Guarantee definition (English/Arabic)
Type
Practical Guidance
Document type
Precedent
Date
14 May 2024
Jurisdiction
Kuwait
Taxonomy
Lending & Security
Copyright
LexisNexis
Please click on the Arabic PDF icon to download the Arabic version of this document
Drafting notes
It is important to note that this precedent does not consider the requirements of Islamic finance in accordance with Sharia law. Care should be given to ensure documentation is Sharia compliant throughout the completion of this checklist. For key details on Islamic finance, see PN:"Key Principles of Islamic Finance"-Kuwait.
Definition
Guarantee means any guarantee, suretyship, indemnity, bonding liability, letter of comfort or other assurance or security or obligation (including a joint and several obligation) given or undertaken to secure or support the obligations (actual or contingent) of any third party and whether given directly or indirectly or by way of counter indemnity to a third party.