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Is there a time limit for the joint guarantee of private lending

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Is there a time limit for the joint guarantee of private lending


        

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  • 2024-06-15 08:00:48

    According to Article 692 [Warranty Period] of the Civil Code, the warranty period is the period during which the guarantor is determined to bear the warranty liability, without suspension, interruption or extension. The creditor and the guarantor may agree on a guarantee period, but if the agreed guarantee period is earlier than or expires at the same time as the main debt performance period, it shall be deemed that there is no agreement; If there is no agreement or the agreement is not clear, the guarantee period shall be six months from the date of expiration of the main debt performance period.

    If the creditor and the debtor have not agreed or clearly agreed on the time limit for performance of the principal debt, the guarantee period shall be calculated from the date when the creditor's grace period for performance of the debtor expires.

    Legal basis

    Article 692 [Warranty period] of the Civil Code of the People's Republic of China is the period during which the guarantor is determined to bear the warranty liability, without suspension, interruption or extension.
    The creditor and the guarantor may agree on a guarantee period, but if the agreed guarantee period is earlier than or expires at the same time as the main debt performance period, it shall be deemed that there is no agreement; If there is no agreement or the agreement is not clear, the guarantee period shall be six months from the date of expiration of the main debt performance period.
    If the creditor and the debtor have not agreed or clearly agreed on the time limit for performance of the principal debt, the guarantee period shall be calculated from the date when the creditor's grace period for performance of the debtor expires.

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    2024-06-15 08:00:48

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