The Personal Guarantee Letter is a crucial document in German business and financial transactions, commonly used when additional security is required for loans, leases, or other financial obligations. This document, governed by the German Civil Code (BGB), creates a legally binding commitment where a guarantor agrees to satisfy a creditor's claim if the principal debtor fails to do so. It must be in written form to comply with 搂 766 BGB and requires careful drafting to ensure enforceability while incorporating necessary consumer protections when applicable. The Personal Guarantee Letter is particularly important in commercial lending, real estate transactions, and business financing, where it provides additional security for creditors while helping principal debtors access necessary funding or business opportunities. The document must balance the creditor's need for security with consumer protection requirements and general principles of German contract law.
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1. Letter Header: Date, addresses, and reference numbers for both the creditor and guarantor
2. Party Information: Full legal names and addresses of the guarantor, creditor, and principal debtor
3. Primary Obligation Reference: Clear identification of the underlying debt or obligation being guaranteed, including the amount and relevant contract details
4. Guarantee Declaration: Express and unequivocal statement of guarantee in accordance with BGB 搂 766
5. Scope of Guarantee: Clear description of what is covered by the guarantee, including principal debt, interest, and costs
6. Duration and Validity: Term of the guarantee and any conditions affecting its validity
7. Governing Law Statement: Explicit statement that the guarantee is governed by German law
8. Signature Block: Space for guarantor's signature, date, and any required witness or notarization details
1. Consumer Protection Notice: Required when the guarantor is a private individual, explaining the risks and implications of the guarantee
2. Multiple Guarantors Clause: Required when there are multiple guarantors, specifying joint and several liability
3. Limitation of Liability: Optional section specifying any caps or limitations on the guarantee amount
4. Release Conditions: Optional section detailing specific conditions under which the guarantor may be released from obligations
5. Demand Procedures: Optional section specifying the process for making claims under the guarantee
6. Financial Information Rights: Optional section giving the guarantor rights to receive information about the primary debt
1. Schedule 1 - Primary Obligation Details: Detailed description of the underlying debt or obligation being guaranteed
2. Schedule 2 - Party Details: Extended information about the parties, including registration numbers and authorized representatives
3. Schedule 3 - Payment Terms: If applicable, specific payment arrangements or procedures
4. Appendix A - Required Notices: Any mandatory statutory notices or warnings, particularly for consumer guarantors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Commercial Lending
Construction
Manufacturing
Retail
Professional Services
Import/Export
Small and Medium Enterprises
Corporate Finance
Relevant Teams
Legal
Finance
Risk Management
Compliance
Commercial Banking
Credit Administration
Corporate Finance
Documentation
Underwriting
Account Management
Relevant Roles
Legal Counsel
Finance Director
Credit Risk Manager
Commercial Banking Officer
Corporate Lawyer
Compliance Officer
Contract Manager
Chief Financial Officer
Banking Relationship Manager
Risk Assessment Officer
Legal Documentation Specialist
Corporate Finance Manager
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