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Which parts of a guarantee deserve separate attention?
Identify what debt the guarantee covers, when liability can arise and how it may end.
Its scope is not established by a short description such as helping someone qualify.
Read the guarantee itself alongside the loan documents and seek independent advice where appropriate. Do not infer that a guarantor owes only a share or will be contacted before liability arises.
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Definitions
- Security
- Asset or interest supporting an obligation under the agreement, with consequences determined by its terms and applicable law.
- Guarantor
- Person who takes on obligations described in a guarantee; the extent of liability must be read in that agreement.