The Contract of Indemnity and Guarantee is a crucial legal instrument in Irish commercial practice, typically used when financial security is required for business transactions, loans, or other commercial obligations. This document is essential when one party (the Guarantor) agrees to be responsible for the obligations or debts of another party (the Principal Debtor) and also provides an indemnity against losses. The agreement must conform to Irish legal requirements, including the Statute of Frauds (Ireland) 1695 and modern commercial law principles. It's commonly used in various contexts, from securing business loans to supporting construction contracts, and can be adapted to different commercial situations while maintaining its core guarantee and indemnity functions.
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1. Parties: Identifies and defines all parties to the agreement: the Principal Debtor, the Guarantor, and the Beneficiary
2. Background: Sets out the context of the agreement, including the underlying obligation being guaranteed
3. Definitions and Interpretation: Defines key terms and establishes rules for interpreting the agreement
4. Guarantee: Details the specific obligations being guaranteed and the extent of the guarantee
5. Indemnity: Specifies the indemnity obligations and their scope
6. Nature of Guarantee and Indemnity: Establishes whether the guarantee is continuing and describes its relationship with the primary obligation
7. Guarantor's Representations and Warranties: Contains statements of fact and assurances from the Guarantor
8. Preservation of Rights: Establishes that the Beneficiary's rights remain despite various circumstances
9. Payments: Details payment obligations, including timing, method, and currency
10. Costs and Expenses: Allocates responsibility for costs related to the agreement
11. Demands and Notices: Specifies how and when demands can be made and notices given
12. Assignment and Transfer: Sets out rules for transferring rights under the agreement
13. Governing Law and Jurisdiction: Specifies Irish law as governing law and establishes jurisdiction for disputes
1. Security: Include when the Guarantor is providing specific security for their obligations
2. Corporate Guarantor Provisions: Include when the Guarantor is a company, containing specific corporate representations and warranties
3. Multiple Guarantors: Include when there is more than one Guarantor, establishing joint and several liability
4. Currency Indemnity: Include when payments might be made in multiple currencies
5. Tax Gross-Up: Include when tax implications need to be addressed explicitly
6. Financial Covenants: Include when the Guarantor must maintain certain financial metrics
7. Limitation of Liability: Include when specific caps or limitations on the guarantee are agreed
8. Data Protection: Include when personal data will be processed under the agreement
1. Form of Demand: Template for making demands under the guarantee
2. Guaranteed Obligations: Detailed description of the obligations being guaranteed
3. Security Documents: List and/or copies of related security documents
4. Corporate Authorizations: Copies of relevant corporate approvals and authorizations
5. Principal Agreement: Copy or summary of the underlying agreement being guaranteed
6. Payment Details: Bank account and payment processing information
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