The Guarantee Agreement (Bürgschaftsvertrag) is a crucial financial security instrument under Austrian law, commonly used in various commercial and financial transactions. This document is essential when a third party needs to provide additional security for a debtor's obligations, whether in the context of loan agreements, lease agreements, or other commercial arrangements. The agreement must comply with Austrian legal requirements, particularly those set out in the ABGB (Austrian Civil Code) and UGB (Commercial Code), and may need to incorporate specific provisions from the Consumer Protection Act (KSchG) when involving private individuals as guarantors. The document specifies the guaranteed obligations, the extent of the guarantor's liability, demand and payment procedures, and the duration of the guarantee commitment. It's particularly important in business financing, real estate transactions, and corporate group structures where parent companies guarantee subsidiaries' obligations.
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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 underlying obligation or facility being guaranteed
3. Definitions: Key terms used throughout the agreement, including 'Guaranteed Obligations', 'Guarantee Period', and other relevant definitions
4. Guarantee: Core guarantee provisions, including scope, nature (conditional/unconditional), and maximum liability amount
5. Payment Obligations: Terms of payment, including timing, currency, and method of payment upon demand
6. Nature of Guarantee: Specification that this is an independent, irrevocable, and continuing guarantee
7. Representations and Warranties: Guarantor's confirmations regarding capacity, authority, and financial condition
8. Duration and Release: Term of the guarantee and conditions for release or termination
9. Demand Requirements: Process and formalities for making a valid demand under the guarantee
10. Governing Law and Jurisdiction: Confirmation of Austrian law as governing law and jurisdiction for disputes
1. Multiple Guarantors: Additional provisions for joint and several liability when there are multiple guarantors
2. Security Interest: Where the guarantee is secured by specific assets or collateral
3. Assignment and Transfer: Provisions allowing transfer of guarantee rights, if permitted
4. Tax Gross-Up: Provisions for tax implications and gross-up obligations, particularly relevant for cross-border guarantees
5. Currency Indemnity: Provisions dealing with currency conversion risks and related indemnities
6. Communications: Detailed provisions for formal notices and communications between parties
7. Partial Invalidity: Severability provisions in case parts of the guarantee are found invalid
8. Consumer Protection Clauses: Mandatory when the guarantor is a consumer under Austrian law (KSchG)
1. Guaranteed Obligations: Detailed description of the underlying obligations being guaranteed
2. Form of Demand: Template for making a valid demand under the guarantee
3. Corporate Authorizations: Copies of relevant corporate approvals and authorizations
4. Principal Agreement: Copy or key terms of the underlying agreement giving rise to the guaranteed obligations
5. Notice Details: Contact information and formal notice requirements for all parties
Relevant legal definitions
Agreement
Guaranteed Obligations
Principal Agreement
Principal Debtor
Beneficiary
Guarantor
Guarantee Period
Business Day
Demand
Event of Default
Maximum Liability Amount
Guarantee Fee
Payment Date
Security
Security Interest
Permitted Transfer
Related Rights
Notice
Working Hours
Austrian Banking Day
Enforcement Event
Guaranteed Amount
Outstanding Amount
Relevant Jurisdiction
Tax
Default Interest Rate
Material Adverse Effect
Claim
Discharge Date
Finance Document
Guaranteed Obligations
Principal Agreement
Principal Debtor
Beneficiary
Guarantor
Guarantee Period
Business Day
Demand
Event of Default
Maximum Liability Amount
Guarantee Fee
Payment Date
Security
Security Interest
Permitted Transfer
Related Rights
Notice
Working Hours
Austrian Banking Day
Enforcement Event
Guaranteed Amount
Outstanding Amount
Relevant Jurisdiction
Tax
Default Interest Rate
Material Adverse Effect
Claim
Discharge Date
Finance Document
Clauses
Guarantee Obligations
Payment Terms
Representations and Warranties
Demand Requirements
Enforcement Rights
Indemnification
Assignment and Transfer
Termination
Release
Subrogation Rights
Set-Off Rights
Currency Provisions
Tax Provisions
Notices
Severability
Amendment and Waiver
Costs and Expenses
Confidentiality
Force Majeure
Governing Law
Jurisdiction
Dispute Resolution
Consumer Protection
Multiple Guarantors
Limitation of Liability
Further Assurance
Entire Agreement
Communications
Counterparts
Language
Payment Terms
Representations and Warranties
Demand Requirements
Enforcement Rights
Indemnification
Assignment and Transfer
Termination
Release
Subrogation Rights
Set-Off Rights
Currency Provisions
Tax Provisions
Notices
Severability
Amendment and Waiver
Costs and Expenses
Confidentiality
Force Majeure
Governing Law
Jurisdiction
Dispute Resolution
Consumer Protection
Multiple Guarantors
Limitation of Liability
Further Assurance
Entire Agreement
Communications
Counterparts
Language
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Manufacturing
Commercial Trading
Infrastructure
Energy
Telecommunications
Professional Services
Retail
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Commercial
Credit Control
Corporate Governance
Banking
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Treasury Manager
Risk Manager
Credit Manager
Commercial Director
Compliance Officer
Contract Manager
Company Secretary
Banking Relationship Manager
Financial Controller
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