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SURETIES




Sureties persons who undertakes to pay a sum of money or to perform a duty or promise for another person (natural or legal person) in the event that person fails to act, pay or perform his/its duties or obligations. Many individuals do not conduct their businesses in their personal names, but rather in a Close Corporation, under a Trust or in a Company (known as Legal Personnae).

Often when other parties contract with these Legal Personnae, they fear that the individuals will hide behind the company and Liquidate (close down) the Legal Personna to avoid due performance of their duties. It is for this reason that we draft Suretyships for our clients either to convince another person to contract with the Legal Personna by safeguarding the prospective client/customer or by requiring the other party to sign a Surety.

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