Delete Phone Field in the Letter Of Continuing Guarantee (Unlimited Amount) and eSign it in minutes

Aug 6th, 2022
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How to Delete Phone Field in the Letter Of Continuing Guarantee (Unlimited Amount)

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Specific and continuing guarantee The former is a type of guarantee which is given for a specific transaction or debt. For example A borrowed Rupees 1 lakh from Yes Bank. The guarantee was given by C for the repayment of the loan. Cs liability ends as soon as A repays the amount of loan to Yes Bank.
A specific or simple guarantee is one that is made in respect of a single debt or unique transaction and is set to expire when the guaranteed debt is paid or the promise is fulfilled.
Changes made in the terms and conditions of the contract without Suretys Consent a contract of continuing guarantee is revoked when there is any change and amendment made in the terms and conditions of the contract in between the Principal Debtor and the Creditor without the consultation and consent of the Surety.
Specific Guarantee: A specific guarantee is for a single debt or any specified transaction. It comes to an end when such debt has been paid. Example:- A guarantees the payment to be made byB `` toC ``, on the transfer of goods for September month. After the end of the july month, C again send goods to B.
A guarantee which extends to a series of transactions, is called a continuing guarantee. (a) A, in consideration that B will employ C in collecting the rent of Bs zamindari, promises B to be responsible, to the amount of 5,000 rupees, for the due collection and payment by C of those rents.
A continuing guarantee may at any time be revoked by the surety, as to future transactions, by notice to the creditor.
Specific Guarantee: A specific guarantee is for a single debt or any specified transaction. It comes to an end when such debt has been paid. Continuing Guarantee: A continuing guarantee is a type of guarantee which applies to a series of transactions.
Retrospective guarantee It is a guarantee issued when the debt is already outstanding. Prospective guarantee Given in regard to a future debt. Specific guarantee Also known as a simple guarantee, its a type that is used when dealing with a single transaction, and therefore a single debt.

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