What is a Suretyship Agreement?
In many transactions, a creditor who has entered into an agreement with another person or entity (debtor), where that debtor has to, or might in future, owe the creditor money, the creditor might like some security to ensure that they are able to recover the monies owing if the debtor defaults in payment.
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This is where a Suretyship Agreement is of great assistance as security for payment being made to the creditor by the debtor. If the debtor defaults, the creditor can look to the surety instead, in terms of the Suretyship Agreement, to recover the monies owing.
Included in this Contract
- An undertaking that the surety binds him/herself as surety;
- The suretyship will remain binding until the debt is completely discharged;
- Renunciation of certain benefits by the surety as required by law.
- Common Boilerplate clauses
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