FREE access to Professional Liability Insurance.

Click here for more information.
You are currently not signed in. Any products you have purchased will not be available until you Sign In.
For a personalized walk-through of IRMI Online, Request a Demo.

guaranty agreement

A two-party contract in which the first party agrees to perform in the event that a second party fails to perform. Unlike a surety, a guarantor is only required to perform after the obligee has made every reasonable and legal effort to force the principal's performance. Another difference is that technically the guaranty agreement is a two-party agreement between the guarantor and the obligee, which is separate from the agreement between the obligee and the principal. A guaranty contract provides the obligee with an alternative to a surety agreement to guarantee or ensure the successful performance of a promise.

Navigation

Social Media