The Guarantor Agreement is a crucial legal instrument in South African commercial and financial transactions, providing security for creditors and facilitating business operations. This document is typically used when a creditor requires additional security beyond the principal debtor's commitment, such as in loan agreements, lease contracts, or major commercial transactions. The agreement must comply with South African legal requirements, including written execution under the General Law Amendment Act, consumer protection provisions, and where applicable, corporate law requirements. A properly structured Guarantor Agreement includes clear definitions of the guaranteed obligations, the extent of the guarantor's liability, enforcement mechanisms, and any limitations or conditions on the guarantee. It's particularly important in the South African context where business practices often rely on personal or corporate guarantees to secure obligations.
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1. Parties: Identification of the Guarantor, Creditor, and Principal Debtor
2. Background: Context of the guarantee, including reference to the underlying agreement or debt being guaranteed
3. Definitions and Interpretation: Key terms used in the agreement and rules for interpretation
4. Guarantee: Core guarantee provisions, including the scope and extent of the guarantor's liability
5. Duration of Guarantee: Term of the guarantee and conditions for termination
6. Nature of Guarantee: Specification that the guarantee is continuing, irrevocable, and unconditional
7. Guarantor's Obligations: Detailed obligations of the guarantor, including payment and performance requirements
8. Creditor's Rights: Rights of the creditor in relation to enforcement and recovery
9. Representations and Warranties: Guarantor's confirmations regarding capacity, authority, and financial status
10. Indemnity: Guarantor's indemnification obligations
11. Costs and Expenses: Responsibility for legal and enforcement costs
12. Notices: Communication requirements and contact details
13. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and severability
14. Execution: Signature blocks and attestation requirements
1. Security: Include when the guarantee is secured by specific assets or collateral
2. Multiple Guarantors: Additional provisions required when there is more than one guarantor
3. Corporate Guarantor Provisions: Specific provisions required when the guarantor is a company
4. Limit of Liability: Include when the guarantee is limited to a specific amount
5. Assignment: Include when rights under the guarantee may be transferred
6. Counter-Indemnity: Include when the principal debtor provides indemnity to the guarantor
7. Release Conditions: Include when specific conditions for release of the guarantor are agreed
1. Schedule 1 - Underlying Agreement: Copy or details of the principal agreement being guaranteed
2. Schedule 2 - Guarantee Limit: Details of any monetary or other limitations on the guarantee
3. Schedule 3 - Security Details: Description of any security provided in support of the guarantee
4. Schedule 4 - Corporate Authority: Corporate resolutions or other proof of authority when guarantor is a company
5. Appendix A - Notice Details: Detailed contact information for all parties
6. Appendix B - Form of Demand: Template for making demands under the guarantee
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