⇒ beneficiary pro: this clause contains an unlimited guarantee which obliges the guarantor to guarantee any debt of the principal debtor in respect of the guaranteed liabilities. The term “unconditional and absolute” means that no conditions are met or that it is not necessary to remedy the debtor before rights are enforceable against the guarantor. The term “irrevocable” means that the guarantee cannot be revoked as long as the underlying trade agreement remains in force. WHEREAS THE BENEFICIARY WITH [ANOTHER PARTY TO THE COMMERCIAL TRANSACTION] (“debtorS”) IS BARKING A COMMERCIAL TRANSACTION SUCH AS. B A DISTRIBUTION AGREEMENT OR SUPPLY AGREEMENT] (AN [OTHER PARTY TO THE BUSINESS TRANSACTION] (DATE] (this Agreement and any modification, modification, waiver, extension or supplement to the Agreement, the “Agreement”). ⇒ guarantors pro: if the parties intend to give the guarantor some time to receive payment from the debtor, the agreement may have the following language: “Before the beneficiary takes steps to enforce his rights under this guarantee, the beneficiary must inform the guarantor in writing of the amount of non-payment by the debtor in accordance with the agreement. The guarantor will have a period of at least [NUMBER OF DAYS, SUCH AS Z.B. 30] Days after receipt of such notification, it was granted to remedy the situation, cure or insecurity of the alleged non-payment. CONSIDERING that the guarantor has decided that he would benefit from the conclusion of the contract by the debtor and therefore wishes to conclude this guarantee agreement (this “guarantee”) taking into account and as an incentive for the conclusion of the contract by the beneficiary; Comment: This “merger clause” is intended to stipulate that the written agreement is and must be the final and complete agreement between the parties. The guarantor is a party who undertakes to settle the debts of a debtor in the event of default.
The guarantor may, depending on the nature of the contract, deposit as security a material asset (such as land, construction vehicle, etc.) sold and used for debt satisfaction if the guarantor cannot pay all the debts he guarantees. . . .