The Suretyship Agreement serves as a critical risk mitigation tool in Indonesian commercial transactions, providing creditors with additional security through third-party guarantees. This document is essential when a creditor requires extra assurance for a debtor's obligations, commonly used in lending arrangements, commercial contracts, and corporate transactions. The agreement must comply with Indonesian Civil Code requirements, particularly Book III Chapter XVII, and may also need to address OJK regulations when financial institutions are involved. The document typically includes detailed provisions on the scope of the guarantee, enforcement mechanisms, and the guarantor's rights, including the right of recourse. It's particularly important to note that under Indonesian law, a suretyship must be expressly stated and cannot be presumed, making precise drafting crucial.
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1. Parties: Identifies the three key parties: (1) the Creditor, (2) the Principal Debtor, and (3) the Guarantor/Surety
2. Background: Describes the underlying obligation being guaranteed and the context of the suretyship arrangement
3. Definitions and Interpretation: Defines key terms and establishes interpretation rules for the agreement
4. Guarantee: Core section detailing the scope and nature of the guarantee, including the guaranteed obligations
5. Guarantor's Representations and Warranties: Statements of fact and assurances from the guarantor regarding their capacity and authority
6. Nature of Guarantee: Specifies whether the guarantee is conditional or unconditional, revocable or irrevocable
7. Payment Obligations: Details of when and how the guarantor must perform their payment obligations
8. Continuing Security: Establishes the ongoing nature of the guarantee until all secured obligations are fulfilled
9. Preservation of Rights: Provisions maintaining the creditor's rights in various circumstances
10. Discharge and Release: Conditions under which the guarantor may be discharged from obligations
11. Notices: Communication procedures between parties
12. Governing Law and Jurisdiction: Confirms Indonesian law governance and jurisdiction for disputes
1. Security: Include when additional security is provided by the guarantor to support the guarantee
2. Corporate Requirements: Include when the guarantor is a corporation, detailing corporate approvals and requirements
3. Currency Provisions: Include for cross-border transactions involving multiple currencies
4. Tax Provisions: Include when tax implications need to be addressed explicitly
5. Right of Subrogation: Include detailed provisions when the guarantor's right of subrogation needs specific regulation
6. Multiple Guarantors: Include when there is more than one guarantor to define joint and several liability
1. Schedule 1 - Guaranteed Obligations: Detailed description of the underlying obligations being guaranteed
2. Schedule 2 - Form of Demand: Standard form for making demands under the guarantee
3. Schedule 3 - Conditions Precedent: List of documents and conditions required before the guarantee becomes effective
4. Appendix A - Corporate Authorizations: Copies of relevant corporate approvals and authorizations
5. Appendix B - Principal Agreement: Copy of the underlying agreement giving rise to the guaranteed obligations
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Property Development
Construction
Manufacturing
Trade and Commerce
Infrastructure Development
Energy
Mining
Telecommunications
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Secretariat
Credit Control
Commercial
Business Development
Corporate Finance
Relevant Roles
Chief Financial Officer
Finance Director
Legal Director
Corporate Secretary
Risk Manager
Credit Manager
Treasury Manager
Legal Counsel
Compliance Officer
Commercial Director
Contract Manager
Business Development Manager
Corporate Finance Manager
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