The warranty liability of sponsors is the most important of the civil liabilities of sponsors .

保荐 担保责任是保荐人民事 责任的重中之重。

Making the sponsor undertake the warranty liabilities should assume the sponsor has the real right and it has substantial discretion on whether the applicant meets the conditions for issuing and listing .

保荐人承担保荐 担保 责任的正当性条件是保荐人拥有真正的保荐权，对申请人是否符合发行上市条件有实质性的决定权。

As to the limited warranty liabilities of human capital investors this author determines that they are contrary to the fair principle .

至于人力资本出资者的有限 保证 责任，则违背了公平原则。