What is a guarantee
At Mepstead Lawyers we can explain that a guarantee from you as a guarantor means that if the lender or borrower(s) do not pay the debt plus associated costs you will be required to pay the monies owed plus interest plus costs. The guarantee means a lending institution will have its debt to the lender secured by you as the guarantor.
In other words, if the debtor fails to settle a debt, you will cover it. A bank guarantee enables the customer, or debtor, to acquire goods, buy equipment or draw down a loan with you guaranteeing repayment of the debt. These types of arrangements often for the purchase of a business or in some instances helping the children acquire a home loan (sometimes referred to as the mum and dad Bank) are becoming increasing popular, but they are not without significant risk.
We are frequently engaged for fixed price Solicitors Certificates for bank guarantees. We have a strong customer focus on providing these services quickly and at fixed and competitive prices.
Mepstead Lawyers will help you with Conveyancing and Property Law, Buying and Selling of Businesses, Commercial Law, Wills and Estates Law, Family Law, Criminal Law. For more information, please explore our website, or contact us.