102Meaning of commercial guarantee and standard

102 Meaning of commercial guarantee and standard guarantee contract In this Act: commercial guarantee, in relation to a residential tenancy agreement, means a contract or arrangement between the lessor, the tenant and a third party— (a) that is in addition to or in place of a bond; and (b) under which the third party, for a fee, benefit or reward, gives a guarantee or indemnity to the lessor for the performance of the tenant’s obligations under the residential tenancy agreement. standard guarantee contract means a form of contract for a commercial guarantee.