takausvelvoitteita
Takausvelvoite, often translated as a suretyship or guarantee obligation, is a legal agreement where one party, the guarantor, promises to fulfill the obligations of another party, the principal debtor, if the principal debtor fails to do so. This typically involves a financial debt, but can extend to other contractual duties. The guarantor essentially acts as a secondary obligor, meaning their responsibility arises only after the primary debtor defaults.
The existence of a takausvelvoite requires a valid agreement between the guarantor and the creditor. This agreement
When a principal debtor defaults on their obligation, the creditor can then pursue the guarantor for payment