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Surety Indemnity Agreement

Surety Indemnity Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Surety Indemnity Agreement

"Need a Surety Indemnity Agreement under UAE law for our construction company to guarantee a subcontractor's performance on the Dubai Marina development project, with the guarantee period running until March 2025 and a maximum liability cap of AED 5 million."

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Document background
The Surety Indemnity Agreement is a crucial document in UAE commercial and financial transactions, commonly used when one party needs to guarantee the obligations or performance of another party. This document is essential in various contexts, including project finance, construction contracts, and commercial lending arrangements. It must comply with UAE Civil Code (Federal Law No. 5 of 1985) provisions on guarantees and indemnities, particularly Articles 1056-1093 governing suretyship. The agreement typically includes detailed provisions on the scope of guaranteed obligations, enforcement mechanisms, and remedies available under UAE law. It's particularly important in the UAE market where personal and corporate guarantees are frequently required in business transactions, and must be structured to ensure enforceability while considering local legal requirements and business practices.
Suggested Sections

1. Parties: Identification of the Indemnitor(s), the Beneficiary, and the Principal Debtor

2. Background: Context of the underlying obligation and reason for the indemnity

3. Definitions: Key terms including 'Guaranteed Obligations', 'Indemnified Amounts', 'Security', and 'Enforcement Event'

4. Interpretation: Rules for interpreting the agreement, including UAE law-specific interpretation provisions

5. Guarantee and Indemnity: Core provisions setting out the guarantee and indemnity obligations

6. Scope of Guarantee: Detailed description of what obligations are covered by the guarantee

7. Nature of Liability: Establishing whether the liability is joint, several, or joint and several

8. Payment Provisions: Terms regarding timing and method of payments under the indemnity

9. Representations and Warranties: Statements of fact and assurances from the Indemnitor

10. Continuing Security: Provisions establishing the continuing nature of the security

11. Enforcement: Circumstances and process for enforcing the indemnity

12. Discharge and Release: Conditions for discharge of obligations and release of the indemnitor

13. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction provisions

Optional Sections

1. Counter-Indemnity: Optional section for when there are multiple indemnitors providing cross-indemnities

2. Security Provisions: Required if specific assets are being pledged as security

3. Corporate Authority: Additional section needed for corporate indemnitors regarding authority and capacity

4. Assignment and Transfer: Optional provisions regarding the ability to transfer rights under the agreement

5. Currency Provisions: Required if the guaranteed obligations are in multiple currencies

6. Power of Attorney: Optional section granting powers to the beneficiary to perfect or enforce security

7. Sharia Compliance: Required if the agreement needs to be explicitly Sharia-compliant

Suggested Schedules

1. Form of Demand: Template for making demands under the indemnity

2. Guaranteed Obligations: Detailed list or description of the obligations being guaranteed

3. Security Assets: Schedule listing any specific assets provided as security

4. Corporate Authorizations: Copies of relevant corporate approvals and authorizations

5. Notice Details: Contact information and address details for all parties

6. Form of Accession Deed: Template for additional parties to accede to the agreement if required

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Clauses
Interpretation
Grant of Indemnity
Scope of Guarantee
Payment Obligations
Representations and Warranties
Continuing Security
Preservation of Rights
Currency Provisions
Set-off Rights
Tax Gross-up
Costs and Expenses
Amendments and Waivers
Assignment and Transfer
Notices
Severability
Entire Agreement
Counterparts
Further Assurance
Governing Law
Jurisdiction
Enforcement
Indemnification
Release Provisions
Default Interest
Discharge of Obligations
Authority and Capacity
Limitation of Liability
Force Majeure
Confidentiality
Third Party Rights
Relevant Industries

Banking and Financial Services

Construction and Real Estate

Infrastructure Development

Commercial Trading

Manufacturing

Oil and Gas

Logistics and Transportation

Project Development

Insurance

Corporate Services

Relevant Teams

Legal

Finance

Risk Management

Treasury

Compliance

Corporate Secretariat

Commercial

Credit

Operations

Project Management

Relevant Roles

Legal Counsel

Chief Financial Officer

Finance Director

Risk Manager

Commercial Director

Company Secretary

Compliance Officer

Treasury Manager

Contract Manager

Project Director

Credit Risk Officer

Corporate Finance Manager

General Counsel

Managing Director

Board Director

Industries
UAE Civil Code (Federal Law No. 5 of 1985): Primary legislation governing civil transactions, including contracts and suretyship (Articles 1056-1093 specifically deal with suretyship)
UAE Commercial Transactions Law (Federal Law No. 18 of 1993): Governs commercial transactions and commercial suretyship, particularly relevant if the agreement is between commercial entities
UAE Commercial Companies Law (Federal Law No. 2 of 2015): Relevant for corporate authority to provide guarantees and indemnities, including requirements for board approval
UAE Central Bank Law (Federal Law No. 14 of 2018): Applicable if the surety agreement involves banking institutions or regulated financial activities
UAE Bankruptcy Law (Federal Law No. 9 of 2016): Important for understanding the treatment of guarantees and indemnities in case of insolvency of any party
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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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