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you are here: > Civil Code
> Article 217
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7. Obligation
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| 7.3 Standards of financial instruments | ||
| Article 217-Surety | ||
| 217.1 | Surety | |
| Suretyship is a contract by which a person, the surety, binds himself towards the creditor, gratuitously or for remuneration, to perform the obligation of the debtor if he fails to fulfil it. | ||
| 217.2 | Standards of structure and information | |
| The standard structure of a surety agreement shall be as follows: | ||
| (i) All the key and pertinent information that is unique to the contracts is provided in form design including signature and approval at the front; | ||
| (ii) Any modified clauses, new clauses (including new technical word definitions), list of deleted clauses and/or other special considerations that are different from the standard form of general contract immediately after the summary of key information; | ||
| (iii) The standard clauses (including definitions) of the primary form as the last attachment with any deleted clauses crossed out using a clear "x" through the body of the clause . | ||
| This structure shall allow the easiest method of contract interpretation, validation that it complies to the primary form and conversion to an electronic record. | ||
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