The Personal Guarantee Agreement is commonly used in Australian business transactions where additional security is required for financial obligations. It's particularly relevant in situations such as business loans, commercial leases, or supply contracts where the creditor seeks personal assurance beyond corporate assets. The document must comply with Australian federal and state legislation, including consumer protection laws and banking regulations. It typically includes details of the guaranteed obligations, risk warnings, acknowledgment of independent legal advice, and enforcement provisions. This agreement is crucial for risk management in commercial relationships and is often required by financial institutions and businesses when extending credit or entering into significant commercial arrangements. The document needs careful consideration of both the guarantor's and creditor's interests while ensuring compliance with Australian legal requirements.
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1. Parties: Identifies the Guarantor, Creditor, and Principal Debtor with full legal names and addresses
2. Background: Explains the context of the guarantee, including details of the principal debt or obligation being guaranteed
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles for the agreement
4. Guarantee and Indemnity: Core terms of the guarantee obligation and accompanying indemnity
5. Extent of Guarantee: Specifies the scope, amount, and duration of the guarantee
6. Guarantor's Acknowledgments: Statutory and general acknowledgments by the guarantor regarding their obligations and risks
7. Independent Legal Advice: Confirmation of receipt or waiver of independent legal advice
8. Continuing Security: Establishes the guarantee as a continuing obligation
9. Enforcement: Rights and procedures for enforcing the guarantee
10. Payments: Terms regarding payment obligations, including method and timing
11. Representations and Warranties: Guarantor's confirmations about their capacity and authority
12. Protection of Creditor's Rights: Provisions preserving the creditor's rights and remedies
13. Costs and Expenses: Allocation of costs related to the guarantee
14. Notices: Requirements for giving formal notices under the agreement
15. General Provisions: Standard boilerplate clauses including governing law
16. Execution: Formal signing requirements and attestation
1. Security: Include when the guarantee is secured against specific assets
2. Joint and Several Liability: Required when there are multiple guarantors
3. Limit of Liability: Used when the guarantee is capped at a specific amount
4. GST: Include when payments under the guarantee may have GST implications
5. Financial Covenants: Include when ongoing financial requirements are imposed on the guarantor
6. Priority Arrangements: Required when there are multiple creditors or security interests
7. Guarantee Release Conditions: Include when specific conditions for releasing the guarantee are agreed
8. Corporate Guarantor Provisions: Required when the guarantor is a company rather than an individual
1. Schedule 1 - Guaranteed Obligations: Detailed description of the obligations being guaranteed
2. Schedule 2 - Security Details: Description of any assets provided as security (if applicable)
3. Schedule 3 - Guarantor Certificate: Certificate confirming the guarantor's understanding of obligations
4. Schedule 4 - Independent Legal Advice Certificate: Solicitor's certificate confirming advice given to guarantor
5. Appendix A - Warning Notice: Statutory warning notice required under Australian Consumer Law
6. Appendix B - Key Information Statement: Summary of key terms and risks for the guarantor
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