The Guarantor Agreement For Residential Lettings is a crucial document in the Saudi Arabian residential rental market, designed to provide security for landlords while facilitating rental arrangements for tenants who may require additional financial backing. This agreement becomes necessary when a property owner requires additional security beyond the tenant's own covenant, typically in situations involving student rentals, first-time renters, or tenants with limited credit history in Saudi Arabia. The document must comply with both civil law requirements and Sharia principles, and needs to be registered within the Ejar system. It outlines the guarantor's obligations, the extent of their liability, the duration of the guarantee, and the circumstances under which the guarantee can be enforced. The agreement is structured to protect all parties' interests while ensuring compliance with Saudi Arabian property laws and regulations.
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1. Parties: Identification of the Guarantor, Landlord/Lessor, and Tenant, including full legal names and contact details
2. Background: Context of the guarantee arrangement, reference to the main tenancy agreement, and purpose of the guarantee
3. Definitions: Key terms used throughout the agreement, including 'Guaranteed Obligations', 'Property', 'Rental Period', and 'Tenancy Agreement'
4. Guarantee and Indemnity: Core terms of the guarantee, including scope of guaranteed obligations and nature of the guarantee
5. Duration of Guarantee: Term of the guarantee, including start date and conditions for termination
6. Guarantor's Obligations: Detailed list of specific obligations and responsibilities of the guarantor
7. Payment Terms: Specifics about payment obligations, including timing and method of payment
8. Enforcement: Procedures for enforcing the guarantee and circumstances under which it can be called upon
9. Notices: Requirements for formal communications between parties
10. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction for disputes
11. Execution: Signature blocks and execution requirements for all parties
1. Islamic Finance Compliance: Additional provisions ensuring compliance with Sharia principles, required when parties specifically request Sharia-compliant documentation
2. Multiple Guarantors: Additional provisions for cases where more than one guarantor is involved, specifying joint and several liability
3. Corporate Guarantor: Special provisions required when the guarantor is a company rather than an individual
4. Guarantee Limitations: Specific limitations on the guarantee amount or scope, used when parties agree to cap the guarantee
5. Currency Provisions: Required when rent payments are in a currency other than Saudi Riyal
6. Electronic Execution: Provisions for electronic signature and Ejar system compliance, when parties agree to execute electronically
1. Schedule 1 - Property Details: Detailed description of the rental property covered by the guarantee
2. Schedule 2 - Tenancy Agreement: Copy or key terms of the underlying tenancy agreement
3. Schedule 3 - Guaranteed Obligations: Itemized list of all obligations covered by the guarantee
4. Appendix A - Guarantor Financial Information: Required financial information and documentation from the guarantor
5. Appendix B - Payment Schedule: Detailed schedule of rent payments and other financial obligations
6. Appendix C - Execution Requirements: Specific documentation requirements for proper execution under Saudi law
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