garancija

garancija

Also: guaranty. A contractual engagement to answer for the debt, default or failure of another person. The guarantor is obligated in respect of the obligee of a third party (principal debtor or obligor) to pay the debt if the third party fails to perform. The purpose of a guarantee is to secure a claim, mainly in order to raise credit (guaranteed credit).

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Part of Speech: noun
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Industry/Domain: Banking
Category: Investment banking
Company: UBS
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