Bank Guarantee Wiki

In English writings, traditionally the term “guarantee” denotes an accessory (secondary) or “conditional” type of obligation. The essence of the instrument is the promise to answer for the duty of another should the other default. Thus if it later appears that the contract between the principal and the beneficiary was void, the guarantor may raise this defence to avoid paying the beneficiary.

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1 Response to “Bank Guarantee Wiki”

  1. Bobby

    What is Accessory mean in Bank Guarantee? Please provide me more detail and example.