A Personal Guarantee Form is commonly used in England and Wales when a creditor requires additional security for a debt or obligation. This document is particularly relevant in business lending scenarios where a company director personally guarantees corporate debt, or in situations where a stronger covenant is required to support a financial obligation. The form must be carefully drafted to ensure compliance with English law requirements, including the Statute of Frauds 1677, and should clearly define the scope, duration, and conditions of the guarantee. It's essential to include provisions for enforcement and any limitations on the guarantor's liability.
Personal Guarantee Form for the United Kingdom
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Key Requirements PROMPT example:
Personal Guarantee Form
"I need a Personal Guarantee Form for my company's director to personally guarantee a £500,000 business loan from ABC Bank, with the guarantee to commence from 1 March 2025 and include standard enforcement provisions."
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1. Parties: Identifies the guarantor, creditor, and principal debtor with their full legal names and addresses
2. Background: Explains the context of the guarantee, including details of the underlying debt or obligation being guaranteed
3. Definitions: Defines key terms used throughout the guarantee including 'Guaranteed Obligations', 'Security', and 'Event of Default'
4. Guarantee and Indemnity: Core section detailing the guarantor's primary obligations and indemnity provisions
5. Scope of Guarantee: Specifies the exact extent of guaranteed obligations and any limitations
6. Duration: Specifies when the guarantee becomes effective and when it terminates
7. Enforcement: Details the circumstances and process for enforcing the guarantee
8. Representations and Warranties: Statements of fact and assurances given by the guarantor
9. Governing Law and Jurisdiction: Specifies that English and Welsh law governs the agreement and courts have jurisdiction
1. Security Provisions: Additional security arrangements when specific assets are being pledged as security
2. Joint and Several Liability: Provisions defining liability when there are multiple guarantors
3. Financial Covenants: Financial obligations and restrictions imposed on the guarantor, typically used in commercial contexts
4. Consumer Protection Provisions: Additional protections when the guarantor is acting as a consumer
1. Schedule of Guaranteed Obligations: Detailed list of the specific obligations being guaranteed
2. Form of Demand: Standard template for making formal demands under the guarantee
3. Assets Schedule: Comprehensive list of guarantor's assets when specific assets are being used as security
4. Guarantee Limitation Language: Specific wording required for particular jurisdictions or circumstances
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