The Personal Guarantee Agreement is a critical legal instrument used in New Zealand business and financial transactions when additional security is required for a loan, credit facility, or other financial obligation. This document is commonly used when a company seeks financing but the lender requires personal assurance from directors, shareholders, or related parties. The agreement, governed by New Zealand law, establishes the guarantor's obligations, limits of liability, enforcement mechanisms, and includes necessary consumer protections. It's particularly vital for small-to-medium enterprises where lenders often require personal guarantees from company directors or shareholders. The document must comply with New Zealand's Contract and Commercial Law Act 2017, Credit Contracts and Consumer Finance Act 2003, and other relevant legislation.
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1. Parties: Identifies and defines all parties: the Creditor, the Principal Debtor, and the Guarantor(s)
2. Background: Explains the context of the guarantee, including the underlying debt or obligation being guaranteed
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Guarantee and Indemnity: Core section detailing the guarantee obligations, including the scope and nature of the guarantee
5. Extent of Guarantee: Specifies the maximum liability amount and whether the guarantee is limited or unlimited
6. Nature of Guarantee: Establishes whether the guarantee is continuing, irrevocable, and/or joint and several
7. Guarantor's Obligations: Details specific obligations, payments, and actions required of the guarantor
8. Creditor's Rights: Outlines the rights of the creditor, including enforcement and recovery rights
9. Payments: Specifies payment terms, methods, and conditions
10. Representations and Warranties: States the guarantor's confirmations about their capacity and understanding
11. Default and Enforcement: Describes what constitutes default and the consequences thereof
12. Costs and Indemnity: Addresses liability for costs and indemnification obligations
13. General Provisions: Contains standard contractual provisions like notices, amendments, and governing law
14. Execution: Signature blocks and execution requirements for all parties
1. Security Provisions: Include when the guarantee is secured against specific assets
2. Multiple Guarantors: Additional provisions when there is more than one guarantor
3. Guarantee Limitations: Specific limitations on the guarantee amount or scope, if applicable
4. Independent Legal Advice: Certificate section when independent legal advice is required or recommended
5. Priority Arrangements: Include when there are multiple creditors or security interests
6. Review and Renewal: Terms for periodic review or renewal of the guarantee, if applicable
7. Release Provisions: Specific conditions under which the guarantor may be released
8. Cross-Guarantee Provisions: When the guarantee is part of a wider security arrangement
1. Schedule 1: Guaranteed Obligations: Detailed description of the underlying obligations being guaranteed
2. Schedule 2: Secured Assets: List and description of any assets securing the guarantee
3. Schedule 3: Payment Schedule: Details of payment arrangements and schedules if applicable
4. Appendix A: Independent Legal Advice Certificate: Certificate from lawyer confirming independent legal advice was given
5. Appendix B: Asset Valuation: Valuation reports for secured assets if applicable
6. Appendix C: Financial Statements: Relevant financial information of the guarantor if required
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