The Guarantor Indemnity Agreement is a vital security document used in Irish commercial and financial transactions where additional protection is required for a creditor beyond the primary obligor's commitment. This document is commonly utilized in lending arrangements, property transactions, and commercial contracts where one party seeks assurance of performance or payment from a third party. The agreement must comply with Irish law requirements, particularly the Statute of Frauds 1695 which requires guarantees to be in writing, and when applicable, the Consumer Credit Act 1995 for consumer guarantors. It contains both guarantee and indemnity provisions, providing the beneficiary with two distinct forms of protection: a guarantee dependent on the underlying obligation, and a separate, independent indemnity that remains effective even if the guarantee is unenforceable.
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1. Parties: Identifies the Guarantor, the Beneficiary (creditor), and references to the Principal Debtor
2. Background: Explains the context of the principal debt or obligation and the reason for requiring the guarantee and indemnity
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation rules
4. Guarantee: Sets out the primary guarantee obligations, including the scope and extent of the guaranteed obligations
5. Indemnity: Details the indemnity obligations, which operate as a separate and independent obligation from the guarantee
6. Nature of Liability: Specifies that the guarantor's liability is continuing, unconditional and as principal debtor
7. Preservation of Rights: Ensures the guarantee and indemnity remain valid despite various circumstances that might otherwise discharge them
8. Payments: Details the payment obligations, including timing, method, and handling of taxes
9. Representations and Warranties: Contains guarantor's confirmations about their capacity and authority to enter into the agreement
10. Duration and Release: Specifies when the guarantee and indemnity obligations end and conditions for release
11. Enforcement: Sets out the beneficiary's enforcement rights and remedies
12. General Provisions: Contains standard boilerplate clauses including notices, amendments, severability, and governing law
1. Consumer Protection Statements: Required when the guarantor is a consumer, including mandatory warnings under Irish Consumer Credit Act 1995
2. Security Provisions: Include when the guarantee is supported by specific security arrangements
3. Multiple Guarantors: Additional provisions required when there is more than one guarantor, addressing joint and several liability
4. Assignment and Transfer: Include if the rights under the guarantee may need to be assigned or transferred
5. Independent Legal Advice: Acknowledgment of receipt of independent legal advice, particularly important for consumer guarantors
6. Currency Provisions: Required when guaranteed obligations are in multiple currencies or currency conversion is relevant
7. Corporate Guarantor Provisions: Special provisions required when the guarantor is a company, including confirmations of corporate benefit
1. Schedule 1 - Guaranteed Obligations: Detailed description of the obligations being guaranteed, including facility agreements or other underlying contracts
2. Schedule 2 - Form of Demand: Prescribed form for making demands under the guarantee and indemnity
3. Schedule 3 - Conditions Precedent: List of documents and conditions required before the guarantee becomes effective
4. Appendix 1 - Consumer Warnings: Standard form warnings required under Irish consumer protection legislation when applicable
5. Appendix 2 - Security Documents: List and/or copies of any related security documents where applicable
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