👉 Obligors are individuals or entities who are legally obligated to pay a debt. They can be individuals, corporations, governments, or other organizations that owe money to another entity. Obligors are typically responsible for paying back debts owed to them, either directly or indirectly through various means such as loans, payments, or taxes.
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What is the definition of Obligor? 🙋
👉 The term "obligor" is a legal term used in contract law to describe a party who is required to perform certain obligations or fulfill certain conditions under a contract. Obligors are typically individuals or entities that are legally bound by contractual agreements, such as loans, leases, and insurance policies. They are responsible for fulfilling their obligations under the agreement and may face consequences if they fail to do so.
