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[Music] hey friends in this video were going to have a look at parent company guarantees we will look at what it is what are the main provisions and how are they different to bonds so a parent company guarantee pcg is a form of security that may be required by a client to protect them in the event of a default on a contract by a contractor and that contract that is controlled by a parent company or holding company when we say default we normally mean insolvency or bdocHub of contracts caused by the contractor let us actually break down the term parent company guarantee so that you understand completely so a parent company is a company that controls another subsidiary company and subsidiaries can be created by acquisition or by spin-off from the parent company ill give you an example in a minute a guarantee is a contractual arrangement that creates a secondary obligation to ensure fulfillment of a primary obligation so when we put them together and in its purest sense a pcg parent com