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I need some legal advice please?
Can a guarantor ''pull out'' of an agreement after a certain length of time?
say that the contract was for 6 months, then does the guarantor have the right not to re new the contract?
4 Answers
- Anonymous1 decade agoFavorite Answer
No, A guarantor stands for the length of the agreement.
- Anonymous1 decade ago
Not without renegotiating the contract. The guarantor is a party to the agreement and is bound by it. If the borrower defaults, the guarantor is liable and this applies until the loan is repaid.
- 1 decade ago
If the contract had a definite period when it was valid and required signing for an renewal, then yes, you can fail to provide your signature or approval for the extension/renewal. As an example, if you guaranteed someone's mortgage and there was a 1 year term, then at renewal, you would just refuse to sign any renewal docs. if that was the case, you should also protect yourself by confirming your intention not to extend your guarantee by letting the lender know prior to term expiry.
- 1 decade ago
Not if you've signed a contract. You need to adhere to the terms of the contract.