Guarantees are normally given in favour of the financial institution and it is normally a standard document written with legal terminology. I do not understand them. What do I do?

You can request the bank officer to explain the legal implications to you or if you choose to, you can have the guarantee explained to you by your lawyer.

Don't sign the guarantee if you are not comfortable with any of the clauses.

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Reprinted with permission from BankingInfo (A Consumer Education Programme)

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Knowledge Base ID :   1204
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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