The Personal Guarantor Form is a critical legal instrument in Nigerian business and financial transactions, typically used when a creditor requires additional security for extending credit or loans. This document is essential in situations where the primary debtor's creditworthiness alone is insufficient to secure financing or business arrangements. The form, compliant with Nigerian contract law and financial regulations, details the guarantor's obligations, the extent of liability, enforcement provisions, and any specific conditions attached to the guarantee. It's particularly relevant in banking transactions, business loans, and commercial leases, where personal guarantees are often required as additional security. The document must adhere to Nigerian legal requirements for guarantees, including proper execution, witness requirements, and in some cases, spousal consent.
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1. Parties: Identification of all parties: the Guarantor, the Creditor, and the Principal Debtor
2. Background: Brief context of the underlying transaction or relationship requiring the guarantee
3. Definitions: Key terms used throughout the document, including 'Guaranteed Obligations', 'Security', and 'Event of Default'
4. Guarantee and Indemnity: Core section detailing the guarantee obligations, amount, and scope of the guarantee
5. Duration of Guarantee: Period for which the guarantee remains valid and conditions for termination
6. Nature of Guarantee: Specifies that this is a continuing guarantee and whether it is primary or secondary obligation
7. Guarantor's Representations: Declarations regarding the guarantor's capacity, authority, and financial status
8. Payment Obligations: Details of how and when payments must be made under the guarantee
9. Enforcement: Circumstances under which the guarantee can be enforced and the process
10. Governing Law and Jurisdiction: Confirmation of Nigerian law as governing law and jurisdiction for disputes
1. Security: Include when the guarantee is secured by specific assets or collateral
2. Joint and Several Liability: Required when there are multiple guarantors
3. Maximum Liability Cap: Optional section limiting the guarantor's maximum liability
4. Independent Legal Advice: Confirmation section recommended when dealing with individual guarantors
5. Corporate Authority: Required only when the guarantor is a corporate entity
6. Spouse Consent: Required when the guarantor is married and local customs/laws require spousal consent
1. Schedule 1 - Details of Guaranteed Obligations: Detailed description of the underlying debt or obligations being guaranteed
2. Schedule 2 - Security Details: Description of any assets or collateral securing the guarantee (if applicable)
3. Schedule 3 - Payment Terms: Specific payment terms, including amounts, dates, and methods of payment
4. Appendix A - Form of Demand: Standard template for making a demand under the guarantee
5. Appendix B - Corporate Authority Documents: Required corporate resolutions and authorizations (for corporate guarantors)
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