Takaus

Takaus is a contractual promise in which a person or institution, known as the guarantor (takaaja), agrees to fulfill the obligations of another party (the debtor or takauksen saaja) if that party defaults. The guarantor’s liability is usually limited to a specified amount and time frame, and the arrangement is intended to reduce the creditor’s risk.

There are several common forms of takaus. A personal guarantee (henkilötakaus) is provided by an individual, while a corporate guarantee (yritystakaus) is given by a company. Banks frequently issue bank guarantees (pankkien takaamat) to back obligations in contracts, bids, or performance agreements. Public sector or government guarantees may also back certain obligations in procurement or financing. A takaus differs from security interests or collateral in that it is a promise to pay or perform, rather than a transfer of assets.

A takaussopimus specifies key terms such as the maximum liability, the covered obligations, the duration, and the procedures for demanding performance. Guarantees can be irrevocable or revocable depending on the agreement and applicable law. Some guarantees are continuing, covering multiple transactions over time, while others apply to a single obligation.

If the debtor defaults, the guarantor must usually fulfill the obligation. After payment, the guarantor often has subrogation rights to recover the amount from the debtor. The guarantor bears significant financial risk, and the creditor’s reliance on the guarantee can influence credit terms. For the debtor, a takaus can complicate financing and may involve joint and several liability with others.

In Finnish and broader international practice, takaus is a key instrument for risk management in lending, contracting, and procurement.