A Personal Guarantee Letter is commonly used in South African business and financial transactions where additional security is required for loans, leases, or other financial obligations. This document becomes particularly important when businesses or individuals seek credit facilities but lack sufficient credit history or assets for standalone approval. Under South African law, the guarantee must comply with specific legislative requirements, particularly the National Credit Act 34 of 2005 and Section 6 of the General Law Amendment Act. The document typically includes details of all parties involved, the extent of the guarantee, enforcement conditions, and duration of the guarantee. It's essential in risk mitigation strategies for creditors while creating significant personal liability for guarantors.
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1. Letter Header: Formal letter heading including date, addressee details, and reference number
2. Guarantor Details: Full legal name, identification/registration number, and address of the guarantor
3. Primary Debtor Details: Full legal name and details of the person/entity whose obligations are being guaranteed
4. Debt/Obligation Details: Clear description of the principal debt or obligations being guaranteed
5. Guarantee Declaration: Express statement of guarantee and the extent of the guarantor's liability
6. Terms of Enforcement: Conditions under which the guarantee can be called upon and enforcement process
7. Duration and Termination: Period of validity of the guarantee and any termination provisions
8. Signature Block: Space for guarantor's signature, witness signatures, and date
1. Multiple Guarantors Clause: Required when there is more than one guarantor, specifying joint and several liability
2. Security Details: Include when specific assets are pledged as security for the guarantee
3. Payment Terms: Specific payment arrangements or schedules if applicable
4. Demand Procedures: Detailed procedures for making demands under the guarantee if complex arrangements are needed
5. Governing Law Statement: While South African law applies by default, include if specific jurisdiction or dispute resolution procedures are required
1. Schedule A - Primary Debt Details: Detailed breakdown of the principal debt or obligations being guaranteed
2. Schedule B - Security Details: Description of any assets or securities pledged (if applicable)
3. Appendix 1 - Supporting Documents: Copies of relevant underlying agreements or documents referenced in the guarantee
4. Appendix 2 - Resolution: Corporate resolution authorizing the guarantee (if guarantor is a company)
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