What is a guaranty agreement?

Scarlett Apr-28-2023 10:30:42

572 days ago

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A guaranty agreement is a contract where one party (the â€œguarantorâ€) agrees to assume responsibility for the performance of another party (the â€œobligeeâ€) in the event of default. The guarantor commits to pay the obligee any amounts due or perform any obligations or commitments specified in the agreement. Guaranty agreements usually involve some form of security, such as a lien on property or cash investments, to ensure that the obligee will receive payment.

Jayden 1579515713

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answered 22 Aug 2023

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