👉 Guaranteeing is a legal and ethical practice in which a party agrees to do something or pay for something, even if they are not obligated to do so. In other words, it means that someone promises to do something or provide something without any obligation to do so. For example, a guarantor might be a company that guarantees the payment of a loan to another person if the borrower defaults on the loan. The guarantor is responsible for making sure the money is paid back to the lender
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What is the definition of Guaranty? 🙋
👉 In law, a guarantee is an agreement between two parties to pay for something or to be paid for something. It is usually in writing and includes specific terms and conditions that specify how the payment will be made. Guarantees are often used to protect creditors from potential losses if the promised goods do not meet certain standards.
