penjamin

In Indonesian and Malay contexts, penjamin refers to a person or organization that agrees to fulfil the obligations of another party to a creditor if the latter fails to do so. This arrangement provides additional security for the lender and creates secondary liability for the guarantor.

Guaranties are common in loans, leases, and service contracts. The penjamin signs a guarantee agreement that describes the scope of the obligation, the maximum amount, the duration, and any conditions attaching to the guarantee. The guarantor may be required to provide financial information to the creditor.

There are different forms of guarantees. A personal guarantee involves an individual; a corporate guarantee involves a company. Guaranties can be limited or unlimited, single-use or continuing, and may be joint and several, depending on the contract and governing law.

If the debtor defaults, the creditor may demand payment from the penjamin up to the guaranteed amount. The guarantor may then seek reimbursement from the debtor. The guarantor's rights and defenses depend on the contract and local law, and the creditor may be required to pursue the principal debtor first in some jurisdictions.

Entering into a guarantee carries risk for the penjamin and can affect credit ratings and assets. It is common to assess the debtor's creditworthiness and to limit exposure with a clearly drafted guarantee and, where possible, collateral.