👉 Guaranters are individuals or entities who provide a guarantee to a lender or creditor that they will be able to fulfill their contractual obligations. This can include providing goods, services, or assets in exchange for payment of money or other consideration. Guarantees are typically used in financial transactions, such as loans and mortgages, where the borrower is required to make payments on time and pay back any damages caused by non-payment. They provide a safety net for borrowers who may not be able to meet
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What is the definition of Guaranteer? 🙋
👉 A guarantor is a person or entity who agrees to guarantee that another party will pay a specific amount of money if the first party fails to do so. In other words, the guarantor provides financial support for the payment and guarantees the payment made by the first party. Guarantors are often used in situations where one party has a financial obligation towards another, such as a loan or a debt.
Guarantees can be of different types, including:
1.
Personal Guarantees
