A guarantor, also called an intermediary in older documents, does not – as can even be read in textbooks – contractually stand in for the actual creditor, such as the bank granting a loan. Rather, he guarantees the performance of the guarantor. The counterguarantor is obligated to perform for the guarantor if the latter is called upon by the creditor under the guarantee and could not obtain a substitute from the principal debtor. The counterguarantor is also called certificator and certificateur in older documents. He thus secures the recourse claims of another guarantor against the principal debtor. – In the case of loans to companies, it is not uncommon for the federal government or a federal state to be the counterguarantor. – See export credit guarantee.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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