Guarantees: Getting off the hook

4 King’s Bench Walk (Chambers of Timothy Raggatt QC) | Procurement & Outsourcing Journal | March/April 2014 #17
David Sawtell considers recent case law on guarantees ‘A surety is discharged if the creditor agrees with the principal debtor to vary the terms of the contract agreed unless it is self-evident that the variation is unsubstantial or one which cannot be prejudicial to the guarantor.’Guarantees play an important role in commercial agreements, allowing parties …

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Guarantees: Satisfaction guaranteed?

Edwards Wildman Palmer LLP | The Commercial Litigation Journal | September/October 2013 #51
Rod Cowper examines recent approaches to the interpretation of guarantees ‘The only practical guidance that can be offered is that those having the benefit of a guarantee of a contract which is to be amended substantively ought to ensure that the guarantor is made aware of and consents expressly to the variations.’ Although judicial piercing …

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