The Personal Guarantee Promissory Note is commonly used in the United Arab Emirates when a creditor requires additional security beyond standard corporate guarantees or collateral. This document is particularly valuable in situations where business loans or financial facilities are extended to companies, but personal commitment from shareholders, directors, or related individuals is required. The instrument combines the enforcement advantages of a promissory note under UAE Commercial Law with the security features of a personal guarantee under Civil Law. It typically includes details of the guaranteed amount, payment terms, enforcement mechanisms, and the scope of the guarantor's liability. The document is widely used in banking transactions, commercial financing, and business arrangements where personal assurance of payment is crucial for the transaction's security.
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1. Parties: Identification of the Guarantor (maker of the note), the Beneficiary (in whose favor the note is made), and reference to the Primary Debtor
2. Date and Place of Execution: Specific date and location where the promissory note is executed, which is crucial for enforcement
3. Unconditional Promise to Pay: Clear statement of unconditional promise to pay a specific sum, including the currency and amount in both numbers and words
4. Payment Terms: Specific date or timeline for payment, whether it's on demand or at a specified future date
5. Guarantee Declaration: Express statement of personal guarantee, confirming joint and several liability with the primary debtor
6. Scope of Guarantee: Details of the obligations being guaranteed, including principal debt, interest, and other charges
7. Enforcement Provisions: Statement allowing immediate enforcement without notice or legal proceedings as per UAE law
8. Governing Law and Jurisdiction: Explicit mention of UAE law as governing law and UAE courts' jurisdiction
1. Interest Rate Declaration: Include when the guaranteed amount includes interest, specifying the rate and calculation method
2. Security Provisions: Include when additional security is provided alongside the personal guarantee
3. Cross Default Provisions: Include when the guarantee is linked to other financial obligations or agreements
4. Notice Requirements: Include when specific notice procedures are required beyond standard legal requirements
5. Assignment Rights: Include when the right to assign the promissory note needs to be explicitly stated or restricted
1. Schedule 1 - Primary Debt Details: Details of the primary debt being guaranteed, including loan agreement references
2. Schedule 2 - Payment Schedule: If applicable, detailed schedule of installment payments including dates and amounts
3. Schedule 3 - Security Details: If applicable, details of any additional security provided
4. Appendix A - Copy of Primary Debtor's Agreement: Attached copy of the main agreement or debt instrument being guaranteed
5. Appendix B - Guarantor's Asset Declaration: If required, declaration of guarantor's assets and financial position
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Construction
Trading and Commerce
Manufacturing
Small and Medium Enterprises
Corporate Services
Retail
Hospitality
Industrial
Professional Services
Relevant Teams
Legal
Finance
Credit
Risk Management
Compliance
Corporate Banking
Treasury
Commercial
Business Development
Company Secretariat
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Legal Counsel
Corporate Banking Manager
Risk Manager
Compliance Officer
Treasury Manager
Commercial Director
Business Development Manager
Company Secretary
Credit Risk Officer
Banking Relationship Manager
Financial Controller
Legal Director
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