The Personal Guaranty Agreement is a crucial security document used in Philippine business and financial transactions when additional assurance is needed for the performance of obligations. It is commonly required by banks, financial institutions, and businesses when extending credit or entering into significant commercial arrangements. The agreement must comply with the Civil Code of the Philippines, particularly Articles 2047-2084 which govern guaranty contracts. It's essential when a creditor requires additional security beyond the principal debtor's commitment, especially in situations involving substantial loans, lease agreements, or major commercial contracts. The document details the guarantor's obligations, enforcement mechanisms, and rights of all parties, while ensuring compliance with Philippine legal requirements including proper execution and notarization.
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1. Parties: Identifies the Guarantor, the Creditor, and the Principal Debtor
2. Background: Explains the context of the guaranty, including reference to the principal 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. Guaranty: Core section detailing the guarantor's promise to pay or perform the guaranteed obligations
5. Scope of Guaranty: Defines the extent and limitations of the guaranty obligation
6. Nature of Guaranty: Specifies whether the guaranty is continuing, irrevocable, unconditional, or otherwise
7. Representations and Warranties: Guarantor's confirmations regarding their capacity, authority, and financial condition
8. Preservation of Rights: Creditor's rights in relation to other security and ability to vary underlying obligations
9. Payments: Terms regarding how and when payments must be made, including provisions for taxes and set-off
10. Costs and Expenses: Responsibility for legal and other costs related to the guaranty
11. Duration and Release: Terms regarding how long the guaranty remains in effect and conditions for release
12. Notices: Communication requirements and contact details for all parties
13. Governing Law and Jurisdiction: Confirms Philippine law applies and specifies jurisdiction for disputes
14. Execution: Signature blocks and execution formalities
1. Security: Include when the guaranty is secured by specific assets
2. Multiple Guarantors: Include when there is more than one guarantor, addressing joint and several liability
3. Assignment: Include when either party needs the right to assign their rights under the guaranty
4. Limit of Liability: Include when the guarantor's liability is to be capped at a specific amount
5. Corporate Authority: Include when the guarantor is a corporation, addressing corporate approvals
6. Subordination: Include when the guarantor's rights need to be subordinated to other creditors
7. Independent Legal Advice: Include when there's a requirement for the guarantor to obtain independent legal advice
8. Currency Provisions: Include for cross-border transactions involving multiple currencies
1. Schedule 1 - Guaranteed Obligations: Details of the underlying debt or obligations being guaranteed
2. Schedule 2 - Principal Agreement: Copy or details of the main agreement giving rise to the guaranteed obligations
3. Schedule 3 - Security Details: Description of any security provided in support of the guaranty
4. Schedule 4 - Form of Demand: Template for making formal demands under the guaranty
5. Appendix A - Corporate Authorizations: Copies of relevant corporate approvals where the guarantor is a corporation
6. Appendix B - Legal Advice Certificate: Certificate confirming independent legal advice has been received, if required
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