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guarantor
by 趙永祥 2015-06-11 08:18:21, Reply(0), Views(340)



 
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Term of the Day

Date: Wednesday, June 10, 2015

guarantor

Person or firm that endorses a three party agreement to guarantee that promises made by the first party (the principal) to the second party (client or lender) will be fulfilled, and assumes liability if the principal fails to fulfill them (defaults). In case of a default, the guarantor must compensate the lender orclient, and usually acquires an immediate right of action against the ...
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Usage Example
Edward was a little uncertain about his partners in the deal and, as a result, encouraged to be working with a strong guarantor like Great North American First Allied Bank and Trust.