In banking you will come across customers who are undertaking construction contracts. While these contractors receive payment from their employers certain percentage of payment will be retained and generally it will not exceed ten percentage that retained portion is called as retention money but pro...

First let's get into the meaning of guarantee -Guarantee is basically a contract to perform the promise and to discharge the liability of a third person in case of default -and this is what we have in section 126 of Indian Contract Act 1872. Guarantee is basically a contract -where you are going to ...