A Personal Guarantee Agreement is a crucial legal instrument in Nigerian business and financial transactions, commonly used when a creditor requires additional security beyond the principal debtor's commitments. This document is particularly relevant in situations where a company or individual (the principal debtor) seeks financing or enters into significant commercial obligations, and the creditor requires personal assurance from a third party (typically company directors, shareholders, or related parties) to guarantee these obligations. The agreement must comply with Nigerian contract law, banking regulations, and financial legislation, and typically includes comprehensive details about the guaranteed obligations, enforcement mechanisms, and the extent of the guarantor's liability. It's essential for risk mitigation in lending transactions and is widely used by financial institutions, businesses, and in commercial arrangements throughout Nigeria.
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1. Parties: Identification of the Guarantor, the Creditor, and the Principal Debtor
2. Background: Context of the guarantee, including reference to the principal debt or obligation being guaranteed
3. Definitions: Definitions of key terms used throughout the agreement
4. Guarantee and Indemnity: Core provisions setting out the guarantee obligations and indemnity provided by the guarantor
5. Scope of Guarantee: Detailed description of what obligations are covered by the guarantee
6. Nature of Guarantee: Specification that this is a continuing guarantee and details of whether it is joint and several
7. Guarantor's Representations and Warranties: Confirmations and promises made by the guarantor regarding their capacity and authority
8. Payment Obligations: Specifics of when and how payments must be made under the guarantee
9. Preservation of Rights: Provisions maintaining the creditor's rights in various circumstances
10. Enforcement: Procedures and circumstances under which the guarantee can be enforced
11. Costs and Expenses: Allocation of costs related to the guarantee and its enforcement
12. Notices: Requirements for how formal communications between parties should be made
13. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
1. Security: Optional section for cases where additional security is provided alongside the guarantee
2. Principal Debtor's Obligations: Include when the principal debtor is a party to the guarantee agreement
3. Maximum Liability Cap: Optional section limiting the guarantor's maximum liability, used when parties agree to cap the guarantee amount
4. Guarantee Release Provisions: Detailed conditions for releasing the guarantor, included when specific release triggers are agreed
5. Corporate Guarantor Provisions: Additional provisions required when the guarantor is a company rather than an individual
6. Counter-Indemnity: Used when there is a counter-indemnity from the principal debtor to the guarantor
7. Assignment and Transfer: Include when parties want to specifically address the ability to transfer rights under the guarantee
1. Schedule 1 - Guaranteed Obligations: Detailed list or description of the obligations being guaranteed
2. Schedule 2 - Form of Demand: Template for making a formal demand under the guarantee
3. Schedule 3 - Security Documents: List of any related security documents (if applicable)
4. Appendix A - Principal Agreement: Copy or key terms of the principal agreement being guaranteed
5. Appendix B - Corporate Authorizations: Copies of relevant corporate authorizations where the guarantor is a company
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