Bürgschaft
Bürgschaft is a legal concept found in civil law jurisdictions, particularly prominent in German law, that establishes a collateral obligation undertaken by a third party, known as the guarantor (Bürge), to a creditor. This guarantee is made in favor of the principal debtor (Hauptschuldner) for the performance of an obligation. Essentially, the guarantor promises to pay the creditor if the principal debtor fails to fulfill their contractual duties.
The Bürgschaft is typically an accessory contract, meaning its validity is dependent on the existence of the
There are different types of Bürgschaft, including the "selbstschuldnerische Bürgschaft" (guarantee of self- Schuldner), where the
The purpose of a Bürgschaft is to provide the creditor with additional security, making them more willing