The Guarantor Indemnity Agreement is a crucial legal instrument in Indian commercial and financial transactions where additional security is required for credit facilities or other obligations. This document is commonly used when a creditor requires extra assurance beyond the principal debtor's covenant, typically in situations involving substantial loans, complex commercial transactions, or when the principal debtor's creditworthiness needs enhancement. The agreement combines both guarantee and indemnity obligations, providing the creditor with comprehensive protection under Indian law. It is structured to comply with the Indian Contract Act, 1872, and other relevant legislation, while incorporating market standard provisions for enforcement and risk mitigation. The document is particularly important in corporate finance, real estate transactions, and project financing, where multiple stakeholders and substantial financial commitments are involved.
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1. Parties: Identification of all parties: the creditor, principal debtor, and guarantor(s)
2. Background: Context of the primary obligation and reason for the guarantee and indemnity
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. Guarantee: Terms and scope of the guarantee obligation
5. Indemnity: Terms and scope of the indemnity obligation
6. Extent and Duration of Liability: Limits and duration of guarantor's obligations
7. Guarantor's Representations and Warranties: Confirmations and statements by the guarantor regarding their capacity and authority
8. Continuing Security: Provisions establishing the guarantee as a continuing obligation
9. Preservation of Rights: Creditor's rights preservation and non-prejudice provisions
10. Payments: Payment obligations, timing, and method
11. Costs and Expenses: Allocation of costs related to the agreement
12. Notices: Communication procedures between parties
13. General Provisions: Standard boilerplate clauses including severability, amendments, governing law
1. Security: Include when additional security is provided alongside the guarantee
2. Assignment and Transfer: Include when rights under the agreement may need to be transferred
3. Multiple Guarantors: Include when there is more than one guarantor to address joint and several liability
4. Subordination: Include when the guarantor's claims need to be subordinated to the creditor's rights
5. Power of Attorney: Include when the creditor requires power to execute certain actions on behalf of the guarantor
6. Currency Indemnity: Include for cross-border transactions involving multiple currencies
7. Set-off Rights: Include when specific set-off rights need to be established
1. Primary Obligation Details: Details of the main agreement or obligation being guaranteed
2. Guarantor Information: Detailed information about the guarantor including assets and financial status
3. Guarantee Limit: If applicable, specific limits on the guarantee amount
4. Secured Obligations: Detailed list of obligations covered by the guarantee and indemnity
5. Form of Notice: Standard forms for various notices under the agreement
6. Security Documents: List and copies of related security documents if applicable
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