The term endorsement is often used in financial issues, for endorsement can understand two concepts: either a person or even an entire legal procedure that is used in many economic systems.
In various economic processes such as loans, income property or loan services in the future, the creditor is the need to give positive references to speak of being a fulfilled person, and at other times to ensure their solvency. Within this second category are the guarantees for guarantees, where solvency is guaranteed by a third, in other words a guarantee.
The guarantee is usually a person of trust or in some cases an institution. Once you make a record of backing, this agrees voluntarily to answer for a benefit in case of default of payment. In other words, the endorsement is a guarantee that the person concerned is a good customer and as proof it is committed to pay in case of default.
Due to the type of process that can reach lawsuits involving the contract of guarantee is a formal written document which can be declared in an office (or similar depending on the country) where you specify the guarantees are granted, the duration of endorsement and economic conditions of it.
There are two types of guarantees, on the one hand are the natural or legal persons who act on their own behalf, as people are, and ensure the operation, and on the other hand, there are bank guarantees, which operate institutions for their prestanombres customers.
Being endorsed by someone is a big responsibility and should be pondered before making a commitment of this magnitude. It should be noted that an endorsement is the legal commitment to repay all the debt of the person concerned, if necessary, and should it be the case not have the necessary resources can be reached to foreclose .