Composition Deed With Creditors For Payment In Installment By The Debtor And Guarantor

Composition Deed With Creditors For Payment In Installment By The Debtor And Guarantor

all the various persons, firms and companies, as Creditors of the Debtor, whose names and seal are signed hereunder and affixed and the amount of debt owed to them is given in Annexure A to this document (hereinafter called "the Creditors" which expression shall unless contrary to the context include their successor, legal representative, heirs s and assigns as the case may be

Requiring the creditor to call upon the Principal Debtor also along with theGuarantor to pay off the due debt. b) Available facilities of set off (if any) before payment to the creditor, when sued. ... b) Entitled to ask the Principal debtor to relieve him of his obligation

Any variance, made without the surety's consent, in the terms of the contract between the principal debtor and the creditor, discharges the surety from the contract of guarantee as to transactions between the creditor and principal debtor subsequent to the variance.

The surety is relieved of his liability, by any contract between the creditor and the principal debtor, by which the principal debtor is relieved of his liability, or by any act or omission of the creditor, the legal consequence of which results in the discharge of the principal debtor.

A contract between the creditor and the principal debtor, by which the creditor makes a composition with, or promises to give time to, or not to sue the principal debtor,' discharges and relieves the surety of his contractual liability, unless the surety gives consent to such a contract.



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