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Does my signature of guarantee have to be witnessed? What should I do if I am not agreeable to some of the terms in the contract of guarantee?

Yes.

Guarantees would normally be signed in the presence of a third party although it is quite common for the financial institution's officer to act as a witness.

However, financial institutions will not normally allow a person to be a witness for his or her spouse without independent advice.

All financial institutions have their own standard document for a contract of guarantee to protect the financial institutions' interest.

Ultimately, you will have to decide, after due legal counsel if necessary, whether or not to sign the guarantee on the terms required by the financial institution.

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Reprinted with permission from BankingInfo (A Consumer Education Programme)


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Knowledge Base ID :   1206
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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