The Personal Guaranty Agreement is commonly used in Singapore's business environment when additional security is required for financial obligations. It serves as a risk mitigation tool for creditors, particularly in situations involving loans, leases, or commercial contracts. Under Singapore law, these agreements must comply with the Civil Law Act and related legislation, ensuring proper execution and enforceability. The agreement typically details the guaranteed obligations, conditions for enforcement, and rights of all parties involved. Personal Guaranty Agreements are particularly crucial in situations where the principal debtor's creditworthiness alone is insufficient to secure the transaction.
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Key Requirements PROMPT example:
Personal Guaranty Agreement
"I need a Personal Guaranty Agreement for my company, where our CEO will personally guarantee a SGD 2 million business loan from United Bank, to be effective from March 1, 2025, with the guarantee limited to a 3-year period."
1. Parties: Identifies and defines the guarantor, creditor, and principal debtor
2. Background: Explains the context and purpose of the guarantee
3. Definitions: Defines key terms used throughout the agreement
4. Guarantee and Indemnity: Core provisions detailing the guarantee obligations
5. Nature of Guarantee: Specifies whether continuing guarantee or limited guarantee
6. Payment Terms: Details of when and how payments must be made
7. Representations and Warranties: Guarantor's statements about capacity and authority
1. Security Provisions: Used when guarantee is secured against assets - include when collateral is involved
2. Multiple Guarantors: Provisions for joint and several liability - include when there is more than one guarantor
3. Currency Provisions: Handles currency conversion and payment - include for international guarantees
4. Assignment: Rights to assign the guarantee - include when assignment rights are needed
1. Schedule of Guaranteed Obligations: Details of the underlying debt or obligations being guaranteed
2. Schedule of Security: List of any assets or collateral securing the guarantee
3. Payment Schedule: If applicable, schedule of payment terms and dates
4. Form of Demand: Standard form for making demands under the guarantee
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