The Guarantor Contract serves as a crucial legal instrument in Nigerian business and financial transactions, providing security for creditors while facilitating access to credit and business opportunities. This document type is commonly used in various contexts, from commercial lending to residential leases, where additional security is required beyond the principal debtor's commitment. The contract must comply with Nigerian contract law principles and relevant financial regulations, including the Banks and Other Financial Institutions Act (BOFIA) where applicable. A well-drafted Guarantor Contract clearly defines the extent of the guarantor's liability, conditions for enforcement, and rights of all parties involved, while ensuring enforceability under Nigerian law. It's particularly important in a jurisdiction like Nigeria, where formal security arrangements play a vital role in risk mitigation for financial and commercial transactions.
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1. Parties: Identification of all parties: the Guarantor, the Creditor (Beneficiary), and the Principal Debtor
2. Background: Context of the guarantee, including the underlying obligation or debt being guaranteed
3. Definitions: Definitions of key terms used throughout the agreement
4. Guarantee and Indemnity: Core guarantee provisions, including the scope and nature of the guarantee
5. Extent of Liability: Clear statement of the guarantor's maximum liability and any limitations
6. Duration: Term of the guarantee and conditions for termination
7. Payment Obligations: Details of when and how payments must be made under the guarantee
8. Representations and Warranties: Guarantor's confirmations regarding their capacity and authority to enter into the guarantee
9. Enforcement: Circumstances and process for enforcing the guarantee
10. Preservation of Rights: Creditor's rights preservation and ability to pursue other remedies
11. Notices: Process and requirements for serving notices under the agreement
12. Governing Law and Jurisdiction: Confirmation of Nigerian law as governing law and jurisdiction for disputes
1. Multiple Guarantors: Additional provisions for when there is more than one guarantor, including joint and several liability
2. Security: Where specific assets are provided as additional security for the guarantee
3. Assignment: Rights and restrictions regarding the assignment of the guarantee
4. Step-In Rights: Provisions allowing the guarantor to step into the principal debtor's position in certain circumstances
5. Costs and Expenses: Allocation of costs related to preparation and enforcement of the guarantee
6. Force Majeure: Provisions dealing with unforeseen circumstances affecting performance
7. Dispute Resolution: Alternative dispute resolution mechanisms before court proceedings
1. Schedule 1 - Guaranteed Obligations: Detailed description of the obligations being guaranteed
2. Schedule 2 - Form of Demand: Standard form for making demands under the guarantee
3. Schedule 3 - Security Details: Details of any security provided (if applicable)
4. Schedule 4 - Payment Terms: Specific payment arrangements and schedules
5. Appendix A - Supporting Documents: List of relevant supporting documents referenced in the guarantee
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