I'm reading through a contract for a credit application and am having a difficult time understanding what the below clause means. It is a personal guarantee clause that I will repay any payment personally that my company has to make for credit that is extended to my company. What confuses me is that it says that I "waive all notice of acceptance of this guarantee".The undersigned guarantor or guarantors each hereby expressly waive all notice of acceptance of this guarantee notice of extension of credit to applicant, presentment, and demand for payment on applicant, protest and notice to undersigned guarantor or guarantors of dishonor or default by applicant or with respect to any security held by the Company, extension of time of payment to applicant, acceptance of partial payment or partial compromise, all other notices to which the undersigned guarantor or guarantors might otherwise be entitled and demand for payment under this guarantee. Any revocation of this guarantee shall be in writing and delivered to the Company. see hubwealthy.com/wealthy
0 comments:
Post a Comment