The Guarantor Indemnity Agreement is a crucial legal instrument in New Zealand's commercial and financial landscape, commonly used when additional security is required for loans, leases, or other financial obligations. This document type is particularly relevant when a creditor requires extra assurance beyond the principal debtor's commitment, typically in situations involving substantial loans, property transactions, or business financing. The agreement must comply with New Zealand's robust legal framework, including the Contract and Commercial Law Act 2017 and consumer protection legislation. A well-drafted Guarantor Indemnity Agreement will clearly outline the guarantor's obligations, include necessary consumer protections, and specify enforcement mechanisms, while ensuring all parties understand their rights and responsibilities under New Zealand law.
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1. Parties: Identifies all parties to the agreement including the Creditor, Principal Debtor, and Guarantor(s)
2. Background: Sets out the context of the guarantee, including reference to the principal debt or obligation being guaranteed
3. Definitions and Interpretation: Defines key terms used in the agreement and establishes interpretation rules
4. Guarantee and Indemnity: Core section establishing the guarantee and indemnity obligations
5. Extent of Guarantee and Indemnity: Details the scope and limitations of the guarantor's obligations
6. Nature of Guarantee: Specifies that the guarantee is continuing, unconditional and irrevocable
7. Guarantor's Obligations: Detailed list of specific obligations and undertakings of the guarantor
8. Creditor's Rights: Sets out the rights of the creditor, including enforcement rights
9. Payments: Specifies payment obligations, timing, and method
10. Representations and Warranties: Guarantor's confirmations about their capacity and understanding
11. Default and Enforcement: Describes events of default and enforcement mechanisms
12. Costs and Indemnities: Addresses liability for costs and specific indemnities
13. General Provisions: Standard boilerplate clauses including notices, amendments, governing law
1. Security Provisions: Include when specific assets are being provided as security for the guarantee
2. Multiple Guarantors: Additional provisions when there is more than one guarantor, including joint and several liability
3. Independent Legal Advice: Detailed acknowledgment of receiving independent legal advice, recommended for consumer guarantees
4. Limit of Liability: Include when the guarantee is to be limited to a specific amount or percentage
5. Priority Arrangements: Required when there are multiple creditors or security interests to be ranked
6. Assignment and Transfer: Detailed provisions for when rights under the guarantee may need to be assigned
7. Financial Covenants: Include when ongoing financial requirements are imposed on the guarantor
8. Release Provisions: Specific conditions under which the guarantor may be released from obligations
1. Schedule 1 - Details of Principal Obligations: Details of the underlying debt or obligations being guaranteed
2. Schedule 2 - Security Details: Description of any security assets or arrangements
3. Schedule 3 - Guarantor Information: Detailed information about the guarantor(s) including contact details and relevant financial information
4. Schedule 4 - Payment Terms: Specific payment arrangements and schedules
5. Appendix A - Form of Demand: Standard form for making a demand under the guarantee
6. Appendix B - Certificate of Independent Legal Advice: Standard form certificate to be signed by the guarantor's legal advisor
7. Appendix C - Deed of Priority: If required, sets out priority arrangements with other creditors
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