🏚️ Authorised guarantee agreement

About this category

An authorised guarantee agreement is a contract between a company and its directors, in which the directors agree to indemnify the company for any losses it suffers as a result of their breach of duty. The agreement may also cover other types of losses, such as losses incurred as a result of the directors' negligence.

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🏚️ Authorised guarantee agreement


Authorised Guarantee Agreement For A New Lease (Standalone AGA)

This legal template refers to an "Authorised Guarantee Agreement (AGA) for a New Lease" under UK law. The document outlines the terms and conditions between a tenant, who is about to assign their lease to a new tenant, and the landlord of the property.

The purpose of this template is to establish and regulate the ongoing obligations and liabilities of the original tenant (assignor) towards the landlord, even after they have assigned their lease to a new tenant (assignee). The AGA acts as a guarantee that the assignor will remain liable for any rent arrears or breaches of the lease terms committed by the assignee during the span of the lease.

This standalone AGA can be utilized in situations where the landlord and the original tenant want to create a separate agreement for the guarantee, distinct from the original lease agreement. By executing this document, the parties can effectively protect the landlord's interests and ensure that the assignor retains liability throughout the lease term.

The template includes provisions clarifying the assignment process, rights and obligations of the assignor, consequences of default or breaches, indemnification clauses, and dispute resolution mechanisms. It should be noted that this template is tailored to comply with UK laws and regulations specifically related to lease assignments and guarantees.

Legal professionals and paralegals can utilize this template to draft an "Authorised Guarantee Agreement for a New Lease" to suit the specific circumstances of their clients, ensuring clarity, protection, and compliance for all parties involved.
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Associated business activities

Lease a property

1. A lease agreement can provide stability and predictability for both the landlord and the tenant. The terms of a lease can be customized to the specific needs of the property and the tenant, and can be renewed or terminated as desired. 2. A lease can also be used to protect the landlord's investment in the property by ensuring that the tenant will pay a set amount of rent each month and will not damage the property. 3. Finally, a lease can be a useful tool in managing a property, as it can help the landlord to keep track of the tenant's activities and ensure that the property is being well-maintained.