The Joint Guarantee Agreement is a crucial document in Philippine commercial and financial transactions where multiple parties agree to guarantee the obligations of a principal debtor. This document is particularly relevant in the Philippine business context, where family-owned businesses and corporate groups often require cross-guarantees for significant financial commitments. The agreement, governed by Philippine Civil Code provisions on guaranty and joint obligations, establishes the terms under which multiple guarantors assume responsibility for the principal debtor's obligations. It includes essential details about the guaranteed obligations, the extent of guarantors' liability, payment mechanisms, and enforcement procedures. This type of agreement is commonly used in banking transactions, real estate development, and large commercial contracts where additional security is required beyond the principal debtor's capacity.
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1. Parties: Identifies all parties to the agreement: the creditor, principal debtor, and all guarantors
2. Background: Describes the context of the guarantee, including details of the underlying obligation and relationship between parties
3. Definitions: Defines key terms used throughout the agreement
4. Joint Guarantee: Core section detailing the guarantee obligations and confirming their joint nature
5. Scope of Guarantee: Defines exactly what obligations are covered by the guarantee
6. Nature of Liability: Specifies the joint nature of the guarantors' liability and their obligations to each other
7. Payment Terms: Specifies how and when guarantors must make payments upon default
8. Duration and Validity: Specifies the term of the guarantee and conditions for its continuation or termination
9. Representations and Warranties: Standard declarations by the guarantors about their capacity and authority
10. Rights of Guarantors: Details the rights of guarantors including rights of subrogation and contribution
11. Waiver of Defenses: Specifies which defenses the guarantors waive in relation to the guarantee
12. Governing Law and Jurisdiction: Confirms Philippine law as governing law and specifies jurisdiction for disputes
13. Notices: Details how formal notices should be given between parties
14. Execution: Signature blocks and execution formalities
1. Security: Include when guarantors are providing additional security for their obligations
2. Independent Legal Advice: Include when there's a need to confirm guarantors have received independent legal advice
3. Financial Covenants: Include when guarantors must maintain certain financial conditions
4. Corporate Authority: Include when any guarantor is a corporation
5. Assignment: Include when transfer rights need to be addressed
6. Guarantee Commission: Include when guarantors are to receive compensation for providing the guarantee
7. Step-In Rights: Include when guarantors have rights to take over the underlying obligation
8. Currency Provisions: Include for cross-border transactions involving multiple currencies
1. Schedule 1 - Underlying Obligation: Detailed description of the principal obligation being guaranteed
2. Schedule 2 - Guarantor Information: Details of each guarantor including contact information and contribution proportions
3. Schedule 3 - Form of Demand: Standard form for making demands under the guarantee
4. Schedule 4 - Security Details: If applicable, details of any security provided by guarantors
5. Appendix A - Corporate Authorizations: Copies of relevant corporate authorizations for corporate guarantors
6. Appendix B - Payment Instructions: Banking and payment details for guarantee payments
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