It is well established that the bank guarantee is a stand-alone contract. It is common knowledge that the issuance of the guarantee is what a surety creates to assume liability when the principal debtor does not fulfil his duty and the guarantee is in the nature of a responsible guarantee contract; Syndicate Bank v. Vijay Kumar, AIR 1992 SC 1066. 23.6.8 If the creditor agrees with the principal debtor to give time to the guarantor, the guarantee is granted. The reason for this is that such an agreement prevents the creditor from obtaining payments from the guarantee company and, therefore, infringes the right of the guarantee to pay the debt and to sue the principal debtor. The German Civil Code requires that the promise of guarantee be reviewed in writing if it has not complied with the main obligation. [34] The Portuguese code guarantees all statutory guarantees for proof of the main contract[35] According to most civil codes, a guarantee like any other contract can normally be made in the presence of witnesses and, in some cases (if. B large sums of money are at stake), usually orally or by a judicial or notarial instrument. [36] The French and Belgian codes also stipulate that security is not to be presumed, but that it must always be expressed[37] Guarantees and guarantees are two instruments that the parties use to provide each other with more security and comfort.

Although they are often used interchangeably, the obligations of the client, the beneficiary and the guarantor are very different. They are therefore two separate legal entities, each of whom has their own rights and obligations for the parties concerned. With respect to the nature of the notification or memorandum of the guarantee that the law of fraudsters will comply, "do not make a special commitment to incriminate by a person, after the adoption of that act, the fault, delay or miscarriage of another person, in writing and signed by the party, or any other person authorized by him legitimately. , is deemed invalid to support a legal action, action or other procedure to incriminate the person who would have been the subject of such a commitment only because the consideration of that undertaking does not appear in writing or by the necessary conclusion of a written document." [22] Any writing that embodied the terms of the agreement between the parties and which will be signed by the party to be raised is compliant; and the idea of the agreement should not be in the mind of the person who signed it. [23] However, it is necessary that the names of the contracting parties appear in writing somewhere; That the mandated party or its agent should sign the agreement or any other document relating to it; and that there is a full agreement on the transcript or memorandum.