The Personal Guarantee Letter is a crucial instrument in Canadian business and lending practices, commonly used when extending credit or entering into significant financial arrangements. It provides additional security to creditors by having an individual personally guarantee the obligations of a business or another person. This document is particularly relevant when dealing with small businesses, start-ups, or situations where the primary debtor's creditworthiness needs enhancement. The letter must comply with Canadian federal and provincial requirements, including writing requirements under the Statute of Frauds, and may need to address specific provincial regulations regarding consumer protection and matrimonial property rights. It typically outlines the scope of guaranteed obligations, enforcement conditions, and any limitations on liability, serving as a risk mitigation tool for lenders while creating significant personal obligations for guarantors.
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1. Guarantor Details: Full legal name, address, and contact information of the person providing the guarantee
2. Beneficiary Details: Full legal name, address, and contact information of the party receiving the guarantee
3. Principal Debtor Details: Information about the person or entity whose obligations are being guaranteed
4. Guaranteed Obligations: Clear description of the specific debts, obligations, or liabilities being guaranteed
5. Guarantee Amount: The maximum amount of the guarantee or statement that it is unlimited
6. Duration of Guarantee: The time period for which the guarantee remains valid
7. Payment Terms: Conditions and timing of payments under the guarantee
8. Enforcement Rights: Description of when and how the guarantee can be called upon
9. Governing Law Statement: Confirmation that the guarantee is governed by Canadian law and the specific province
10. Signature Block: Space for guarantor's signature, date, and witness requirements
1. Security Details: Include when the guarantee is secured by specific assets or property
2. Multiple Guarantors: Required when there is more than one guarantor, specifying joint and several liability
3. Limit on Liability: Include when the guarantee is capped or has specific exclusions
4. Independent Legal Advice: Certificate section when the guarantor has received independent legal advice
5. Spousal Consent: Required in certain provinces when the guarantee affects matrimonial property
6. Currency Specification: Include when the guarantee involves foreign currency obligations
7. Assignment Rights: Include when the guarantee can be assigned to other parties
1. Schedule A - Guaranteed Obligations: Detailed list of specific debts or obligations being guaranteed when too extensive for main letter
2. Schedule B - Security Documents: List and details of any security being provided as part of the guarantee
3. Schedule C - Independent Legal Advice Certificate: Certificate from lawyer confirming independent legal advice was provided
4. Schedule D - Asset Statement: Statement of guarantor's assets and liabilities when required by beneficiary
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Real Estate
Small Business and Entrepreneurship
Corporate Finance
Retail
Manufacturing
Construction
Professional Services
Healthcare
Technology
Hospitality
Agriculture
Relevant Teams
Legal
Credit Risk
Commercial Banking
Compliance
Corporate Finance
Small Business Banking
Operations
Treasury
Underwriting
Account Management
Business Development
Relevant Roles
Credit Manager
Loan Officer
Risk Assessment Manager
Commercial Banking Officer
Chief Financial Officer
Financial Controller
Business Development Manager
Account Manager
Legal Counsel
Compliance Officer
Underwriter
Credit Analyst
Corporate Banking Manager
Small Business Advisor
Treasury Manager
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