The Personal Guarantee Settlement Agreement is utilized when parties wish to resolve or terminate existing personal guarantee obligations under terms different from the original agreement. This document is particularly relevant in situations where the guarantor seeks to negotiate a reduced settlement amount or modified payment terms. Common in the United States banking and commercial sectors, it must adhere to both federal and state-specific regulations regarding debt collection, contract law, and banking practices. The agreement typically includes settlement terms, release provisions, payment schedules, and necessary representations and warranties from all parties involved.
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1. Parties: Identification of guarantor, creditor, and primary debtor
2. Background: Details of original guarantee and circumstances leading to settlement
3. Definitions: Key terms used throughout the agreement
4. Settlement Terms: Specific terms of the settlement including payment amounts and timing
5. Release Provisions: Terms of release from the original guarantee
6. Representations and Warranties: Statements of fact by both parties regarding their capacity and authority to enter into the agreement
7. Governing Law: Specification of jurisdiction and applicable law
8. Execution: Signature blocks and execution requirements
1. Conditions Precedent: Conditions that must be met before settlement becomes effective - used when settlement is contingent on specific events or actions
2. Tax Provisions: Treatment of tax implications of settlement - included when settlement involves significant debt forgiveness
3. Confidentiality: Terms regarding confidentiality of settlement - used when parties wish to keep terms private
4. Dispute Resolution: Procedures for resolving disputes - included when parties want to specify arbitration or mediation procedures
1. Schedule A - Original Guarantee Agreement: Copy of the original personal guarantee being settled
2. Schedule B - Payment Schedule: Detailed schedule of settlement payments if applicable
3. Schedule C - Release Documentation: Forms and notices confirming release from guarantee
4. Schedule D - Debt Statement: Current statement of the guaranteed debt and any accrued interest
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