The Guaranty Form is a crucial legal instrument in Philippine business and financial transactions, designed to provide additional security for creditors by having a third party (guarantor) assume responsibility for another's obligations. This document type is commonly used in various scenarios including loan agreements, lease contracts, and commercial transactions where credit risk needs to be mitigated. The form must comply with the Civil Code of the Philippines and related legislation, particularly regarding contract formation and guaranty-specific provisions. It typically includes detailed information about the guaranteed obligations, conditions for enforcement, and the extent of the guarantor's liability. The document becomes especially important in situations where the principal debtor's creditworthiness alone may not be sufficient to secure the transaction.
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1. Parties: Identifies the Guarantor, the Creditor, and references the Principal Debtor
2. Background: Describes the underlying obligation being guaranteed and the relationship between the parties
3. Definitions: Defines key terms used throughout the guaranty agreement
4. Scope of Guaranty: Clearly defines the extent and nature of the guaranteed obligations
5. Guarantor's Obligations: Details the specific obligations and commitments of the guarantor
6. Representations and Warranties: Guarantor's confirmations regarding their capacity and authority to enter into the guaranty
7. Duration of Guaranty: Specifies the term of the guaranty and conditions for its continuation
8. Demand and Payment: Procedures for making demands under the guaranty and payment terms
9. Waiver of Defenses: Standard waivers of legal defenses available to guarantors
10. Governing Law and Jurisdiction: Specifies Philippine law as governing law and sets jurisdiction for disputes
11. Execution: Formal execution block including notarization requirements
1. Multiple Guarantors: Required when there is more than one guarantor, specifying joint and several liability
2. Security Provisions: Include when the guaranty is secured by specific assets or collateral
3. Step-In Rights: Optional provisions allowing the guarantor to step into the position of the creditor in certain circumstances
4. Corporate Authority: Required when the guarantor is a corporation, including board resolutions and corporate approvals
5. Assignment and Transfer: Include if the guaranty may be assigned or transferred to other parties
6. Indemnity Provisions: Additional indemnification obligations beyond the basic guaranty
7. Financial Covenants: Include when ongoing financial requirements are imposed on the guarantor
1. Schedule of Guaranteed Obligations: Detailed list of the specific obligations being guaranteed, particularly useful for multiple or complex obligations
2. Schedule of Security: Description of any security or collateral provided to support the guaranty
3. Corporate Authorizations: Copies of relevant board resolutions and corporate approvals when the guarantor is a corporation
4. Form of Demand: Standard form for making demands under the guaranty
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