For valuable consideration and for the purpose of enabling the buyer to obtain and/or continue to obtain credit from the seller,the guarantor, personally, jointly and severally guarantee absolutely and unconditionally the prompt and complete payment to the seller upon maturity according to the terms of any and all goods sold, charges, sales, services rendered and/or any and all indebtedness pursuant to an application of credit.
The Contra Costa California Guaranty of Payment of Open Account is a legal document that serves as a form of assurance, ensuring the payment of open accounts between businesses or individuals within Contra Costa County, California. This guarantee acts as a contractual agreement between the guarantor and the creditor, setting forth the terms and conditions of payment for any outstanding debts or obligations. Keywords: Contra Costa California, Guaranty of Payment, Open Account, legal document, assurance, payment, contractual agreement, outstanding debts, obligations. There are two common types of Contra Costa California Guaranty of Payment of Open Account: 1. Individual Guaranty of Payment of Open Account: This type of guaranty is signed by an individual (guarantor) who takes responsibility for paying off the open account in case the primary debtor fails to make the payment. The individual guarantor's personal assets may be used to settle the debt. Keywords: Individual Guaranty, primary debtor, personal assets, settlement. 2. Corporate Guaranty of Payment of Open Account: This type of guaranty is signed by a business entity (guarantor), such as a corporation or limited liability company (LLC), that ensures the payment of an open account. The guarantor's corporate assets are liable for settling the debt if the primary debtor defaults. Keywords: Corporate Guaranty, business entity, corporation, limited liability company, corporate assets, default. In both types of guaranty, the document outlines the specific terms of the open account, including the amount owed, payment due date, interest rates (if applicable), and any other conditions agreed upon between the creditor and debtor. Additionally, the guarantor's liability is typically limited to the outstanding amount mentioned in the open account agreement. It is crucial for all parties involved to thoroughly review and understand the Contra Costa California Guaranty of Payment of Open Account before signing it, as it legally binds them to their obligations and responsibilities. It provides an added layer of security for open account transactions within Contra Costa County, California, ensuring that payment is made, even if the primary debtor defaults.The Contra Costa California Guaranty of Payment of Open Account is a legal document that serves as a form of assurance, ensuring the payment of open accounts between businesses or individuals within Contra Costa County, California. This guarantee acts as a contractual agreement between the guarantor and the creditor, setting forth the terms and conditions of payment for any outstanding debts or obligations. Keywords: Contra Costa California, Guaranty of Payment, Open Account, legal document, assurance, payment, contractual agreement, outstanding debts, obligations. There are two common types of Contra Costa California Guaranty of Payment of Open Account: 1. Individual Guaranty of Payment of Open Account: This type of guaranty is signed by an individual (guarantor) who takes responsibility for paying off the open account in case the primary debtor fails to make the payment. The individual guarantor's personal assets may be used to settle the debt. Keywords: Individual Guaranty, primary debtor, personal assets, settlement. 2. Corporate Guaranty of Payment of Open Account: This type of guaranty is signed by a business entity (guarantor), such as a corporation or limited liability company (LLC), that ensures the payment of an open account. The guarantor's corporate assets are liable for settling the debt if the primary debtor defaults. Keywords: Corporate Guaranty, business entity, corporation, limited liability company, corporate assets, default. In both types of guaranty, the document outlines the specific terms of the open account, including the amount owed, payment due date, interest rates (if applicable), and any other conditions agreed upon between the creditor and debtor. Additionally, the guarantor's liability is typically limited to the outstanding amount mentioned in the open account agreement. It is crucial for all parties involved to thoroughly review and understand the Contra Costa California Guaranty of Payment of Open Account before signing it, as it legally binds them to their obligations and responsibilities. It provides an added layer of security for open account transactions within Contra Costa County, California, ensuring that payment is made, even if the primary debtor defaults.
