Outrageously Funny Word Dictionary :: Guaranties

👉 Guarantee in the context of law refers to a document or contract that guarantees an obligation or promise made by one party to another. This is often used in situations where there are risks involved, such as in the event of a breach of contract or other legal obligations. For example, if you borrow money from someone else and they fail to pay back on time, you would typically take out a guaranty against their repayment. The guarantor agrees to pay back any amount owed by the borrower

guaranties