| 单词 | bank guarantee |
| 释义 | bank guarantee An undertaking given by a bank to settle a debt should the debtor fail to do so. A bank guarantee can be used as a security for a loan but the banks themselves will require good cover in cash or counter-indemnity before they issue a guarantee. A guarantee has to be in writing to be legally binding. Such guarantees often contain indemnity clauses, which place a direct onus on the guarantor. This onus leaves the guarantor liable in law in all eventualities. |
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