Personal Guaranty Agreements are commonly used in German business and financial transactions to provide additional security for creditors when extending loans or other forms of credit. This document type is particularly relevant when a primary debtor's creditworthiness needs to be supplemented by a third party's guarantee. The agreement must comply with strict German legal requirements, including written form requirements under the BGB and, where applicable, consumer protection regulations. The Personal Guaranty Agreement typically specifies the scope of guaranteed obligations, payment terms, enforcement mechanisms, and any limitations on the guarantor's liability. It's essential in various contexts, from business loans to rental agreements, and must be carefully drafted to ensure enforceability under German law.
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1. Parties: Identification of the Guarantor, the Creditor, and reference to the Primary Debtor
2. Background: Description of the underlying obligation being guaranteed and the relationship between the parties
3. Definitions: Key terms used in the agreement including 'Guaranteed Obligations', 'Primary Debtor', 'Guarantee Period'
4. Guarantee: Core guarantee provisions including scope, nature (absolute/conditional), and maximum liability amount
5. Payment Obligations: Terms regarding timing, method, and currency of payments under the guarantee
6. Duration and Enforcement: Period of validity and conditions for enforcing the guarantee
7. Representations and Warranties: Guarantor's confirmations regarding capacity, authority, and understanding of obligations
8. Notices: Communication requirements and contact details for formal notices
9. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction for disputes
1. Independent Guarantee Declaration: Additional section for cases where the guarantee is intended to be independent from the underlying obligation (selbstständiges Garantieversprechen)
2. Consumer Protection Declarations: Required when the guarantor is a private individual, including specific acknowledgments and warnings
3. Multiple Guarantors: Additional provisions for cases with more than one guarantor, including joint and several liability terms
4. Security Interest: Optional provisions for additional security provided by the guarantor
5. Assignment and Transfer: Provisions regarding the ability to transfer or assign rights under the guarantee
1. Schedule 1 - Guaranteed Obligations: Detailed description of the underlying obligations being guaranteed
2. Schedule 2 - Form of Demand: Template for making a formal demand under the guarantee
3. Schedule 3 - Guarantor's Assets Declaration: Optional schedule for private guarantors to demonstrate their financial capacity
4. Appendix A - Primary Agreement Reference: Copy or key terms of the underlying agreement being guaranteed
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