What is Personal Guarantee?
A Personal Guarantee is an agreement signifying an individual, organization or a company accepts responsibility for a 3rd party debt in the event the debtor fails to pay.
Audio Definition/Pronunciation
RELATED TERMS
- Vendor Guarantee
A Vendor Guarantee or Vendor Assurance Program is when goods are pre-sold but your company’s credit and/or time in business will not allow you to buy the goods from your supplier on terms. Think of the Vendor Guarantee as an…
- Validity Guarantee
A Validity Guarantee is a special kind of guarantee used in Invoice Factoring & PO Funding when a small business is owned by many individuals or a corporation. It is a guarantee that states the information submitted on a borrowing…
- 3rd Party Payee
3rd Party Payee – A person who is specified in a Payment Order as the intended recipient of the funds the subject of the relevant Payment Transaction and who is not a Customer Payee.