A contract for guarantee can be across a current or future liability and classified under specific and continuing guarantee. There are three parties involved in a continuing agreement the Creditor, Debtor and Surety. A continuing guarantee is spread over a series of transactions.
There are three main parties in a continuing guarantee-
Surety- The guarantor who accepts the responsibility of paying money for another person on defaulting.
Principal Debtor – is the debtor who gives the guarantee is a continuing guarantee.
Creditor- The person to whom the guarantee is offered is the creditor
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