Examlex
Imagine two organizations with the same total number of seven members, but with different spans of control. In Organization X, there is the president, 2 managers, and 4 subordinates. In Organization Y, 6 employees are all members of one team who report to one boss, the president.) We can describe Organization X as having:
Primary Obligation
A fundamental or main duty that a party is required to perform under the terms of a contract.
Indemnity
Indemnity is a contractual obligation of one party to compensate the loss occurred to the other party due to the acts of the indemnitor or any other party.
Guarantor
A guarantor is a person or entity that agrees to be responsible for another's debt or obligations, should the original party fail to meet their responsibilities.
Guarantee
A formal promise or assurance, typically in writing, that certain conditions will be fulfilled, especially that a product will be repaired or replaced if not of a specified quality.
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