Rights of Surety

Explain the Rights of Surety

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Explain the Rights of Surety

A surety is an individual who provides a guarantee for the performance or repayment of a debt or obligation owed by another party, known as the principal debtor, in the event that the principal debtor defaults. The Rights of Surety are safeguarded under the Nepal Contract Act, 2056 (2000). These provisions ensure that the surety … Read more

Explain the Rights of Surety against the Creditor

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Explain the Rights of Surety against the Creditor

Surety refers to the individual who provides the guarantee. The individual for whom this guarantee is provided is known as the principal debtor. The recipient of the guarantee from the surety is termed the creditor. Guarantees can be established either verbally or in written form. A surety, acting as a guarantor for the principal debtor, … Read more