The Deed of Guarantee and Indemnity is a crucial security document used in Austrian business and financial transactions to provide additional assurance for contractual obligations. It is commonly employed when a creditor requires extra security beyond the principal debtor's covenant, particularly in lending arrangements, corporate transactions, or significant commercial contracts. The document must comply with Austrian legal requirements, including the ABGB (Austrian Civil Code) and, where applicable, the KSchG (Consumer Protection Act). It contains detailed provisions regarding the scope of guaranteed obligations, enforcement mechanisms, and the guarantor's liability. This deed is particularly important in scenarios where there are concerns about the principal debtor's ability to perform their obligations or where regulatory requirements mandate additional security arrangements.
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1. Parties: Identification of the Guarantor, the Beneficiary (creditor), and reference to the Principal Debtor
2. Background: Context of the guarantee, reference to the primary obligation being guaranteed, and the purpose of the guarantee
3. Definitions and Interpretation: Definitions of key terms, interpretation rules, and references to the underlying agreement
4. Guarantee: Core guarantee provisions, scope of guaranteed obligations, and nature of the guarantee (conditional/unconditional)
5. Indemnity: Separate indemnity obligations, triggering events, and scope of indemnification
6. Duration and Extent of Liability: Term of the guarantee, maximum liability limits, and conditions for discharge
7. Demands and Payments: Process for making demands, payment obligations, and timeline for response
8. Representations and Warranties: Guarantor's representations about capacity, authority, and financial condition
9. Preservation of Rights: Beneficiary's rights preservation, waiver of defenses, and continuing security provisions
10. Costs and Expenses: Allocation of costs, enforcement expenses, and taxes
11. Notices: Communication procedures, addresses for notices, and service of process
12. Governing Law and Jurisdiction: Confirmation of Austrian law governance and jurisdiction provisions
1. Security Provisions: Include when the guarantee is secured by specific assets or additional security interests
2. Consumer Protection Declarations: Required when the guarantor is a consumer under Austrian law
3. Cross-Guarantee Provisions: Include when multiple guarantors are involved with cross-guarantee arrangements
4. Currency Provisions: Include when the guarantee involves obligations in multiple currencies
5. Step-In Rights: Include when the beneficiary has rights to take over the underlying contract
6. Financial Covenants: Include when the guarantor must maintain specific financial conditions
7. Subordination Provisions: Include when the guarantee needs to be subordinated to other obligations
1. Form of Demand: Template for making formal demands under the guarantee
2. Guaranteed Obligations: Detailed description or list of the obligations being guaranteed
3. Security Assets: List and description of any assets securing the guarantee (if applicable)
4. Underlying Agreement: Copy or key terms of the agreement being guaranteed
5. Financial Statements: Recent financial statements of the guarantor (if required)
6. Required Approvals: List of necessary corporate or regulatory approvals
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