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In this segment of the contract topic series, Rick Sierra discusses the importance of personal guarantees for business owners. He emphasizes the need to check if a personal guarantee is included in a contract. If you are a business owner, it's crucial to determine if you must sign such a guarantee. If possible, avoid signing a personal guarantee, especially if you have a corporate entity. Negotiating out of it is recommended to protect your personal assets and only commit to the corporation's liabilities. Always review contracts carefully for the presence of personal guarantees.