Enimmäistakaus

Enimmäistakaus, translated as maximum guarantee or ultimate guarantee in English, is a legal concept primarily found in Finnish law. It refers to a specific type of surety or guarantee agreement where the guarantor's liability is limited to a predetermined maximum amount. This contrasts with unlimited guarantees, where the guarantor is responsible for the entire debt, regardless of its size.

The purpose of an enimmäistakaus is to provide certainty for the guarantor by capping their potential financial exposure. This is crucial in situations where the principal debt might fluctuate or be of an unknown magnitude at the time the guarantee is issued. For example, in business financing or construction projects, the final cost can be uncertain, making a maximum guarantee a practical solution for all parties involved.

The maximum amount specified in the enimmäistakaus agreement is binding. The guarantor cannot be held liable for any sum exceeding this limit, even if the principal debtor defaults on a debt larger than the guaranteed amount. This contractual limit is a key feature that distinguishes it from other forms of suretyship. The agreement must clearly state the maximum sum to be legally effective. Legal frameworks often exist to ensure such agreements are clear and understandable to the guarantor.