The Personal Guarantor Agreement Form is a critical legal instrument in Nigerian business and financial transactions, commonly used when additional security is required for loans, credit facilities, or other financial obligations. This document is essential when a creditor requires personal assurance beyond the principal debtor's commitment, typically in situations involving substantial loans, business financing, or significant financial transactions. The agreement must comply with Nigerian contract law, banking regulations, and financial sector requirements, making it particularly important for financial institutions, businesses, and individuals engaged in credit arrangements. The document includes detailed provisions about the guarantee's scope, parties' obligations, enforcement mechanisms, and applicable Nigerian legal frameworks, serving as a vital tool for risk mitigation in financial transactions.
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1. Parties: Identifies all parties to the agreement: the Creditor, Principal Debtor, and Guarantor(s)
2. Background: Explains the context of the guarantee, including the principal debt or obligation being guaranteed
3. Definitions: Defines key terms used throughout the agreement
4. Guarantee and Indemnity: Details the scope and nature of the guarantee, including the maximum liability amount
5. Duration of Guarantee: Specifies the term of the guarantee and conditions for its continuation or termination
6. Guarantor's Obligations: Lists specific obligations and responsibilities of the guarantor
7. Guarantor's Representations and Warranties: Contains statements and assurances made by the guarantor regarding their capacity and authority
8. Payments and Interest: Specifies payment terms, interest rates, and payment mechanisms
9. Enforcement and Remedies: Details the creditor's rights and remedies in case of default
10. Notices: Specifies how formal communications between parties should be made
11. Governing Law and Jurisdiction: Confirms Nigerian law as governing law and specifies jurisdiction for disputes
12. Execution: Signature blocks and execution requirements
1. Multiple Guarantors: Additional provisions for cases involving more than one guarantor, including joint and several liability
2. Security Provisions: Details of any specific assets or securities provided as additional guarantee
3. Assignment and Transfer: Provisions regarding the transfer or assignment of guarantee rights
4. Independent Legal Advice: Confirmation that the guarantor has received independent legal advice
5. Financial Covenants: Specific financial obligations or restrictions placed on the guarantor
6. Currency Provisions: Required when the guarantee involves multiple currencies or international transactions
7. Force Majeure: Provisions for unforeseen circumstances affecting the guarantee obligations
1. Schedule 1 - Principal Debt Details: Detailed description of the principal debt or obligation being guaranteed
2. Schedule 2 - Guarantor's Assets: List of relevant assets owned by the guarantor (if applicable)
3. Schedule 3 - Payment Terms: Detailed payment schedule and terms
4. Appendix A - Form of Demand: Standard form for making demands under the guarantee
5. Appendix B - Compliance Certificate: Template for periodic compliance certification by the guarantor
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