Examlex
Tiki Imports Ltd.plans to purchase items in inventory from a supplier in China.What would Tiki want to assure that it has obtained prior to making payment for those goods to a foreign supplier?
Suretyship Relationship
is a legal arrangement where a surety guarantees the performance of a debtor's obligation to a creditor, assuming liability if the debtor fails to fulfill the contractual obligation.
Principal Debtor
The main individual or entity responsible for repaying a debt or obligation.
Ancillary Bailee
An individual or entity that is temporarily entrusted with someone else's property for a specific, ancillary service, without transfer of ownership.
Surety
A person or entity that takes responsibility for another's performance of an undertaking, such as fulfilling a contract.
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