Personal Guarantee agreements are commonly used in the Netherlands as security instruments in various commercial and financial transactions. These documents are particularly relevant when businesses or individuals seek credit facilities, loans, or enter into significant commercial contracts where additional security is required. A Personal Guarantee must comply with Dutch Civil Code requirements, particularly Articles 7:850-7:870 regarding suretyship (borgtocht). The document includes specific provisions detailing the guaranteed obligations, enforcement mechanisms, and where applicable, mandatory consumer protection provisions for non-professional guarantors. It's frequently used in business financing, real estate transactions, and commercial leases, providing creditors with additional security while ensuring compliance with Dutch legal requirements for guarantee agreements.
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1. Parties: Identification of the Guarantor, the Creditor, and the Principal Debtor
2. Background: Context of the guarantee, including reference to the underlying obligation or facility being guaranteed
3. Definitions: Key terms used throughout the guarantee agreement, including 'Guaranteed Obligations', 'Security Period', and 'Event of Default'
4. Guarantee and Indemnity: Core guarantee obligations, including the scope of guaranteed amounts and indemnification provisions
5. Nature of Guarantee: Specification that this is a continuing guarantee and details about its independent nature
6. Guarantor's Representations and Warranties: Confirmations regarding capacity, authority, and financial condition of the guarantor
7. Payment Mechanics: Procedures and timing for payments under the guarantee, including currency and payment methods
8. Costs and Expenses: Allocation of costs related to preparation, enforcement, and preservation of the guarantee
9. Duration and Release: Term of the guarantee and conditions for its termination or release
10. Enforcement and Remedies: Rights and remedies available to the creditor upon default
11. Notices: Communication procedures between parties
12. Governing Law and Jurisdiction: Confirmation of Dutch law application and jurisdiction for disputes
1. Tax Gross-up: Required if payments might be subject to withholding tax, ensuring the creditor receives the full amount
2. Currency Indemnity: Needed for cross-border transactions involving multiple currencies
3. Joint and Several Liability: Required when there are multiple guarantors
4. Financial Covenants: Include when the guarantor must maintain specific financial metrics
5. Information Undertakings: Required when ongoing financial reporting from the guarantor is needed
6. Power of Attorney: Optional provision granting the creditor power to execute certain documents on behalf of the guarantor
7. Consumer Protection Provisions: Required when the guarantor is a natural person not acting in a professional capacity, implementing Article 7:857 protections
1. Form of Demand: Template for making a formal demand under the guarantee
2. Underlying Obligation Details: Details of the principal debt or facility being guaranteed
3. Guarantor's Assets Statement: Required for natural person guarantors: overview of guarantor's financial position at signing
4. Calculation of Guaranteed Amount: Detailed breakdown of the guaranteed sum and any limitations
5. Specified Payment Instructions: Bank account and payment details for guarantee payments
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