Arizona Accounts Receivable — Guaranty is a form of financial protection provided to businesses or individuals in the state of Arizona against potential losses resulting from unpaid invoices or bad debts. This guarantee serves as a safeguard for businesses, ensuring the recovery of outstanding receivables in case the original debtor fails to make payment. Keywords: Arizona, Accounts Receivable, Guaranty, financial protection, businesses, individuals, unpaid invoices, bad debts, guarantee, recovery, outstanding receivables, debtor, payment. Different types of Arizona Accounts Receivable — Guaranty may include: 1. Personal Guaranty: This type of guarantee involves an individual, usually a business owner, providing a personal guarantee for the repayment of business debts or unpaid invoices. In case the business defaults, the guarantor becomes personally liable for the outstanding amount. 2. Corporate Guaranty: A corporate guaranty typically occurs when one company guarantees to cover the debts or unpaid invoices of another company within the same corporate structure. This type of guaranty is commonly used in parent-subsidiary relationships or partnerships. 3. Recourse Guaranty: In a recourse guaranty, the guarantor agrees to be personally liable for the unpaid invoices or bad debts if the original debtor defaults. This type of guaranty allows the creditor to seek payment from the guarantor in addition to the debtor. 4. Non-Recourse Guaranty: Unlike recourse guaranty, a non-recourse guaranty limits the creditor's recourse to the assets or collateral provided as security. If the debtor defaults, the guarantor is only responsible for the amount recoverable from these specified assets. 5. Limited Guaranty: A limited guaranty places restrictions on the guarantor's liability, such as capping the maximum amount guaranteed or specifying a limited time frame during which the guaranty is valid. 6. Continuing Guaranty: A continuing guaranty remains in effect until specifically revoked or terminated by the guarantor. This type of guaranty provides ongoing protection for the creditor with respect to all future accounts receivable. 7. Specific Accounts Receivable Guaranty: In this case, the guarantor provides a guaranty for a specific set of accounts or invoices, limiting the guarantor's responsibility to those specific debts.
Arizona Accounts Receivable - Guaranty
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