单词 | GUARANTEE |
释义 | A contractual agreement where one party (the GUARANTOR) provides payment to a second party (the BENEFICIARY) should the contracting party DEFAULT on its obligations. Through the provision of the guarantee, the obligations of the contracting party assume the CREDIT RATING of the guarantor, often a highlyrated BANK or INSURER. See also CROSS GUARANTEE, FINANCIAL GUARANTEE. |
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