Business, Legal & Accounting Glossary
Third party bank or lending institution guarantees buyer obligation to a seller for a loan, purchase agreement or promissory note. When the third party avals the contractual document, it acts as a cosigner for the buyer. Banks or lending institutions will only avalize with extremely lucrative customers, to minimize their own risk.
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This glossary post was last updated: 20th November, 2021 | 0 Views.