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Changes to the law on guarantees
  • Oman
  • 04 February 2011

The use of guarantees to support debt obligations is reasonably widespread in Oman. A recent amendment to the Law of Commerce, which sets out the legal framework regulating guarantees, allows a guarantor of a personal loan to request the inclusion of a condition in the guarantee to the effect that the bank cannot claim payment under the guarantee until it obtains a judgment against the principal debtor.

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