The Guarantor Indemnity Agreement is a vital legal instrument in Nigerian commercial practice, commonly used when additional security is required for financial or commercial obligations. This document is typically employed when a lender or creditor requires extra assurance beyond the principal debtor's commitment, particularly in situations involving substantial financial obligations, property transactions, or commercial contracts. The agreement combines both guarantee and indemnity elements, providing comprehensive protection for the beneficiary while clearly defining the guarantor's obligations under Nigerian law. It's essential for various commercial transactions, from bank loans to property leases, and includes specific provisions for enforcement under Nigerian jurisdiction. The document needs to comply with Nigerian Contract Law, the Statute of Frauds requirements, and relevant banking regulations where applicable.
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1. Parties: Identification of all parties: the Guarantor(s), the Principal Debtor, and the Beneficiary
2. Background: Context of the guarantee and indemnity, including reference to the principal agreement or debt being guaranteed
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Guarantee: The primary guarantee obligations, including scope and extent of the guarantee
5. Indemnity: The indemnity obligations, setting out when and how the guarantor must indemnify the beneficiary
6. Duration and Extent of Liability: The term of the guarantee and indemnity and the limits of the guarantor's liability
7. Representations and Warranties: Guarantor's confirmations about their capacity and authority to enter into the agreement
8. Preservation of Rights: Provisions ensuring the beneficiary's rights are preserved in various circumstances
9. Demands and Payments: Process for making demands and requirements for payments under the guarantee
10. Interest and Costs: Provisions for interest on late payments and recovery of enforcement costs
11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
1. Multiple Guarantors: Additional provisions for joint and several liability when there are multiple guarantors
2. Security Provisions: Where specific assets are being provided as additional security for the guarantee
3. Currency Provisions: Where guaranteed obligations are in foreign currency or multiple currencies
4. Assignment and Transfer: If rights under the guarantee may need to be assigned or transferred
5. Step-In Rights: Provisions allowing the guarantor to step into the position of the principal debtor in certain circumstances
6. Personal Guarantee Provisions: Additional provisions specific to individual guarantors, including independent legal advice confirmation
7. Corporate Guarantee Provisions: Additional provisions specific to corporate guarantors, including corporate benefit statements
1. Form of Demand: Template for making formal demands under the guarantee
2. Guaranteed Obligations: Detailed description of the obligations being guaranteed
3. Security Documents: List and copies of any related security documents
4. Principal Agreement: Copy of the main agreement being guaranteed
5. Corporate Authorizations: Copies of relevant corporate authorizations where the guarantor is a company
6. Legal Advice Certificate: Certificate confirming independent legal advice has been received by individual guarantors
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