3.4 Guaranteesa. A guarantee is a written undertaking to be responsible for the debt of another party.b. There are three parties involved in a guarantee, including creditor, debtor and guarantor.c. There are different kinds of guarantee : personal guarantee, company guarantee, joint and several guarantee, etc.d. The lending banker should check the guarantor’s credit standing and financial strength, and if necessary, collateral security has to be taken to support the guarantee.e. The guarantee is worthless unless the net worth of the guarantor is considered to be adequate to cover the amount concerned.