Simple agreement where guarantor steps in to guarantee performance of any contract. Example contractor has problems; other party refuses payment or threatens to sue. Guarantor "rescues" first party by guaranteeing performance of the contract. Original contract is referenced, so remains unchanged. Applicable to any situation. Very easy way to record re-arrangement of a deal.
Simple agreement where guarantor steps into guarantee payment of a debt. One party has money problems. The other party refuses credit or refuses to continue his own contractual obligations. Guarantor "rescues" the first party by guaranteeing payment. Applicable to any situation where money is owed. Optional new terms suggested.