Concept in Definition ABC

Guarantee is understood as that which gives safety for something to happen. Therefore, the guarantor of something is the person or the thing that allows to ensure something in some sense. Thus, if we think about the police this institution acts as a guarantor of order. A minor may need an adult for certain procedures (for example, one of her parents) to allow you to make a financial operation and in this case the father or mother would be your guarantors.

In some conflicts or confrontations, for the parties involved to be able to dialogue, it may be necessary to intervention of a third party, the guarantor, who would act as a mediator to ensure the smooth running of the dialogue. In this way, the guarantor is the one who has the function of defending or protecting something. Consequently, the absence of a guarantor may prevent the correct functioning of an operation or of any other circumstance.

The guarantor in the legal field

If a person does not have the legal recognition to fulfill his obligations, the

law It contemplates that you have to resort to a guarantor. This is what happens in relation to minors or people disabled by disease mental. In these cases, the guarantor becomes the person who supports the one who does not offer guarantees for some reason. From a legal point of view, the guarantor is the responsible person who must look after the interests of another.

In general, the guarantor is obliged to comply with a series of obligations and this circumstance is equally applicable to the commercial sphere. Thus, the seller acts as guarantor, a specific product is accompanied by a guarantee period or is It contemplates a technical service so that the consumer has a guarantee when buying a product or a service.

The guarantor as guarantor

A guarantee is a guarantee according to which a person agrees to pay a loan, rent or repay a debt incurred. The most common guarantee is payroll, but in many cases this guarantee is not enough and other types of guarantees are used. There are two types of guarantees: personal and bank.

Normally in personal guarantees, the guarantors who act as guarantors are friends or relatives who vouch for others. These types of guarantees are the most frequent, as they are simple and it is not necessary for the guarantor to receive any compensation. In other circumstances, a bank guarantee may be necessary (for example, to rent a business premises), to which is requested an amount of money equivalent to four or five monthly payments and in this case the guarantor is the Bank of the person who pays the rent of the commercial premises.

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Issues in Guarantor