The Promissory Note With Personal Guarantee is a crucial financial instrument used in Indonesian business and lending transactions when a party requires additional security beyond a basic promise to pay. This document type combines two key elements: a promissory note (surat sanggup) that contains an unconditional promise to pay a specified sum, and a personal guarantee (borgtocht) where a third party guarantees the payment obligation. It is commonly used in situations where lenders or creditors seek additional assurance for debt repayment, particularly in business loans, trade finance, or personal lending arrangements. The document must comply with Indonesian Civil Code (KUHPerdata) requirements for both negotiable instruments and guarantee agreements, making it enforceable in Indonesian courts. It's especially valuable for transactions where the creditor wants recourse to both the primary debtor and a financially capable guarantor.
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1. Place and Date: Location and date of execution of the promissory note
2. Promise to Pay: Clear statement of the unconditional promise to pay a specific sum
3. Principal Amount: The amount of money being promised, stated in both numbers and words
4. Payment Terms: Due date, interest rate, and payment schedule details
5. Maker Details: Full legal name and address of the person making the promise to pay
6. Payee Details: Full legal name and address of the person to whom payment is promised
7. Personal Guarantee Declaration: Express statement of personal guarantee and scope of the guarantee
8. Guarantor Details: Full legal name and address of the guarantor
9. Default Provisions: Consequences of non-payment and events constituting default
10. Enforcement Rights: Rights of the payee to enforce the note and guarantee upon default
11. Governing Law: Statement that the note is governed by Indonesian law
12. Signature Blocks: Spaces for signatures of maker and guarantor with witness provisions
1. Collateral Details: Used when specific assets are pledged as additional security
2. Prepayment Terms: Include when early payment options are allowed
3. Late Payment Penalties: Used when specific penalties for late payment are to be imposed
4. Assignment Rights: Include when the note is intended to be transferable
5. Multiple Guarantors Provisions: Used when more than one guarantor is involved
6. Currency Conversion: Include for international transactions or when payment in foreign currency is permitted
1. Payment Schedule: Detailed breakdown of payment installments and due dates
2. Guarantor Financial Statement: Summary of guarantor's financial position
3. Collateral Description: Detailed description of any collateral if applicable
4. Specimen Signatures: Official signatures of all parties for verification purposes
5. Supporting Documents: List of attached documents such as ID copies, corporate authorizations if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Trade and Commerce
Construction
Agriculture
Small and Medium Enterprises
Retail
Technology
Professional Services
Relevant Teams
Legal
Finance
Treasury
Credit and Collections
Risk Management
Corporate Secretariat
Business Development
Operations
Compliance
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Legal Counsel
Corporate Secretary
Treasury Manager
Loan Officer
Risk Manager
Collections Manager
Business Development Manager
Account Manager
Financial Controller
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