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Personal Guarantee Promissory Note

Personal Guarantee Promissory Note Template for Saudi Arabia

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Key Requirements PROMPT example:

Personal Guarantee Promissory Note

"I need a Personal Guarantee Promissory Note for a commercial loan of SAR 2,000,000 to my manufacturing company, with my business partner acting as personal guarantor and payment due by March 15, 2025."

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Document background
The Personal Guarantee Promissory Note is commonly used in Saudi Arabian commercial and financial transactions where additional security is required for a debt or obligation. This document type is particularly relevant when a creditor requires both a formal acknowledgment of debt and a personal guarantee from a third party. It combines the features of a promissory note under the Saudi Commercial Papers Regulation with a personal guarantee (Kafala) under Sharia law. The document is typically used in business financing, commercial loans, trade transactions, and other commercial arrangements where the creditworthiness of the principal debtor needs to be supplemented by a personal guarantor. It must be carefully structured to comply with both Saudi civil law requirements and Islamic finance principles, making it a crucial instrument in Saudi Arabian commercial practice.
Suggested Sections

1. Parties: Identification of the Principal Debtor (Maker of the note), the Guarantor, and the Beneficiary (Payee)

2. Background: Context of the underlying obligation and relationship between the parties

3. Definitions: Key terms used in the document, including payment obligations, guaranteed amounts, and relevant dates

4. Promise to Pay: Unconditional promise by the Principal Debtor to pay a specified amount

5. Guarantee Declaration: Express declaration of guarantee by the Guarantor, including scope and nature of the guarantee

6. Payment Terms: Details of payment amount, currency, due date, and payment method

7. Guarantor's Obligations: Specific obligations and undertakings of the Guarantor

8. Enforcement Rights: Rights of the Beneficiary to enforce the promissory note and guarantee

9. Governing Law and Jurisdiction: Explicit reference to Saudi law and jurisdiction

10. Execution: Signature blocks and attestation requirements

Optional Sections

1. Security Provisions: Additional security or collateral provided by the Guarantor, if any

2. Multiple Guarantors Provisions: Required when there is more than one guarantor, defining joint and several liability

3. Notice Requirements: Specific requirements for serving notices between parties

4. Assignment Provisions: Terms governing the assignment or transfer of the promissory note

5. Force Majeure: Provisions for unforeseen circumstances affecting payment obligations

6. Demand Procedures: Specific procedures for making payment demands against the guarantee

Suggested Schedules

1. Payment Schedule: If payments are to be made in installments, detailed schedule of payment dates and amounts

2. Guarantor's Asset Declaration: Statement of the Guarantor's assets and financial position

3. Supporting Documents: Copies of relevant underlying agreements or obligations being guaranteed

4. Specimen Signatures: Authenticated signatures of all parties

5. Authentication Documents: Copies of identification documents and authority documents of signatories

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions
























Clauses
























Relevant Industries

Banking & Financial Services

Real Estate

Construction

Manufacturing

Trading & Commerce

Investment Services

Professional Services

Retail

Healthcare

Education

Relevant Teams

Legal

Finance

Treasury

Credit Risk

Compliance

Corporate Banking

Commercial Operations

Business Development

Corporate Secretariat

Relevant Roles

Chief Financial Officer

Finance Manager

Legal Counsel

Corporate Lawyer

Credit Manager

Risk Manager

Commercial Director

Treasury Manager

Compliance Officer

Company Secretary

Banking Relationship Manager

Corporate Banking Officer

Financial Controller

Business Development Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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