The Personal Guaranty Agreement is a critical legal instrument in Nigerian commercial and financial transactions, typically used when a creditor requires additional security beyond the principal debtor's covenant. This document is essential in situations where the principal debtor's creditworthiness alone is insufficient to secure financing or where regulatory requirements mandate additional security. The agreement must comply with Nigerian contract law, including the Statute of Frauds requirements for written guarantees, and typically includes detailed provisions on the scope of guaranteed obligations, enforcement mechanisms, and the guarantor's rights and obligations. It's commonly used in business loans, property leases, and commercial contracts where personal or corporate guarantees are required to support the primary obligation.
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1. Parties: Identifies and defines the Creditor, Principal Debtor, and Guarantor with their full legal names and addresses
2. Background: Explains the context of the guarantee, including reference to the underlying debt or obligation being guaranteed
3. Definitions: Defines key terms used throughout the agreement including 'Guaranteed Obligations', 'Event of Default', and other relevant terms
4. Guarantee and Indemnity: Core section detailing the guarantee obligations, including the scope and nature of the guarantee
5. Extent of Guarantor's Liability: Specifies the maximum amount guaranteed and any limitations on the guarantor's liability
6. Duration and Continuity: Establishes the time period of the guarantee and circumstances under which it remains valid
7. Representations and Warranties: Guarantor's confirmations regarding their capacity and authority to enter into the guarantee
8. Payment Provisions: Details how and when payments must be made under the guarantee
9. Default and Enforcement: Specifies what constitutes default and the creditor's rights of enforcement
10. Costs and Expenses: Allocation of costs related to the preparation and enforcement of the guarantee
11. Governing Law and Jurisdiction: Confirms Nigerian law as governing law and specifies jurisdiction for disputes
1. Security Provisions: Include when the guarantee is secured by specific assets or property
2. Multiple Guarantors: Required when there is more than one guarantor, detailing joint and several liability
3. Assignment and Transfer: Include when the creditor may need to transfer rights under the guarantee
4. Tax Gross-Up: Include when payments under the guarantee may be subject to withholding tax
5. Currency Provisions: Required when the underlying debt is in a different currency from the guarantee
6. Financial Covenants: Include when ongoing financial requirements are imposed on the guarantor
7. Independent Legal Advice: Include when the guarantor is an individual or there's significant disparity in bargaining power
1. Schedule 1 - Details of Underlying Debt: Detailed description of the principal debt or obligation being guaranteed
2. Schedule 2 - Payment Terms: Specific payment obligations, including amounts, dates, and methods of payment
3. Schedule 3 - Guarantor Information: Detailed information about the guarantor including assets and financial status
4. Schedule 4 - Forms of Notice: Standard forms for any notices required under the agreement
5. Appendix A - Deed of Accession: Form for additional guarantors to join the agreement if required
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