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1. Parties: Identifies and defines the three key parties: Creditor, Principal Debtor, and Surety
2. Background: Explains the context of the principal debt and the reason for the suretyship arrangement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Surety's Obligations: Details the specific obligations and commitments of the surety, including the scope of guaranteed obligations
5. Nature of Liability: Specifies whether the surety's liability is primary or secondary, and whether it's joint and several
6. Duration of Guarantee: Specifies the term of the suretyship and any conditions for termination
7. Creditor's Rights: Outlines the creditor's rights against the surety, including enforcement mechanisms
8. Preservation of Rights: Ensures creditor's rights against surety remain despite variations to principal debt or extensions
9. Representations and Warranties: Statements of fact and assurances given by the surety regarding their capacity and authority
10. Demand and Payment: Procedures for making demands under the suretyship and payment requirements
11. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and establishes jurisdiction for disputes
12. Notices: Specifies how formal communications between parties should be made and delivered
13. Execution: Formal signing section with necessary attestation requirements
1. Corporate Authority: Required when surety is a corporate entity, detailing board resolutions and authority to act
2. Counter-Indemnity: Optional section where surety obtains indemnity from the principal debtor
3. Security: Include when specific assets are pledged as additional security for the suretyship
4. Assignment: Include if rights under the suretyship may be assigned to third parties
5. Multiple Sureties: Required when more than one surety is involved, defining relationship between co-sureties
6. Limitation of Liability: Optional cap on surety's liability if not covering entire principal debt
7. Force Majeure: Include if parties want to address impact of extraordinary events on obligations
8. Costs and Expenses: Optional detailed provisions about who bears various costs related to the suretyship
1. Schedule 1 - Principal Obligations: Details of the underlying debt or obligations being guaranteed
2. Schedule 2 - Specific Terms of Guarantee: Any specific terms, conditions, or limitations of the suretyship
3. Schedule 3 - Form of Demand: Prescribed format for making demands under the suretyship
4. Schedule 4 - Security Details: If applicable, details of any security or collateral provided
5. Appendix A - Corporate Authorization Documents: If applicable, copies of relevant board resolutions and authorizations
6. Appendix B - Principal Debt Agreement: Copy of the underlying agreement creating the principal debt
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