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Standard Suretyship Agreement

Surety is the guarantee of the debts of one party by another. A surety is the organization or person that assumes the responsibility of paying the debt in case the debtor policy defaults or is unable to make the payments. The party that guarantees the debt is referred to as the surety, or as the guarantor.

 

It means that if the person/entity that a person signed surety for does not pay his/her debt, the bank/supplier/creditor is allowed to look at the person who signed surety for payment.

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R1 300,00Price