Explain contract of guarantee. What are the types of guarantee.
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Contract to perform the promise, or discharge the liability, of a third person in case of his default is called Contract of Guarantee. A guarantee may be either oral or written. The person who gives the guarantee is called the Surety. The person on whose default the guarantee is given is called the Principal Debtor.
Guarantee of payment. This type of guarantee is a security of payment obligations of Buyer to Seller.
Guarantees of advance payment return. ...
Contract execution guarantee. ...
Tender guarantees. ...
Guarantee in favor of the customs authorities. ...
Guarantees of warranty execution. ...
Guarantee of credit return.
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