Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 1 of 1
Full-Text Articles in Law
The Law Of Guarantees: The Rights & Liabilities Of The Guarantor, Maurya Vijay Chandra
The Law Of Guarantees: The Rights & Liabilities Of The Guarantor, Maurya Vijay Chandra
Maurya Vijay Chandra
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.