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Guarantor Statement Form

Guarantor Statement Form Template for Canada

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Key Requirements PROMPT example:

Guarantor Statement Form

"I need a Guarantor Statement Form for a corporate guarantor to secure a $500,000 business loan from First Canadian Bank to my technology startup, with the guarantee limited to the loan amount plus interest and to expire on March 1, 2025."

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Document background
The Guarantor Statement Form is a vital legal instrument used throughout Canada when one party (the guarantor) agrees to guarantee the financial obligations of another party (the principal debtor) to a creditor. This document is commonly required in various financial transactions, including business loans, mortgages, lease agreements, and commercial credit facilities. The form must comply with both federal Canadian legislation and provincial requirements, particularly regarding formalities of execution and mandatory disclosures. It typically includes comprehensive details about the guarantee relationship, acknowledgments of independent legal advice, and specific terms of the guarantee obligation. The document serves as evidence of the guarantor's commitment and understanding of their obligations, while protecting the interests of all parties involved through clear documentation of the guarantee terms and conditions.
Suggested Sections

1. Identification of Parties: Details of the Creditor, Principal Debtor, and Guarantor including full legal names, addresses, and contact information

2. Guarantee Declaration: Clear statement of the guarantee being provided and acknowledgment of the obligation

3. Amount of Guarantee: Specific amount being guaranteed or statement if unlimited

4. Scope of Obligations: Detailed description of the debts or obligations being guaranteed

5. Duration of Guarantee: Term of the guarantee and conditions for termination

6. Guarantor's Acknowledgments: Statements confirming the guarantor understands their obligations and has received independent legal advice

7. Rights of the Creditor: Outline of the creditor's rights to enforce the guarantee

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

9. Enforcement: Process and conditions for enforcing the guarantee

10. Governing Law: Specification that the agreement is governed by Canadian law and the applicable province

11. Execution: Signature blocks and witnessing requirements

Optional Sections

1. Security: Details of any security provided for the guarantee, used when the guarantee is secured by assets

2. Multiple Guarantors: Provisions for joint and several liability, used when there is more than one guarantor

3. Limit on Liability: Specific limitations on the guarantor's liability, used when the guarantee is not unlimited

4. Continuing Guarantee: Provisions for ongoing obligations, used for revolving credit or multiple transactions

5. Corporate Authorization: Required when the guarantor is a corporation, including confirmation of corporate authority

6. Postponement of Claims: Used when the guarantor agrees to postpone claims against the principal debtor

7. Financial Covenants: Used when specific financial conditions must be maintained by the guarantor

8. Assignment: Provisions regarding the ability to assign the guarantee, used in commercial contexts

Suggested Schedules

1. Schedule A - Description of Principal Obligations: Detailed list of the primary debts or obligations being guaranteed

2. Schedule B - Security Details: Description of any assets or security provided to support the guarantee

3. Schedule C - Guarantor's Certificate of Independent Legal Advice: Confirmation from a lawyer that the guarantor received independent legal advice

4. Schedule D - Corporate Resolution: Required for corporate guarantors, containing the resolution authorizing the guarantee

5. Appendix 1 - Guarantor's Statement of Assets and Liabilities: Financial disclosure form completed by the guarantor

6. Appendix 2 - Notice of Guarantee: Form of notice to be provided to the guarantor regarding their obligations

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Financial Services

Banking

Real Estate

Commercial Lending

Retail Banking

Construction

Manufacturing

Professional Services

Small Business

Property Development

Asset Management

Equipment Leasing

Relevant Teams

Legal

Credit Risk

Compliance

Commercial Banking

Retail Banking

Mortgage Services

Document Management

Risk Management

Corporate Services

Operations

Credit Administration

Account Services

Relevant Roles

Credit Manager

Loan Officer

Risk Assessment Officer

Legal Counsel

Compliance Officer

Commercial Banking Manager

Mortgage Specialist

Credit Analyst

Corporate Secretary

Financial Services Representative

Business Development Manager

Account Manager

Underwriter

Legal Administrator

Risk Manager

Industries








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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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