Letter of guarantee in English
A letter of guarantee is a unilateral and non-secured obligation of one company (guarantor) to another company (creditor) by which the guarantor guarantees the fulfilment of the debtors’ obligation to the creditor. For example, a parent company (guarantor) may issue a letter of guarantee to a bank (creditor) to secure the loan obligations of its subsidiary (debtor).
Volume of the letter of guarantee: 2 pages
Who can issue a guarantee?
Guarantees can be issued by any company. A private person (for example, the owner of a company) cannot issue a guarantee; he or she can, if he or she so wishes, secure the company's obligations with a surety.
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