The Guarantor Contract is a crucial legal instrument in New Zealand's commercial and financial landscape, designed to provide security for creditors while ensuring appropriate protections for guarantors. This document is typically used when a creditor requires additional security beyond the principal debtor's covenant, such as in business loans, property leases, or commercial contracts. The contract must comply with New Zealand legislation, particularly the Credit Contracts and Consumer Finance Act 2003 and the Contract and Commercial Law Act 2017, which set out specific requirements for guarantee arrangements. It includes comprehensive details about the guaranteed obligations, limits of liability, enforcement mechanisms, and mandatory disclosure requirements. The document is structured to protect all parties' interests while ensuring transparency and fairness in the guarantee arrangement.
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1. Parties: Identifies the guarantor(s), the creditor, and the principal debtor
2. Background: Sets out the context of the guarantee, including reference to the principal debt and the reason for the guarantee
3. Definitions: Defines key terms used throughout the agreement
4. Guarantee and Indemnity: Core section detailing the guarantee obligations and indemnity provisions
5. Extent of Guarantee: Specifies the scope and limitations of the guarantee, including maximum liability if applicable
6. Guarantor's Obligations: Details specific obligations of the guarantor, including payment obligations and ongoing commitments
7. Creditor's Rights: Outlines the rights of the creditor, including enforcement rights
8. Duration and Discharge: Specifies when and how the guarantee can be terminated or discharged
9. Representations and Warranties: Guarantor's confirmations about their capacity and understanding of the obligations
10. Costs and Indemnities: Addresses payment of costs and additional indemnities
11. Notices: Specifies how formal communications between parties should be made
12. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and assignment
13. Execution: Formal signing section including any witness requirements
1. Security Provisions: Include when the guarantee is supported by specific security arrangements
2. Multiple Guarantors: Additional provisions required when there is more than one guarantor, including joint and several liability
3. Independent Legal Advice: Confirmation section when independent legal advice is required or has been obtained
4. Guarantee Limitations: Include when there are specific limitations on the guarantee amount or scope
5. Priority Arrangements: Include when there are multiple guarantees or security interests requiring priority arrangements
6. Review and Variation: Include when periodic review or variation of the guarantee terms is contemplated
1. Details of Principal Debt: Schedule detailing the underlying debt or facility being guaranteed
2. Security Details: Description of any security provided in support of the guarantee
3. Guarantor Disclosure Statement: Mandatory disclosure information required under NZ law
4. Independent Legal Advice Certificate: Certificate from lawyer confirming independent legal advice given to guarantor
5. Financial Information: Relevant financial information about the principal debtor and/or guarantor
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