According to the Civil Code of Ukraine the guarantee is recognized to be the type of security. These legal relations are covered by clauses 553 to 559 of the Civil Code of Ukraine.

Clause 553 of the Civil Code of Ukraine provides that on the grounds of contract of guarantee the guarantor guarantees to the creditor of the debtor that the debtor will discharge his obligations in full. This means that the guarantor is responsible before the creditor if the debtor does not fulfill his obligations before the creditor. The guaranty can cover fulfillment of certain obligation in full or in part.

Clause 554 of the Civil Code of Ukraine provides that in the case if the debtor violates his obligation, which is guaranteed by the guarantee, the debtor and the guarantor are solidary responsible before the creditor. The guarantor is liable before the creditor in the same amount as the debtor, including the principal amount, interest, coverage of losses, fines, etc. if otherwise is not provided by the contract of guarantee.

Clause 556 of the Civil Code of Ukraine provides that the guarantor, who has fulfilled appropriate obligation of the creditor, gets the rights of the creditor as concerning the debtor.

The above information is provided herein in educational and informative purposes only. It is provided that you have to get appropriate legal advice as regarding the legal and other issues of your interest in Ukraine in order to have the exact, extensive and up-to-date legal and other related information.

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