Limited Suretyship - time

This Limited Suretyship can be used 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. The surety’s liability will either end upon the termination date agreed to in the suretyship, or be limited to any debt that has been incurred before the agreed termination date, in that any future debt will not be guaranteed.

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The Limited Suretyship gives you as the creditor additional security. In the event that the debtor defaults in payment, you can use this suretyship to pursue the surety for payment. 

If your business has debtors that owe money, this Limited Suretsyhip can be used to reduce your risk. Particularly if your debtors are legal entities such as companies or trusts, you can get the directors / shareholders / trustees to sign personal sureyships guaranteeing the company’s / trust’s debt. 

The agreement can be printed onto one A4 page.