The Surety Indemnity Agreement is a crucial document in UAE commercial and financial transactions, commonly used when one party needs to guarantee the obligations or performance of another party. This document is essential in various contexts, including project finance, construction contracts, and commercial lending arrangements. It must comply with UAE Civil Code (Federal Law No. 5 of 1985) provisions on guarantees and indemnities, particularly Articles 1056-1093 governing suretyship. The agreement typically includes detailed provisions on the scope of guaranteed obligations, enforcement mechanisms, and remedies available under UAE law. It's particularly important in the UAE market where personal and corporate guarantees are frequently required in business transactions, and must be structured to ensure enforceability while considering local legal requirements and business practices.
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1. Parties: Identification of the Indemnitor(s), the Beneficiary, and the Principal Debtor
2. Background: Context of the underlying obligation and reason for the indemnity
3. Definitions: Key terms including 'Guaranteed Obligations', 'Indemnified Amounts', 'Security', and 'Enforcement Event'
4. Interpretation: Rules for interpreting the agreement, including UAE law-specific interpretation provisions
5. Guarantee and Indemnity: Core provisions setting out the guarantee and indemnity obligations
6. Scope of Guarantee: Detailed description of what obligations are covered by the guarantee
7. Nature of Liability: Establishing whether the liability is joint, several, or joint and several
8. Payment Provisions: Terms regarding timing and method of payments under the indemnity
9. Representations and Warranties: Statements of fact and assurances from the Indemnitor
10. Continuing Security: Provisions establishing the continuing nature of the security
11. Enforcement: Circumstances and process for enforcing the indemnity
12. Discharge and Release: Conditions for discharge of obligations and release of the indemnitor
13. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction provisions
1. Counter-Indemnity: Optional section for when there are multiple indemnitors providing cross-indemnities
2. Security Provisions: Required if specific assets are being pledged as security
3. Corporate Authority: Additional section needed for corporate indemnitors regarding authority and capacity
4. Assignment and Transfer: Optional provisions regarding the ability to transfer rights under the agreement
5. Currency Provisions: Required if the guaranteed obligations are in multiple currencies
6. Power of Attorney: Optional section granting powers to the beneficiary to perfect or enforce security
7. Sharia Compliance: Required if the agreement needs to be explicitly Sharia-compliant
1. Form of Demand: Template for making demands under the indemnity
2. Guaranteed Obligations: Detailed list or description of the obligations being guaranteed
3. Security Assets: Schedule listing any specific assets provided as security
4. Corporate Authorizations: Copies of relevant corporate approvals and authorizations
5. Notice Details: Contact information and address details for all parties
6. Form of Accession Deed: Template for additional parties to accede to the agreement if required
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