2. Extended guaranteed commitments. The bond guarantees that the secured bonds will be paid at maturity in accordance with the terms of the contract, as they may be amended, amended, cancelled, renewed and supplemented from time to time. The debtor`s refusal to obtain the guarantor`s approval for such an amendment, amendment, waiver, renewal or supplement does not excuse the performance of its responsibilities to the beneficiary under this guarantee agreement. 4. Application. In the event of default on the debtor`s bonds, the surety pays these amounts to the deposit on the recipient`s written request, provided that the delay in the recipient`s request for payment does not affect the guarantor`s obligations under that guarantee. The rights, powers, remedies and privileges provided by this guarantee are cumulative and not devoid of rights, powers, remedies and privileges provided by other agreements or by law. CONSIDERING that the beneficiary is in a [commercial transaction, SUCH AS A DISTRIBUTION AGREEMENT OR A SUPPLY AGREEMENT] with [other PARTY TO COMMERCIAL TRANSACTION] (“Obligor”), dated [Date][OF EVEN DATE HEREWITH] (this agreement, and any modification, modification, waiver, extension or complement to the agreement, collectively, the “contract”); The extent of bail liability may be limited or unlimited. A guarantor`s liability is unlimited if he guarantees that he will settle all of the borrower`s debts, including principal, interest and late fees, except that the parties agree otherwise. The liability of a surety is limited if the surety agrees to pay only a specified amount in the event of the borrower`s default. 1.
Guarantee. The surety heresken guarantees unconditional, absolute and irrevocable the performance of the debtor`s obligations to the beneficiary under the contract (guaranteed collective obligations). The guarantee that is exposed is payment, not recovery. 9. Final agreement. This guarantee constitutes the whole agreement between the parties with respect to the purpose of this agreement and replaces all previous or simultaneous written or oral agreements. CONSIDERING that the surety has established that it will benefit from the debtor`s conclusion of the agreement and therefore wants this guarantee agreement (this “guarantee”) to be concluded taking into account the conclusion of the agreement by the beneficiary; Boerge is a party that agrees to pay a debtor`s debts in the event of default. Depending on the type of contract, the surety may deposit a body value (for example. B, land, construction vehicles, etc.) which will be sold and used to pay off debts if the surety does not pay all the debts it guarantees. Editor`s note. A guarantee (sometimes called a “guarantee”) is a legally binding obligation of a party called guarantor to pay or honour the obligations of another company, usually a related company of the surety, if that other entity does not.