The Personal Guaranty Form is a critical legal instrument used across Canadian business and financial transactions where additional security is required for financial obligations. This document is commonly employed when extending credit, providing loans, or entering into lease agreements where the primary obligor's creditworthiness alone is insufficient. It must comply with various Canadian legal requirements, including provincial Statutes of Frauds, consumer protection legislation, and in Quebec, the Civil Code. The form typically includes detailed terms of the guarantee, the scope of guaranteed obligations, enforcement provisions, and may require independent legal advice depending on the jurisdiction and circumstances. Personal Guaranty Forms are particularly important for small business financing, where business owners often need to personally guarantee their company's obligations.
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1. Parties: Identifies the Guarantor (individual providing the guarantee), the Creditor (party receiving the guarantee), and the Principal Debtor (party whose obligations are being guaranteed)
2. Background: Explains the context of the guarantee, including reference to the primary debt obligation and the relationship between the parties
3. Definitions: Defines key terms used throughout the guarantee agreement
4. Guarantee and Indemnity: Core section stating the guarantee commitment and indemnification obligations
5. Scope of Guarantee: Details the extent of obligations covered by the guarantee
6. Nature of Guarantee: Specifies that this is a continuing guarantee and defines whether it is limited or unlimited
7. Payment Terms: Specifies how and when payments must be made under the guarantee
8. Representations and Warranties: Guarantor's confirmations regarding their capacity and authority to provide the guarantee
9. Enforcement: Describes the circumstances and process for enforcing the guarantee
10. Termination: Conditions under which the guarantee may be terminated or released
11. Governing Law: Specifies the applicable law and jurisdiction
12. Execution: Signature blocks and witness requirements
1. Security: Include when the guarantee is secured by specific assets or property
2. Multiple Guarantors: Include when there is more than one guarantor, defining joint and several liability
3. Limitation of Liability: Include when the guarantee amount is capped or limited in some way
4. Assignment: Include when the guarantee may need to be assigned to other parties
5. Independent Legal Advice: Include when there's a requirement for the guarantor to obtain independent legal advice
6. Guarantee Recovery: Include when specifying rights of the guarantor to recover from the principal debtor
7. Priority and Subordination: Include when there are multiple guarantees or security interests that need to be ranked
8. Currency: Include when the guarantee involves obligations in multiple currencies
1. Schedule A - Guaranteed Obligations: Detailed list of the specific debts, obligations, or facilities being guaranteed
2. Schedule B - Secured Assets: Description of any assets securing the guarantee (if applicable)
3. Schedule C - Certificate of Independent Legal Advice: Standard form certificate to be completed by the guarantor's independent legal advisor
4. Schedule D - Guarantee Limit Calculation: Formula or method for calculating any limits on the guarantee amount (if applicable)
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