A guarantee is a contract by means of which a unilateral solidarity commitment is established by which a person will benefit from the payment of obligations. Therefore, in any bank guarantee the main participants of the guarantee contract will be three: the person requesting said aid, the debtor; on the other hand, the person who provides such help, the guarantor; and on the other hand, the person who benefits from the Ecutor when the guarantor does not meet her obligations.
How a bank guarantee works
The objective of a guarantee is that the person who remains in debt is prepared to respond to obligations. Therefore, the act of endorsing as such is usually requested through what we know as a loan.
One of the most outstanding characteristics of a guarantee is that a set period of time is set for the debtor to return the borrowed money. This time and the granting of an endorsement itself will depend directly on the study of the person in question, to know above all if the person is prepared to pay the loan and if there is a guarantee that they will meet the established deadlines.
All the information about guarantees