#Do_you_know

Guaranty is an agreement to take responsibility before a creditor for the full or partial performance of another person's obligation.

✅ If the debtor fails to fulfill an obligation secured by a guaranty, the guarantor and the debtor are jointly and severally liable to the creditor.

📍 Also, unless otherwise stipulated in the guaranty agreement, the guarantor is liable to the creditor to the same extent as the debtor, including paying interest, covering court costs for debt collection, and compensating for any other damages incurred by the creditor due to the debtor's failure to perform the obligation.

⚠️ A guaranty agreement must be concluded in writing. An agreement that is not in writing is considered invalid.

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