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Se entiende por aval una forma de garantÃa mercantil y exclusivamente cambiaria, considerada a su vez, como un compromiso unilateral de pago y también como una función de obligación solidaria.
En otras palabras, el aval se originó como un tipo de contrato creado en Londres, con el objetivo principal de otorgar una forma de garantÃa a las letras de cambio. En general se emite a favor de un tercero, que es el beneficiario, y que será quien recibirá el correspondiente pago en el caso de que el avalado no cumpla. El garante que queda asà obligado por el aval, pasa a llamarse avalista, y el deudor del beneficiario se conoce como avalado.
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