The Personal Guarantee Letter is a crucial document in Nigerian business and financial transactions where additional security is required for debt or other obligations. It serves as a risk mitigation tool for creditors, particularly in situations where they seek personal assurance beyond corporate guarantees. Under Nigerian law, these guarantees must be in writing and clearly specify the guaranteed obligations, making them especially common in loan agreements, lease arrangements, and major business transactions. The document typically outlines the guaranteed amount, duration, conditions for enforcement, and the guarantor's obligations. Its use is particularly prevalent when dealing with new businesses, companies with limited trading history, or where additional security is required for significant financial commitments.
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1. Date and Parties: Clear identification of the guarantor, creditor, and principal debtor, including full legal names and addresses
2. Principal Debt Reference: Clear identification of the underlying debt or obligation being guaranteed, including reference numbers, dates, and amounts
3. Guarantee Statement: Express statement of guarantee and the scope of the guarantor's obligations
4. Nature and Limit of Liability: Clear statement of whether the guarantee is limited or unlimited, and the maximum amount if limited
5. Duration of Guarantee: Period of effectiveness and any termination conditions
6. Payment Terms: Conditions and timeframes for payment upon demand
7. Enforcement Provisions: Rights of the creditor to enforce the guarantee and the process for doing so
8. Governing Law Statement: Explicit statement that the guarantee is governed by Nigerian law
1. Security Provisions: Include when the guarantee is secured by specific assets or collateral
2. Joint and Several Liability: Required when there are multiple guarantors
3. Assignment Rights: Include when the creditor wants the right to assign the guarantee to third parties
4. Waiver of Defenses: Optional provisions where guarantor waives certain legal defenses
5. Principal Debtor Insolvency: Special provisions dealing with the principal debtor's potential insolvency
6. Dispute Resolution: Include specific dispute resolution mechanisms if desired beyond standard court jurisdiction
1. Details of Principal Debt: Schedule containing full details of the underlying debt or obligation being guaranteed
2. Payment Schedule: If applicable, schedule of any structured payment arrangements
3. Security Details: If the guarantee is secured, details of the security or charged assets
4. Related Agreements: List and details of any related agreements referenced in the guarantee
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