1. When the guarantor signs the IOU, it has legal effect and needs to bear corresponding responsibilities. If the parties agree in the suretyship contract that the surety shall bear the suretyship liability when the debtor fails to perform the debt, it is a general suretyship. If the parties agree in the guarantee contract that the guarantor and the debtor shall be jointly and severally liable for the debt, it is a joint liability guarantee.

2. Legal basis:

According to article 687 of the Civil Code of People's Republic of China (PRC)

General guarantor's right to plead first. If the parties agree in the suretyship contract that the surety shall bear the suretyship liability when the debtor fails to perform the debt, it is a general suretyship.

The guarantor of a general guarantee has the right to refuse to undertake the guarantee liability to the creditor before the main contract dispute has been tried or arbitrated and the debtor's property has been enforced according to law, except in one of the following circumstances:

(1) The debtor's whereabouts are unknown and there is no property available for execution;

(2) The people's court has accepted the bankruptcy case of the debtor;

(3) The creditor has evidence to prove that the debtor's property is insufficient to perform all debts or cannot perform debts;

(4) The Guarantor waives the rights stipulated in this clause in writing.

Article 688 stipulates that if the parties to a joint and several liability guarantee stipulate in the guarantee contract that the guarantor and the debtor shall be jointly and severally liable for the debt, it is a joint and several liability guarantee.

Article 686 stipulates that the ways of guarantee include general guarantee and joint liability guarantee.

If the parties have not agreed on the way of guarantee or the agreement is unclear in the guarantee contract, they shall bear the guarantee liability according to the general guarantee.

Second,

What is a guarantor?

Guarantor, broadly speaking, refers to a person who makes a certain guarantee for a transaction or event. For example, in the guarantee of creditor's rights and debts, the guarantor refers to a legal person, other organization or individual who has the ability to pay off or pay off bill debts on his behalf. Non-negotiable instrument debtor who provides guarantee for drawer, endorser and acceptor; Is the content of the agreement between the guarantor and the creditor. When the debtor refuses to perform or is unable to pay off the borrowed debt, the guarantor will continue to perform the debt or assume responsibility according to the agreed content. Generally, the guarantor and the guarantor bear the same responsibilities, and the personnel of state organs, institutions, social organizations, branches of enterprises as legal persons and some functional departments may not become guarantors, unless otherwise provided by law. According to the relevant laws and regulations, guarantee can be generally divided into five ways, namely, guarantee, mortgage, pledge, lien and deposit.

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