Guarantee is understood as that which gives security for something to happen. Therefore, the guarantor of something is the person or thing that makes it possible to secure something in some sense. Thus, if we think of the police, this institution acts as a guarantor of order. A minor may need an adult for certain procedures (for example one of his parents) to allow him to carry out a financial operation and in this case the father or mother would be his guarantors.
In some conflicts or confrontations, in order for the parties involved to be able to dialogue, the intervention of a third party, the guarantor, may be necessary, who would act as a mediator to ensure the smooth running of the dialogue. In this way, the guarantor is the one who has the function of defending or protecting something. Consequently, the absence of a guarantor may prevent the proper functioning of an operation or any other circumstance.
The guarantor in the legal field
If a person does not have the legal recognition to fulfill their obligations, the law provides that they have to resort to a guarantor. This is what happens in relation to minors or people disabled by mental illness. In these cases, the guarantor becomes the person who supports the one who does not offer guarantees for some reason. From a legal point of view, the guarantor is the responsible person who must look after the interests of another.
In general, the guarantor is obliged to comply with a series of obligations and this circumstance is equally applicable to the commercial sphere. Thus, the seller acts as a guarantor, a certain product is accompanied by a guarantee period or a technical service is contemplated so that the consumer has a guarantee when buying a product or service.
The guarantor as guarantor
A guarantee is a guarantee according to which a person agrees to pay a loan, a rent or to repay a debt incurred. The most common guarantee is payroll, but in many cases this guarantee is not enough and other types of guarantees are used. There are two types of guarantees: personal and bank.
Normally in personal guarantees, the guarantors who act as guarantors are friends or relatives who vouch for others. These types of guarantees are the most frequent, as they are simple and the guarantor does not need to receive any compensation. In other circumstances, a bank guarantee may be necessary (for example, to rent a commercial premises), for which an amount of money equivalent to four or five monthly payments is requested and in this case the guarantor is the bank of the person who pays the rent of the commercial premises.
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