A contractual guarantee agreement means if a contract is breached and payment not made, the person who guaranteed the contract can be held personally liable for payment to the other side. The rules governing the interpretation of a personal guarantee agreement have not changed much over the years. These same rules govern question(s) relating to the interpretation of a contractual guaranty.
Don’t forget, if a contract and its express language contains a personal guarantee clause, you’re on the hook.
To discuss your NJ business contract, please contact Fredrick P. Niemann, Esq. toll-free at (855) 376-5291 or email him at firstname.lastname@example.org. Please ask us about our video conferencing consultations if you are unable to come to our office.
By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold Township, Monmouth County, NJ Business Law Attorney