To print this article, all you need is to be registered or login on Mondaq.com. This blog post explores the different ways of drafting guarantees and how this interacts with the obligations of parties within the shipping industry. What is a guarantee? A contract of guarantee is an undertaking given by one party (the guarantor) to another party (the beneficiary) to pay the principal obligor's debts or to perform their obligations set out in the underlying contract.
