UNLIMITED SURETYSHIP
Summary
This Unlimited Suretyship may be considered for use where a debt is owed or may in the future be owed by a person, and additional security is required in the form of another person signing in suretyship, and thereby taking on liability for the debt.
More information
Why do I need an Unlimited Suretyship?
The Unlimited Suretyship strives to afford you as the creditor additional security. In the event that the debtor defaults in payment, you may use this suretyship to pursue the surety for payment.
What type of business should use an Unlimited Suretyship?
If your business has debtors that owe money, this Limited Suretyship may be considered for use to reduce the risk. Particularly if the debtors are legal entities such as companies or trusts, the directors / shareholders / trustees may be requested to sign personal suretyships guaranteeing the company’s / trust’s debt.
What does the Unlimited Suretyship look like?
- The agreement can be printed onto one A4 page.
What do you need to do to use the Unlimited Suretyship?
- Read the document to ensure that it suits your requirements. Make changes as required.
- Complete the relevant details, and get the surety/ies to sign.
Also known as:
Please note: this transaction may be subject to the National Credit Act 34 of 2005, in which event an expert’s advice should be sought.
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