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Suretyship (Personal guarantee) under UAE Laws (Arabic Language – AED 400)

Course Type

Accredited

Points

4

Provider

2 CREDITS

Course Description:

Suretyship is the joining of a person who is the guarantor to a debtor in the performance of his obligations. In the UAE, with the continuous growth of the trade, there is an increase of transactions involving a suretyship/personal guarantee where an individual promise to reimburse a credit delivered to a business for which they serve as a manager or a partner. If the company is incapable of repaying the debt, the person will accept the responsibility to pay the balance. Although the granting of a suretyship has been common practice in the UAE, the legal concept of suretyship is more complicated than one would expect. In this course, we will tackle the following topics:
  • Definition and characterises of the suretyship/personal guarantee;
  • The different types of guarantees;
  • The elements of a guarantee;
  • The implications of a personal guarantee according to UAE Civil Transaction Law and UAE Commercial Law;
  • Interpretation of a guarantee and the proof of its existence;
  • Extinction of a guarantee;
  • Case study.