Illinois Compiled Statutes > 50 ILCS 345 – Local Governmental Acceptance of Credit Cards Act
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Terms Used In Illinois Compiled Statutes > 50 ILCS 345 - Local Governmental Acceptance of Credit Cards Act
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.