A surety-bond shall be a contract whereby the surety undertakes, andthe creditor accepts, to discharge an existing or future debt contracted by the debtor in the event of the latter failing to do so.
This undertaking may be in the absence of any order by the debtor.
Section 1
Formation of a Surety-bond
Official translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 9
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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Section 13 of the Acte uniforme révisé portant organisation des sûretés/akn/ohada/act/loi/2010-12-15/aus-2010
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