The Loan Surety Agreement is a critical legal instrument used in the United Arab Emirates when a third party (surety) agrees to guarantee the repayment obligations of a borrower under a loan agreement. This document is essential in UAE's lending landscape, particularly when additional security is required by lenders to mitigate credit risk. The agreement must comply with UAE Civil Code, Commercial Transactions Law, and where applicable, Shariah principles. It typically includes detailed provisions regarding the scope of the guarantee, trigger events for payment, enforcement mechanisms, and the rights of all parties involved. The Loan Surety Agreement is commonly used in both commercial and personal lending contexts, requiring careful consideration of UAE's specific legal requirements regarding guarantees, security interests, and banking regulations.
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1. Parties: Identifies and provides full details of the Lender, Borrower, and Surety/Guarantor
2. Background: Explains the context of the underlying loan agreement and the purpose of the surety arrangement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Scope of Guarantee: Details the extent of the surety's obligations and the specific debts or obligations being guaranteed
5. Nature of Liability: Specifies whether the surety's liability is joint and several, and defines the relationship with the primary debt
6. Surety's Representations and Warranties: Statements by the surety regarding their capacity, authority, and financial condition
7. Duration of Guarantee: Specifies the term of the guarantee and any conditions affecting its duration
8. Payment Obligations: Details the circumstances triggering payment obligations and payment mechanics
9. Enforcement: Procedures and rights for enforcing the guarantee, including notice requirements
10. Indemnity: Surety's obligation to indemnify the lender against losses
11. Rights of Subrogation: Surety's rights against the borrower upon payment of the guaranteed obligations
12. Governing Law and Jurisdiction: Specifies UAE law as governing law and defines jurisdiction for disputes
1. Islamic Finance Compliance: Required when the arrangement needs to comply with Shariah principles
2. Corporate Authorization: Required when the surety is a corporate entity, detailing corporate approvals
3. Security Interest: Include when additional security is provided alongside the personal guarantee
4. Currency Provisions: Required for cross-border transactions involving multiple currencies
5. Multiple Sureties: Include when there is more than one surety, defining their respective obligations
6. Assignment and Transfer: Include if the parties want to allow transfer of rights under the guarantee
7. Power of Attorney: Include when specific powers need to be granted to the lender for enforcement
1. Principal Loan Agreement: Copy or summary of the underlying loan agreement being guaranteed
2. Guaranteed Obligations: Detailed list of specific obligations covered by the guarantee
3. Surety's Assets Declaration: Statement of the surety's assets and financial position
4. Form of Demand: Template for making a demand under the guarantee
5. Corporate Authorizations: Copies of relevant corporate approvals and resolutions
6. Compliance Certificates: Templates for ongoing compliance certifications
7. Security Documents: Details of any additional security provided under the arrangement
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Construction
Commercial Trading
Manufacturing
Retail
Healthcare
Education
Hospitality
Transportation and Logistics
Industrial
Technology
Small and Medium Enterprises
Relevant Teams
Legal
Finance
Risk Management
Compliance
Treasury
Corporate Banking
Credit Administration
Commercial Operations
Business Development
Corporate Secretariat
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Risk Manager
Credit Manager
Compliance Officer
Banking Relationship Manager
Treasury Manager
Financial Controller
Company Secretary
Commercial Director
Business Development Manager
Contract Manager
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