Isn't this non-transferrable guaranteed business a banned practice in UK these days? I thought yes.
A completely different kettle of fish, but exactly the same principle - a passenger aircraft which is leased, not owned by the airline involved, which has work paid for by the owner (the Lessor, not the airline involved), gets a guarantee from the work provider. That is largely useless to the owner and needs to be transferred to the benefit of the airline using the aeroplane. For years it was always a big hassle during contract negotiations to get that benefit transferred, but a few years back UK law changed, and UK work providers were no longer allowed to make that stipulation.
As said, a different kettle of fish completely, and of course, much more money involved (sometimes millions) but also exactly the same principle.
I wonder what UK law for such "consumer" products is now? Worth checking?
AES