The Guaranty of Payment Form is a critical legal instrument used in Canadian business transactions where one party (the guarantor) agrees to assume responsibility for another party's (the principal debtor) payment obligations. This document is commonly used in various business contexts, including commercial loans, lease agreements, supplier contracts, and other financial arrangements where additional payment security is required. The form must comply with Canadian federal and provincial legislation, including requirements for writing, execution, and enforceability of guarantees. It typically includes detailed provisions about the scope of the guarantee, enforcement mechanisms, and the rights and obligations of all parties involved. The document is particularly important in risk management strategies for businesses extending credit or entering into significant financial arrangements.
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1. Parties: Identifies the Guarantor, Creditor, and Principal Debtor with full legal names and addresses
2. Background: Explains the context of the guarantee, including the underlying debt or obligation being guaranteed
3. Definitions: Defines key terms used throughout the document
4. Guarantee and Indemnity: Core section detailing the guarantee obligations, including the amount and scope of the guarantee
5. Nature of Guarantee: Specifies that this is a continuing guarantee and defines its characteristics (unconditional, irrevocable, etc.)
6. Payment Terms: Specifies when and how payments must be made under the guarantee
7. Guarantor's Waiver: Lists rights and defenses waived by the guarantor
8. Representations and Warranties: Guarantor's confirmations regarding their capacity and authority to provide the guarantee
9. Duration and Termination: Specifies how long the guarantee remains in effect and conditions for termination
10. Governing Law: Specifies that Canadian law governs the agreement and identifies the applicable jurisdiction
11. Execution: Signature blocks and witnessing requirements
1. Security: Include when the guarantee is secured by specific assets or collateral
2. Multiple Guarantors: Include when there are multiple guarantors to specify joint and several liability
3. Assignment: Include when the right to assign the guarantee needs to be addressed
4. Limitation of Liability: Include when the guarantee amount is capped or limited in some way
5. Corporate Authority: Include when the guarantor is a corporation, confirming corporate authority to provide the guarantee
6. Independent Legal Advice: Include when there's a need to confirm the guarantor has received independent legal advice
7. Currency Provisions: Include when payments may be made in multiple currencies
8. Notice Requirements: Include when specific notice procedures need to be detailed
1. Schedule A - Payment Obligations: Details of the underlying debt or payment obligations being guaranteed
2. Schedule B - Guaranteed Amount: Specific details of the maximum guarantee amount if applicable
3. Schedule C - Security Details: Description of any security or collateral provided (if applicable)
4. Schedule D - Additional Guarantor Information: Additional details about guarantors if required
5. Certificate of Independent Legal Advice: Standard form certificate from lawyer confirming independent legal advice was given
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Real Estate
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Retail
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Healthcare
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Relevant Teams
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Risk Management
Treasury
Credit Control
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Corporate Governance
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Accounts Receivable
Compliance
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Risk Manager
Legal Counsel
Corporate Lawyer
Contract Administrator
Treasury Manager
Financial Controller
Credit Analyst
Commercial Banking Officer
Accounts Receivable Manager
Business Development Manager
Commercial Director
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