Aval or endorsement is a shared-in-common commitment of payment of an obligation in favor of the creditor or beneficiary, granted by a third party in case the first party does not fulfill the obligation to the creditor main forced one with the payment of a credit title.
Endorsement implies the will of one third immersed person in the title of unilateral way, to this person is called guarantor to him. One is an instrument by which the third (guarantor)se jeopardizes to cover the payment with the amount of the credit title and its interests, in case indebted the original one (guaranteed) does not fulfill with which it corresponds to him.
In strict straight the figure of endorsement it is only applied with respect to the credit titles, even though in the colloquial thing is understood when nobody third supports acting of a person. Normally, who it loves to receive a loan needs somebody that guarantees to him if it subscribes some I title of credit. That is to say, it needs to demonstrate to the bank or to the organization that lends the money to him that, in case that it cannot give back the loan in the decided payments, this organization will be able to require the payment and still to finish off the goods as much of the guaranteed one as of the guarantor to cover the rest with the loan that has not been given back.
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