Surety And Guarantee Contracts Under Turkish Law

Guarantee contracts and surety contracts are a type of security contracts. The main purpose of security contracts is that the debtor assumes the risk of loss of the other party to the contract.¹ Security is the liability of a third party in order to secure the debt of the principal debtor. Surety and independent guarantee contracts give the creditor the right to apply to the guarantor in cases where the principal debtor fails to fulfil its obligation, fails to fulfil it properly or fails to fulfil it on time.² There are two types of guarantee contracts: “pure guarantee contract” and "surety-like guarantee contract". Since surety and suretyship-like guarantee contracts are similar in terms of the security provided, the field of application and economic function, it is quite difficult to distinguish these two contracts from each other. In this legal article, the surety-like guarantee contract will be referred to as "guarantee contract" and the theoretical differences