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Guaranty Contract Between the insurer and the Department of Consumer and Business Services (Use only for workers compensation policy coverage effective before July 1, 2009) Dept. use only1. Mailing
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A guaranty contract is a legal agreement in which a person or entity agrees to be responsible for the debt or obligations of another party.
Anyone who wishes to guarantee the debt or obligations of another party may be required to file a guaranty contract.
To fill out a guaranty contract, you must include the names of the parties involved, the specific debt or obligations being guaranteed, and any other terms and conditions agreed upon by the parties.
The purpose of a guaranty contract is to provide reassurance to a lender or creditor that the debt or obligations will be paid, even if the primary party cannot fulfill their obligations.
The guaranty contract should include the names of the parties involved, the amount or nature of the debt or obligations being guaranteed, any specific terms or conditions, and signatures of all parties.
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