The Guaranty Form is a critical legal instrument used in Nigerian business and financial transactions where additional security is required for obligations. This document is commonly employed when a creditor requires extra assurance beyond the principal debtor's commitment, particularly in loan agreements, commercial leases, or significant business contracts. The Guaranty Form must comply with Nigerian contract law, including the Statute of Frauds requirements for written guarantees, and typically includes detailed provisions on the scope of the guarantee, enforcement mechanisms, and the rights and obligations of all parties involved. It's particularly relevant in situations where financial institutions require personal or corporate guarantees for loans, or in commercial arrangements where one party seeks additional security for the performance of contractual obligations. The document needs to be properly executed and, where required, stamped in accordance with Nigerian Stamp Duties Act to ensure enforceability.
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1. Parties: Identifies all parties: the Guarantor, the Creditor (Beneficiary), and the Principal Debtor
2. Background: Explains the context of the guarantee, including the underlying obligation being guaranteed
3. Definitions: Defines key terms used throughout the guarantee agreement
4. Guarantee and Indemnity: Core section stating the guarantee obligations and indemnity provisions
5. Scope of Guarantee: Defines exactly what obligations are covered by the guarantee
6. Duration: Specifies when the guarantee becomes effective and when it terminates
7. Guarantor's Representations and Warranties: Statements about the guarantor's capacity and authority to provide the guarantee
8. Payment Obligations: Details of how and when payments must be made under the guarantee
9. Enforcement: Procedures for enforcing the guarantee and claiming payment
10. Notices: How formal communications between parties should be made
11. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and jurisdiction for disputes
1. Security: Include when the guarantee is secured by specific assets or collateral
2. Multiple Guarantors: Include when there is more than one guarantor, defining joint and several liability
3. Corporate Authority: Include when the guarantor is a company, detailing corporate approvals
4. Assignment and Transfer: Include when rights under the guarantee may need to be transferred
5. Currency Provisions: Include for international transactions or when payments might be in foreign currency
6. Costs and Expenses: Include when specific cost allocation needs to be addressed
7. Limitation of Liability: Include when the guarantee amount needs to be capped or limited
1. Schedule 1 - Guaranteed Obligations: Detailed description of the obligations being guaranteed
2. Schedule 2 - Form of Demand: Template for making a formal demand under the guarantee
3. Schedule 3 - Guarantor Information: Detailed information about the guarantor including contact details and address for notices
4. Schedule 4 - Underlying Agreement: Copy or details of the principal agreement being guaranteed
5. Schedule 5 - Security Details: If applicable, details of any security provided in support of the guarantee
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