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Understanding Guaranty Payment Date [Foreign Relations]: A Comprehensive Guide
Definition & Meaning
The term Guaranty Payment Date refers to a specific date within the context of housing guaranties, as defined under federal regulations. It is a business day that occurs no later than sixty calendar days after the relevant application date. On this date, compensation is due to the party who filed the application for compensation, in accordance with the terms outlined in the guaranty agreement. Additionally, any necessary assignment must be tendered as specified in the regulations.
Table of content
Legal Use & context
The Guaranty Payment Date is primarily used in the context of federal housing programs, particularly those administered by the Agency for International Development (USAID). This term is relevant in civil law, especially in cases involving housing finance and guarantees. Users might encounter this term when dealing with applications for compensation related to housing projects, and they can utilize legal templates from US Legal Forms to help manage these applications effectively.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A contractor submits an application for compensation on March 1. The Guaranty Payment Date would be no later than April 30, assuming all conditions are met.
Example 2: A nonprofit organization files for compensation on January 15. They must receive payment by March 15, ensuring all necessary documentation is provided (hypothetical example).
Relevant laws & statutes
The Guaranty Payment Date is defined under 22 CFR 204.1(n), which is part of the regulations governing housing guaranties by the Agency for International Development. This regulation outlines the terms and conditions related to housing guarantees.
Comparison with related terms
Term
Definition
Difference
Payment Date
The date by which a payment must be made.
Specific to housing guaranties and includes regulatory requirements.
Application Date
The date on which an application is submitted.
Guaranty Payment Date is calculated based on this date.
Common misunderstandings
What to do if this term applies to you
If you are involved in a housing project that requires a guaranty payment, ensure that you understand the timeline and requirements for the Guaranty Payment Date. You can explore US Legal Forms for templates that can assist you in preparing necessary documents. If you find the process complex, consider seeking assistance from a legal professional to navigate the requirements effectively.
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