The Contract of Indemnity and Guarantee is essential in Indonesian business transactions where additional security is required for financial or commercial obligations. This document is commonly used in scenarios such as corporate group guarantees, project financing, loan facilities, and commercial leases. It must comply with Indonesian Civil Code (KUHPer) requirements, particularly Articles 1820-1850 governing guarantees, and relevant financial services regulations. The contract typically details the guaranteed obligations, enforcement mechanisms, and the extent of the guarantor's liability, while incorporating both guarantee and indemnity provisions to ensure comprehensive protection for the beneficiary. This structure is particularly important in the Indonesian legal context, where precise drafting is necessary to ensure enforceability and alignment with local legal requirements.
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1. Parties: Identification of all parties: the Guarantor/Indemnifier, the Principal Debtor, and the Beneficiary
2. Background: Context of the guarantee/indemnity, including reference to the primary obligation being guaranteed
3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including Indonesian law-specific terms
4. Scope of Guarantee and Indemnity: Detailed description of obligations covered, including maximum liability limits
5. Nature of Guarantee: Specification of whether the guarantee is continuing, irrevocable, and unconditional
6. Payment Obligations: Terms and conditions for payment, including timing and procedure
7. Representations and Warranties: Guarantor's confirmations regarding capacity, authority, and financial condition
8. Enforcement and Claims Procedure: Process for making claims under the guarantee/indemnity
9. Duration and Release: Term of the guarantee/indemnity and conditions for discharge
10. Notices: Communication procedures between parties
11. Governing Law and Jurisdiction: Confirmation of Indonesian law governance and dispute resolution provisions
1. Security Provisions: Required when specific assets are pledged as security for the guarantee
2. Multiple Guarantors: Include when there is more than one guarantor, defining joint and several liability
3. Corporate Authority: Required for corporate guarantors, including corporate approval requirements
4. Currency Provisions: Include when the guarantee involves cross-border transactions or multiple currencies
5. Assignment and Transfer: Include when rights under the guarantee may need to be transferred
6. Tax Provisions: Required when tax implications need specific addressing
7. Financial Covenants: Include when ongoing financial requirements are imposed on the guarantor
8. Counter-Indemnity: Include when the guarantor requires indemnification from the principal debtor
1. Schedule 1 - Guaranteed Obligations: Detailed list of the primary obligations covered by the guarantee
2. Schedule 2 - Form of Demand: Template for making claims under the guarantee
3. Schedule 3 - Security Assets: List of assets provided as security (if applicable)
4. Schedule 4 - Corporate Authorizations: Copies of relevant corporate approvals and resolutions
5. Appendix A - Primary Agreement: Copy of the main agreement being guaranteed
6. Appendix B - Financial Statements: Recent financial statements of the guarantor (if required)
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