The Guaranteed Payment Agreement is commonly used in commercial transactions where additional payment security is required. This document, governed by English and Welsh law, establishes a legally enforceable guarantee arrangement where a guarantor commits to fulfilling specified payment obligations if the primary obligor fails to do so. It's particularly valuable in high-value transactions, international trade, and situations where credit risk needs to be mitigated. The agreement typically includes detailed payment terms, conditions for calling on the guarantee, and enforcement mechanisms.
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Key Requirements PROMPT example:
Guaranteed Payment Agreement
"I need a Guaranteed Payment Agreement where our parent company guarantees monthly payments of £50,000 to our supplier for a 12-month period starting January 2025, with specific default triggers and enforcement mechanisms."
1. Parties: Identification of all parties including guarantor, beneficiary, and primary obligor
2. Background: Context of the guarantee and the underlying obligation being guaranteed
3. Definitions: Key terms used throughout the agreement including payment obligations, events of default, and guarantee scope
4. Guarantee and Indemnity: Core provisions of the guarantee including scope, limitations, and nature of the guarantee obligations
5. Payment Terms: Specific terms regarding timing, method, and conditions of guaranteed payments
6. Representations and Warranties: Statements of fact and assurances given by the guarantor regarding their capacity and authority
7. Enforcement: Rights and procedures for enforcing the guarantee, including notice requirements and remedies
8. Assignment and Transfer: Provisions governing the transfer of rights and obligations under the guarantee
9. Notices: Requirements for giving valid notices under the agreement
10. Governing Law and Jurisdiction: Specification of English and Welsh law as governing law and jurisdiction for disputes
1. Security Provisions: Additional security arrangements when collateral or other security is required beyond the guarantee
2. Step-In Rights: Rights of guarantor to take over underlying obligations in complex commercial arrangements
3. Currency Provisions: Provisions for handling multiple currencies when payments may be made in different currencies
4. Tax Provisions: Specific provisions dealing with tax implications and gross-up obligations where relevant
5. Financial Covenants: Ongoing financial requirements for the guarantor when required for commercial arrangements
1. Schedule 1 - Guaranteed Obligations: Detailed list and description of the obligations being guaranteed
2. Schedule 2 - Payment Schedule: Detailed payment terms, amounts and dates if applicable
3. Schedule 3 - Form of Demand: Standard form for making demands under the guarantee
4. Schedule 4 - Conditions Precedent: List of conditions that must be satisfied before the guarantee becomes effective
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