GUARANTEE AS A WAY FOR PROVIDING CONTRACTUAL CLAIMS

Abstract

A guarantee is a way, a means, a mechanism for securing creditors’ claims. It is a personal
legal means of securing contracts. The paper will address the analysis of collateral as a way of
securing claims in loan agreements (micro loans). In modern legal transactions, the guarantee
is a frequently used way of securing creditors’ claims in contracts concluded between two or
more natural persons, two or more legal entities, as well as between natural and legal persons.
Therefore, the subject of labor interest will be its efficiency in fulfilling contractual obligations.
To this end, the notion, role and significance of the guarantee as an instrument for securing
claims, the characteristics of the guarantee agreement, its form, the subject of the guarantee,
the scope of the guarantor’s liability, the concept of obsolescence in the guarantee agreement,
the rights and the obligations of the guarantor and the liability and the cases of release from
liability of the guarantor under national law. All the mentioned aspects of the guarantee as a
way of securing the claims will be considered in function of the loan agreements (micro loans)
concluded by banking and non-banking institutions. The basic intention of the guarantee is to
provide security and stability in the fulfillment of the contractual obligations, i.e., to ensure
that the creditor’s claim will be fully repaid, as agreed in the loan agreements. The guarantee
as a means of securing the claims also creates pressure, i.e., pressure on the debtor, not only
from the creditor, but also from the guarantor or guarantors that he must fulfill his obligation
as agreed.