1.Principal Debt: The main objective of guarantee is to ensure payment of the loan amount, so there must exist a debt. Hence it is the nucleus of the contract of guarantee that someone must be liable for the payment of debt and surety commits to fulfill the liability when the former defa...
Like most guarantees and contracts entered into by two or more parties, a contract guarantee is often enforceable in a court of law. Although court costs can be quite expensive, it may be necessary to ensure proper payment according to the contractual terms. Some agreements may includearbitration...
The Silk Road spirit is consistent with the ideal of “all states joining together in harmony and peace” long upheld by the Chinese nation, with the Chinese people’s principles of amity, good neighborliness and “helping others to succeed while seeking our own success”, and with the call ...
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The word “guaranteed” in the term “guaranteed investment contract” comes with a caveat. While the insurance company guarantees that it will pay the agreed-upon interest rate and return the investor’s principal, that guarantee is only as solid as the insurer itself. ...
A contract bond is a type of performance bond issue that serves as a guarantee tat all of the terms and provisions found in a...
What Is a Life Tenant? Discussion Comments ByCertlerant— On Mar 02, 2014 Guarantees are often made for business debt, as well as personal debt. Parent companies often guarantee debt incurred by subsidiaries, especially when the proceeds of the loan or other debt securities go in part to a...
The two basic types of warranty are express and implied. Anexpress warrantyis a promise from the seller, either written, oral, or expressed in an ad. It effectively guarantees that the item will perform its function for a specified period.1An express warranty is a guarantee that the item wi...
A full warranty is a type of guarantee that is typically given on a consumer product, like a washing machine, a car, a piano, or...
Why are contracts so important in business and what purpose do they serve? Let’s explore the purpose and effect of a binding contract.