GUARANTEE
- A contract whereby the guarantor undertakes to the creditor other person responsible for the execution of the last of its obligation in whole or in part, indicating the period of guarantee. Contract GP - an agreement between three parties: the guarantor, the debtor and the creditor, whereby the guarantor undertakes to the creditor other person responsible for the performance of an obligation. The peculiarity of the contractual relationship PA is obligated to the creditor and the debtor are, and surety.
On the side of the guarantor may make a person who has the right to dispose of property, to take risks and bear financial responsibility. It may not be guarantors: budgetary organizations, federal state enterprises, branches and representative offices.
Form of contract P. writing. Its non-compliance shall entail the invalidity of the contract.
In case of failure or improper
performance by the debtor of the principal obligation and the guarantor is a debtor jointly and severally liable to the creditor, unless the law or the contract provides for the subsidiary liability of the guarantor. If the joint AP, a guarantee agreement provides otherwise, the surety liable to the creditor jointly and severally.
Guarantor, performed the obligations for the debtor, creditor's rights to the extent in which he performed the obligation. Proof of fulfillment of the obligation is a document issued by the lender and confirming performance of an obligation.
P. terminated with:
1) termination of the obligation secured by it;
2) change of obligations entailing an increase in liability or other unfavorable consequences for the surety;
3) debt transfer to another person;
4) the creditor's failure to take proper performance offered by the debtor or guarantor;
5) expiration of the term specified in the contract of guarantee, for which it is given. When an unknown period P. terminated if
within one year after the date for performance of the principal obligation the lender has not presented the surety requirements. When the period of performance of the principal obligation is not specified and can not be defined or determined by the time of demand, PG terminated if within 2 years after the GP contract will not be sued to the guarantor.
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