The Guarantee Promissory Note is a specialized financial instrument commonly used in Indian business and lending transactions where additional security is required beyond a simple promise to pay. This document is particularly useful in situations where the lender requires extra assurance through a third-party guarantee while maintaining the negotiable nature of a promissory note. The document must comply with both the Negotiable Instruments Act, 1881 for promissory note requirements and the Indian Contract Act, 1872 for guarantee provisions. It typically includes details of the principal amount, interest rate, payment terms, guarantee obligations, and enforcement mechanisms. The document is widely used in commercial lending, particularly when dealing with small and medium enterprises or in situations where traditional collateral may be insufficient.
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1. Parties: Details of the Principal Debtor (Maker), the Beneficiary (Payee), and the Guarantor
2. Promise to Pay: Unconditional promise to pay a specific sum with details of the amount, interest rate, and payment date/schedule
3. Guarantee Statement: Clear statement of guarantee by the guarantor, including the scope and extent of the guarantee
4. Place and Date of Execution: Specific mention of where and when the note is executed, which is crucial for enforcement and limitation period
5. Payment Terms: Detailed payment schedule, interest calculations, and method of payment
6. Default Provisions: Consequences of default and remedies available to the payee
7. Guarantor's Obligations: Specific obligations and liabilities of the guarantor in case of default by the principal debtor
8. Enforcement Rights: Rights of the beneficiary to enforce the note against either the principal debtor or guarantor
1. Security Details: Include when the promissory note is secured by any assets or collateral
2. Co-Guarantors: Required when multiple guarantors are involved, specifying their respective obligations
3. Prepayment Terms: Include when early payment options are to be provided
4. Notice Requirements: Include when specific notice procedures need to be followed for enforcement
5. Jurisdiction Clause: Include when parties are from different jurisdictions or specific court jurisdiction needs to be established
1. Payment Schedule: Detailed breakdown of payment installments, dates, and amounts if not a single payment
2. Interest Calculation Method: Detailed method of interest calculation if complex interest terms are involved
3. Asset Details: Description of security/collateral if the note is secured
4. Guarantor's Financial Statement: Financial details of the guarantor when required by the beneficiary for additional security
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Commercial Lending
Microfinance
Real Estate
Manufacturing
Small and Medium Enterprises
Corporate Finance
Trade Finance
Agriculture Finance
Infrastructure
Relevant Teams
Legal
Finance
Credit
Risk Management
Compliance
Operations
Treasury
Collections
Corporate Affairs
Business Development
Relevant Roles
Credit Manager
Loan Officer
Legal Counsel
Corporate Lawyer
Risk Manager
Financial Analyst
Compliance Officer
Banking Operations Manager
Credit Risk Officer
Collection Manager
Treasury Manager
Business Development Manager
Company Secretary
Chief Financial Officer
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