Guarantees are the assets of the borrower with whom he secures a loan from you. The credit agreement must mention the object used as collateral, which usually includes real estate, vehicles or jewellery. This is a very important element of the document. Without this information, the agreement would be useless. If you are entering into a contract, make sure you understand the names of both parties. If the person creating the document is not very close to the other person, it is important to request this information. The document may be invalid if one of the names is misspelled. CONSIDERING that the guilty party and the due party wish to enter into an agreement under which the offending party pays the due party the sum of the default of a payment plan, in accordance with the conditions set out therein.