The Guarantee For Rental Agreement is a crucial document in Malaysian property leasing transactions, designed to provide additional security for landlords when entering into rental agreements. This document becomes necessary when a landlord requires extra assurance beyond the tenant's direct obligations, particularly in commercial leasing or when dealing with tenants who may have limited credit history or financial standing. The guarantee, governed by Malaysian law including the Contracts Act 1950 and related statutes, creates a legally binding commitment from a third party (the guarantor) to fulfill the tenant's obligations if the tenant defaults. It is commonly used in both commercial and residential contexts, though the terms and conditions may vary depending on the nature of the underlying rental agreement and the specific requirements of the parties involved.
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1. Parties: Identifies all parties: the Guarantor, the Landlord (beneficiary of the guarantee), and reference to the Tenant (principal debtor)
2. Background: Recitals explaining the context of the rental agreement and the purpose of the guarantee
3. Definitions: Defines key terms used throughout the document, including 'Guaranteed Obligations', 'Rental Agreement', 'Property', and 'Guarantee Period'
4. Guarantee and Indemnity: Core section establishing the guarantee obligations and indemnity provisions
5. Scope of Guarantee: Detailed description of what obligations are covered by the guarantee
6. Duration: Specifies the term of the guarantee, including start date and any termination conditions
7. Guarantor's Obligations: Specific duties and responsibilities of the guarantor
8. Preservation of Rights: Landlord's rights in relation to the guarantee and how they are maintained
9. Representations and Warranties: Guarantor's confirmations about their capacity and authority to provide the guarantee
10. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and establishes jurisdiction for disputes
1. Joint and Several Liability: Required when there are multiple guarantors
2. Limit of Liability: Used when the guarantee is capped at a specific amount
3. Corporate Guarantor Provisions: Required when the guarantor is a company rather than an individual
4. Assignment and Transfer: Included when the parties want to address the transferability of the guarantee
5. Costs and Expenses: Detailed provisions about who bears the costs of preparing and enforcing the guarantee
6. Notice Provisions: Detailed communication requirements between parties
1. Schedule 1 - Principal Rental Agreement: Copy or key details of the rental agreement being guaranteed
2. Schedule 2 - Property Details: Detailed description of the rental property
3. Schedule 3 - Guaranteed Obligations: Itemized list of the specific obligations being guaranteed
4. Schedule 4 - Guarantor Information: Detailed information about the guarantor including financial status if relevant
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