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A large manufacturing organization uses several consulting firms to provide training programs, private staffing agencies to perform recruiting and selection activities, and a financial organization to handle benefits administration.This situation is an example of
Cosigner
an individual who agrees to be responsible for the repayment of a loan or debt if the primary borrower fails to pay.
Bankruptcy
A legal procedure for dealing with debt problems of individuals or businesses; officially declared inability to pay off debts.
Liable
Being legally responsible for a particular act or omission, usually involving payment of damages or compliance with specific court orders.
Suretyship
A contractual agreement in which one party (surety) guarantees the obligations of a principal to a third party.
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