This agreement is in a letter format wherein it is suitable for a supplier of products to jointly bind the director(s) of a merchant company in the event of default or non-payment. In a nutshell, the directors of a merchant company will be jointly and personally guaranteeing the performance and will indemnify the supplier in the event the merchant company defaulted payment to the supplier. This is applicable to suppliers that give credits or goods before payment with private companies.
As the agreement/letter is for business use, the guarantors cannot be defined as social guarantor under the newly amended Insolvency Act 1967.
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Doc ID: 18TK, 19TK
Total Pages: 5