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Article
The Law of Guarantees: The Rights & Liabilities of the Guarantor
Lex Witness (2011)
  • Maurya Vijay Chandra
Abstract
A contract of guarantee requires meeting of minds of three players - the principal debtor, the surety and the creditor. The surety (usually a bank) undertakes an obligation at the request express or implied of the principal debtor (usually the bank's customer). It is an independent contract between the bank and the beneficiary. It is this very autonomy that makes a contract of guarantee an instrument for growth of business and economy.
Keywords
  • Law of Guarantee
Disciplines
Publication Date
Summer May 1, 2011
Citation Information
Maurya Vijay Chandra. "The Law of Guarantees: The Rights & Liabilities of the Guarantor" Lex Witness Vol. 2 Iss. 10 (2011)
Available at: http://works.bepress.com/mauryavchandra/20/