Sunday, 4 May 2014

What is the legal status of a Guarantor?

Guarantor is a person who gives guarantee on behalf of another person. It means that in case of default the guarantor takes the place of person whose guarantee he gives. It is something very dangerous for the guarantor.

Wise people prefer not to be guarantors for others. The reason is that there is plenty of risk in being a guarantor for anyone. The deals in which guarantee is required are usually of uncertain nature. There is likelihood of there being turning unsuccessful at the end of day.

If you are obliged by anyone to become a guarantor, try to skip that part. Because such a person may bring trouble at your end. It is wiser never to sign any guarantee cheques. Similarly it is best to stay away from signing bonds of guarantee or surety for others.

If you are facing any problem regarding guarantee or surety, do write us at internationallawyerinfo@gmail.com

Regards,
International Lawyer
Team
+92-333-5339880

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Regards,
Salman Yousaf Khan
Chairperson
International Lawyer
+92-333-5339880