Although personal guarantees are a requirement in some instances, particularly within the construction sector, we have recently become aware that more trade suppliers than ever are insisting on personal guarantees.
In some instances the personal guarantee has been incorporated within the supplier’s Terms & Conditions. It is easy for this condition to slip through. How many people take the time to study a supplier’s standard T&C documents?
It is worth remembering, that personal guarantees need to be in writing, and if the contract does not specify a limit, then it will be treated as unlimited.
We appreciate that trading conditions are very tough, especially within construction, but we encourage you to be very careful. Ask for clarification. Be certain, and be safe.
Please do not hesitate to contact us for further details on 0141 6430 9200