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A guaranty agreement is a contract between two parties where one party agrees to pay a debt or perform a duty in the event that the original party fails to do so. The party who makes the guaranty is called the guarantor. An agreement of this nature is often used in real estate, insurance, or financial transactions.
What is a guaranteed promissory note?
Guaranteed promissory note means a written contract obligating a recipient to repay the funds received if the recipient does not fulfill the service obligation, which was a condition of the recipients scholarship, or grant award.
What is the difference between a promissory note and a guarantee?
A promissory note is a legal document signed by a debtor who promises to pay a debt in a form and manner as described in the document. A personal guaranty, as defined at businessdictionary.com, is an agreement that makes one liable for ones own or a third partys debts or obligations.
What is the purpose of a guaranty?
A guarantee is an agreement through which an individual or legal entity undertakes to meet certain obligations, such as paying a third partys debt if the latter defaults.
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Barron (the Guarantor), does hereby unconditionally guarantee to CPB, its successors and assigns, full and prompt payment and performance of all present and
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