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A personal guarantee is a provision a lender puts in a business loan agreement that requires owners to be personally responsible for their company's debt in case of default.

The Deed of Guarantee and Indemnity that Party B has signed means that Party B has agreed to ensure Party A repays the loan, or otherwise Party B will be responsible for it and any incidental costs associated with Party A breaching its obligations. Needless to say, Party A defaults on the loan repayments.

The "guarantor" is the person guarantying the debt while the party who originally incurred the debt is the "principle" and the creditor is the "guaranteed party." Under California law, if properly drafted, a guaranty is a fully enforceable obligation which allows the guaranteed party to proceed directly against the ...

This is a guaranty of payment and not of collection the above mentioned undersigned waives any rights to such. No delay on the part of Creditor in exercising any rights hereunder or failure to exercise the same shall operate as a waiver of such rights.

A guarantor is an individual that agrees to pay a borrower's debt if the borrower defaults on their obligation. A guarantor is not a primary party to the agreement but is considered to be an additional comfort for a lender. A guarantor will have a strong credit score and earn sufficient income to meet the obligation.

A guarantee is presumed not to be enforceable unless all the named guarantors sign the guarantee (or the terms of the guarantee provide that the guarantee is enforceable on a signed party irrespective of whether other named parties sign).

A personal guarantee is an agreement between a business owner and lender, stating that the individual who signs is responsible for paying back a loan should the business ever be unable to make payments.