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HOW IT WORKS
How it works
If you need to guarantee someone's credit worthiness, you can use a Guaranty Agreement. Whether you want a bank to loan money to a family member, or hold off on collections for his or her late phone bill, being a guarantor comes with the responsibility that you will repay their debt if they do not. Using a Guaranty Agreement can help protect you by specifying the terms of this arrangement.
A Guaranty Agreement is a contract that outlines your role in the process. It supports the obligation of a borrower to a lender; in the primary contract the borrower agrees to provide the lender with something of value—ie. money, or goods and services. With a Guaranty Agreement you, the "guarantor," agrees to fulfill the promise of the borrower if he or she does not come through with their obligation. A Guaranty Agreement can be used to guarantee the repayment of a loan, the repayment of additional credit on an already past-due loan, the payments due under a lease, or the payment of future balances from credit card purchases. With a Guaranty Agreement, the guaranty can be "absolute" ( you will assume the obligation if the borrower cannot, for any reason) or "conditional" (your liability as the "guarantor" is conditional on a particular event in addition to the borrower's default), and can be restricted to a specific transaction or amount, or may cover any obligations over an indefinite period of time.
Other names for this document: Guaranty Agreement Form, Personal Guarantee Agreement
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