The Joint Guarantee Agreement is commonly used in Nigerian commercial and financial transactions where multiple parties agree to guarantee the obligations of a principal debtor. This document is essential when a beneficiary requires additional security from multiple guarantors, each of whom agrees to be both jointly and severally liable for the guaranteed obligations. The agreement details the scope of the guarantee, mechanisms for enforcement, rights of contribution between guarantors, and preservation of the beneficiary's rights. It is particularly crucial in corporate lending, project finance, and large commercial transactions where the size or nature of the underlying obligation necessitates multiple guarantors. The document must comply with Nigerian contract law, including requirements for writing, execution, and registration where applicable.
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1. Parties: Identifies all parties to the agreement: the multiple guarantors and the beneficiary
2. Background: Explains the context of the guarantee, including details of the underlying obligation being guaranteed
3. Definitions and Interpretation: Defines key terms and establishes interpretation rules for the agreement
4. Joint and Several Liability: Establishes that guarantors are both jointly and severally liable for the guaranteed obligations
5. Guarantee and Indemnity: Sets out the main guarantee obligations and indemnification provisions
6. Scope of Guarantee: Defines exactly what obligations are covered by the guarantee
7. Duration and Extent: Specifies the duration of the guarantee and any limits on the guarantors' liability
8. Demands and Payments: Procedures for making demands under the guarantee and payment obligations
9. Representations and Warranties: Standard representations and warranties from the guarantors
10. Preservation of Rights: Provisions ensuring the guarantee remains valid despite changes to the underlying obligation
11. Inter-Guarantor Rights and Obligations: Regulates the relationship between the guarantors, including contribution rights
12. Costs and Expenses: Allocates responsibility for costs related to the guarantee
13. Notices: Specifies how formal notices should be given between parties
14. Governing Law and Jurisdiction: Confirms Nigerian law as governing law and specifies jurisdiction for disputes
1. Security: Include when guarantors are providing additional security for their obligations
2. Corporate Guarantor Provisions: Include when one or more guarantors are corporate entities
3. Currency Provisions: Include when the guarantee involves foreign currency obligations
4. Change of Parties: Include when there's a possibility of transferring or assigning guarantee rights
5. Power of Attorney: Include when guarantors grant power of attorney to the beneficiary for specific purposes
6. Independent Legal Advice: Include when there's a need to confirm guarantors have received independent legal advice
7. Guarantee Limitations: Include when specific guarantors have negotiated caps or limitations on their liability
1. Schedule 1 - Guarantor Details: Contains full details of all guarantors including addresses and contact information
2. Schedule 2 - Guaranteed Obligations: Detailed description of the obligations being guaranteed
3. Schedule 3 - Guarantee Limitation Details: If applicable, specific details of any limitations on individual guarantors' liability
4. Schedule 4 - Security Details: If applicable, details of any security provided by the guarantors
5. Schedule 5 - Form of Demand: Standard form for making demands under the guarantee
6. Appendix A - Required Corporate Authorizations: List of required corporate authorizations for corporate guarantors
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