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Guarantor Declaration Form for Nigeria

Guarantor Declaration Form Template for Nigeria

A Guarantor Declaration Form is a legally binding document used in Nigeria that establishes a guarantee relationship between parties. It serves as a formal declaration where one party (the guarantor) agrees to take responsibility for the obligations of another party (the principal debtor) in case of default or non-performance. The document must comply with Nigerian contract law, including the Contract Law Act of 1990 and relevant state-specific requirements. It includes detailed information about the guarantor's identity, financial capacity, and the scope of the guarantee, along with necessary witnessing and notarization provisions to ensure enforceability under Nigerian law.

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What is a Guarantor Declaration Form?

The Guarantor Declaration Form is a critical legal instrument in Nigerian business and personal transactions, used to secure various types of obligations including loans, tenancies, and employment. This document is essential when an individual or entity requires additional security for a commitment, typically in situations where the principal party's credentials or resources alone are insufficient. The form must comply with Nigerian federal and state laws, including the Contract Law Act of 1990 and the Illiterates Protection Act where applicable. It contains comprehensive details about the guarantor's identity, financial capacity, and relationship to the principal debtor, while clearly outlining the scope and duration of the guarantee. The document serves as both a declaration of intent and a legally binding commitment, making it crucial for risk management in various business contexts.

What sections should be included in a Guarantor Declaration Form?

1. Declaration Header: Title of the document and date of execution

2. Guarantor Details: Full legal name, residential address, occupation, and contact information of the guarantor

3. Principal Debtor Details: Full details of the person or entity for whom the guarantee is being provided

4. Relationship Declaration: Statement of the relationship between the guarantor and the principal debtor

5. Purpose of Guarantee: Clear statement of what is being guaranteed (loan, employment, tenancy, etc.)

6. Guarantee Amount/Scope: Specific details of the financial or other obligations being guaranteed

7. Duration of Guarantee: Time period for which the guarantee remains valid

8. Guarantor's Obligations: Detailed listing of the guarantor's responsibilities and commitments

9. Declaration of Financial Capacity: Guarantor's declaration of their financial ability to meet the guarantee obligations

10. Truth Declaration: Guarantor's declaration that all information provided is true and accurate

11. Execution Block: Signature section including date, witness details, and notarization provisions

What sections are optional to include in a Guarantor Declaration Form?

1. Character Reference: Additional section where guarantor provides character reference for the principal debtor, typically used in employment guarantees

2. Asset Declaration: Detailed listing of guarantor's assets, used when required by the beneficiary for high-value guarantees

3. Co-Guarantor Details: Section for additional guarantors if multiple guarantors are required

4. Interpreter's Declaration: Required when the guarantor is not literate in English, as per the Illiterates Protection Act

5. Spouse Consent: Required when the guarantor is married and the guarantee involves matrimonial property

6. Corporate Authorization: Required when the guarantor is a corporate entity, including board resolution details

What schedules should be included in a Guarantor Declaration Form?

1. Schedule A - Identity Documents: Copies of required identification documents (National ID, passport, etc.)

2. Schedule B - Proof of Address: Copies of utility bills or other address verification documents

3. Schedule C - Financial Documents: Bank statements, tax returns, or other financial capacity evidence

4. Schedule D - Asset Documentation: Documentation of assets declared (if asset declaration section is included)

5. Appendix 1 - Terms and Conditions: Detailed terms and conditions of the guarantee

6. Appendix 2 - Required Certificates: Any additional certificates required (e.g., certificate of incorporation for corporate guarantors)

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Ƶ

Document Type

Declaration Form

Cost

Free to use
Relevant legal definitions




























Clauses





























Relevant Industries

Banking and Financial Services

Real Estate and Property Management

Employment and HR

Education

Retail

Small and Medium Enterprises

Corporate Services

Legal Services

Government and Public Sector

Non-Profit Organizations

Relevant Teams

Legal

Human Resources

Risk Management

Compliance

Credit Administration

Operations

Customer Service

Administration

Finance

Property Management

Relevant Roles

Legal Counsel

HR Manager

Credit Officer

Risk Manager

Compliance Officer

Property Manager

Loan Officer

Contract Administrator

Business Development Manager

Account Manager

Corporate Secretary

Financial Controller

Operations Manager

Administrative Officer

Company Director

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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