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Guarantee: Difference between revisions
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{{Demand guarantee description}} <br /> | {{Demand guarantee description}} <br /> | ||
===[[Indemnity]]=== | ===[[Indemnity]]=== | ||
Not, strictly speaking, a guarantee at all, but a contractual obligation having a similar economic effect is the [[indemnity]]. Note the [[statute of frauds]] doesn’t apply to an indemnity - which is why it’s traditionally seen as a useful thing to attach to a guarantee.<br /> | |||
===[[Assignment]] of a Guarantor's rights=== | ===[[Assignment]] of a Guarantor's rights=== | ||
A Guarantor has certain rights it acquires at law, even where it executes as a deed (such as the right of subrogation), and there is a risk that a Guarantor who assigns these rights might somehow mysteriously compromise a beneficiary's rights under the Guarantee. So, to be sure, limit that right of assignment. | A Guarantor has certain rights it acquires at law, even where it executes as a deed (such as the right of subrogation), and there is a risk that a Guarantor who assigns these rights might somehow mysteriously compromise a beneficiary's rights under the Guarantee. So, to be sure, limit that right of assignment. | ||