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Guarantor Statement Form

Guarantor Statement Form Template for Nigeria

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Key Requirements PROMPT example:

Guarantor Statement Form

"I need a Guarantor Statement Form under Nigerian law for our company's executive employment process, which will be used for senior management positions starting January 2025, with specific emphasis on financial liability coverage and character verification requirements."

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Document background
The Guarantor Statement Form is a critical legal instrument in Nigerian business and financial transactions, used when one party agrees to take responsibility for another's obligations. This document is commonly required in various scenarios including loan applications, rental agreements, employment contracts, and educational enrollment. The form must comply with Nigerian contract law, the Money Lenders Act, and relevant financial regulations. It typically includes comprehensive information about the guarantor's identity, financial capacity, employment status, and relationship with the primary obligor. The document serves as protection for creditors while ensuring guarantors fully understand their commitments. Given its legal implications, the Guarantor Statement Form requires careful preparation, proper witnessing, and sometimes notarization to be enforceable in Nigerian courts.
Suggested Sections

1. Guarantor's Personal Information: Complete identification details of the guarantor including full name, date of birth, nationality, permanent address, and contact information

2. Employment Details: Current employment status, employer details, position, length of service, and monthly income

3. Relationship Declaration: Statement describing the relationship between the guarantor and the person being guaranteed

4. Financial Status Declaration: Declaration of the guarantor's financial position, including assets, liabilities, and other existing guarantees

5. Guarantee Declaration: Explicit statement of the guarantee being provided, including the nature and extent of the financial obligation being undertaken

6. Legal Obligations: Clear statement of the legal responsibilities and potential consequences of providing the guarantee

7. Verification Statement: Declaration that all information provided is true and accurate

8. Signature and Date: Space for guarantor's signature and date of execution

Optional Sections

1. Character Reference: Additional section for providing character references, particularly relevant when the guarantee is for employment or tenancy purposes

2. Asset Schedule: Detailed listing of guarantor's assets, recommended when the guarantee involves significant financial commitment

3. Spouse Consent: Required when the guarantor is married and local customs or specific requirements necessitate spouse approval

4. Previous Guarantee History: Section detailing any existing or previous guarantee commitments, particularly relevant for high-value guarantees

5. Bank Reference: Section for bank verification and reference details, useful for financial guarantees

Suggested Schedules

1. Appendix A - Identity Documents: Checklist and copies of required identification documents (National ID, passport, etc.)

2. Appendix B - Proof of Income: Supporting documents for income verification (pay slips, tax returns, etc.)

3. Appendix C - Asset Documentation: Copies of asset ownership documents if applicable

4. Schedule 1 - Terms and Conditions: Detailed terms and conditions of the guarantee agreement

5. Schedule 2 - Witness Information: Details and declarations of witnesses as required under Nigerian law

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






























Clauses


























Relevant Industries

Banking and Financial Services

Real Estate and Property Management

Education

Healthcare

Retail

Manufacturing

Professional Services

Telecommunications

Public Sector

Non-profit Organizations

Relevant Teams

Legal

Risk Management

Human Resources

Credit Administration

Compliance

Operations

Administrative Services

Property Management

Financial Services

Corporate Secretariat

Relevant Roles

Legal Counsel

Risk Manager

Credit Officer

Human Resources Manager

Property Manager

Loan Officer

Compliance Officer

Financial Analyst

Corporate Secretary

Operations Manager

Administrative Officer

Branch Manager

Recruitment Manager

Tenant Relations Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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