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Personal Guarantor Agreement Form

Personal Guarantor Agreement Form Template for Canada

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Key Requirements PROMPT example:

Personal Guarantor Agreement Form

"I need a Personal Guarantor Agreement Form for three company directors jointly guaranteeing a $500,000 business loan in Ontario, with the guarantee limited to the loan amount plus interest and a requirement for independent legal advice."

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Document background
The Personal Guarantor Agreement Form is a crucial legal instrument in Canadian financial transactions where additional security is required for credit obligations. This document is commonly used in situations where a creditor requires extra assurance beyond the principal debtor's commitment, such as in business loans, residential leases, or commercial financing. The agreement must comply with both federal and provincial legislation, including the Statute of Frauds, Consumer Protection Acts, and relevant banking regulations. It typically includes detailed information about the guaranteed obligations, conditions for enforcement, and the extent of the guarantor's liability. The document is particularly important in commercial contexts where personal guarantees from business owners or directors are required to secure corporate obligations, and in consumer contexts where family members or associates guarantee personal loans or obligations.
Suggested Sections

1. Parties: Identifies the Guarantor, Creditor, and Principal Debtor with full legal names and addresses

2. Background: Explains the context of the guarantee, including reference to the principal debt or obligation being guaranteed

3. Definitions: Defines key terms used throughout the agreement including 'Guaranteed Obligations', 'Event of Default', and other relevant terms

4. Guarantee: Core section detailing the scope and nature of the guarantee obligation

5. Guarantor's Obligations: Specifies the exact obligations and responsibilities of the guarantor

6. Nature of Guarantee: Specifies whether the guarantee is continuing, limited, or unlimited, and whether it is primary or secondary

7. Payment Terms: Details how and when payments must be made under the guarantee

8. Enforcement: Outlines the creditor's rights and remedies in case of default

9. Representations and Warranties: Statements of fact and promises made by the guarantor regarding their capacity and authority

10. Governing Law: Specifies that Canadian law governs the agreement and identifies the applicable province

11. Execution: Signature blocks and witness requirements complying with provincial laws

Optional Sections

1. Security: Used when the guarantee is secured by specific assets or property

2. Multiple Guarantors: Added when there is more than one guarantor to specify joint and several liability

3. Limit of Liability: Included when the guarantee is limited to a specific amount

4. Postponement of Claims: Used when the guarantor agrees to subordinate any claims against the principal debtor

5. Assignment: Included when the rights under the guarantee may be assigned to other parties

6. Independent Legal Advice: Added when there's a requirement for the guarantor to obtain independent legal advice

7. Guarantee Commission: Used when the guarantor is receiving compensation for providing the guarantee

8. Release Provisions: Included when specific conditions for releasing the guarantor are agreed upon

Suggested Schedules

1. Schedule A - Principal Debt Details: Details of the underlying obligation being guaranteed, including amount, interest rate, and terms

2. Schedule B - Security Details: Description of any assets or property securing the guarantee

3. Schedule C - Payment Schedule: If applicable, schedule of payments or obligations under the guarantee

4. Appendix 1 - Certificate of Independent Legal Advice: Standard form certificate to be completed by the guarantor's independent legal counsel

5. Appendix 2 - Guarantor's Statement of Assets and Liabilities: Financial disclosure form completed by the guarantor

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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

Commercial Lending

Retail

Construction

Manufacturing

Professional Services

Small Business

Equipment Leasing

Automotive Finance

Relevant Teams

Legal

Credit

Risk Management

Compliance

Commercial Lending

Collections

Contract Administration

Business Development

Account Management

Underwriting

Relevant Roles

Credit Manager

Risk Assessment Officer

Legal Counsel

Commercial Lending Officer

Compliance Officer

Account Manager

Credit Analyst

Business Development Manager

Collections Manager

Underwriter

Financial Services Representative

Contract Administrator

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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