remains a permanent guarantee until it is revoked, either by the action of the parties or by the death of the guarantor. It is then called a permanent guarantee. If the guarantor`s liability is lower than that of the principal debtor, the question arises in England and America as to whether the guarantor is liable for only part of the debt corresponding to the limit of his liability or, up to that limit, for the entire debt. [48] The guarantor can only be held liable for damage suffered as a result of the guaranteed delay. In addition, in the case of a joint and several guarantees, several guarantees, unless they are all signed, none is subsequently liable.

[49] The limitation of liability of the surety must be interpreted in such a way that what can be leniently accepted as the written intention of the parties takes effect. In the case of a doubtful importation, the use of parol proof is permitted to explain, but not contradict, the written proof of the guarantee. Comment: This section presents the guarantor`s obligations, including the nature of the guarantee. This agreement contains a payment guarantee, which means that if the debtor does not pay, the beneficiary can act directly against the guarantor without the beneficiary first acting against the debtor. In this respect, a payment guarantee differs from a recovery guarantee. As part of a recovery guarantee, the beneficiary must first exhaust his remedies against the debtor before attempting to assert his rights against the guarantor. . . .