The Personal Guarantee Settlement Agreement is utilized when parties seek to resolve obligations arising from a personal guarantee in Canada. This document becomes relevant when a creditor and guarantor agree to settle the guarantee obligations on terms different from the original guarantee, often involving a reduced payment amount or modified payment terms. It's commonly used in situations where the original debtor has defaulted and the guarantor seeks to negotiate a settlement of their guarantee obligations. The agreement must comply with Canadian federal and provincial requirements, including relevant contract law principles and statutory requirements. Key components include the settlement amount, payment terms, release provisions, and any conditions precedent to the settlement becoming effective. This document is particularly important in commercial lending and business transactions where personal guarantees are commonly used as additional security for business loans or other obligations.
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1. Parties: Identifies all parties to the agreement including the guarantor, creditor, and original debtor
2. Background: Recitals describing the original guarantee, the underlying debt, and circumstances leading to settlement
3. Definitions: Defines key terms used throughout the agreement including 'Original Guarantee', 'Settlement Amount', and 'Release Date'
4. Settlement Terms: Details of the settlement amount, payment terms, and timing
5. Payment Provisions: Specifies payment method, account details, and consequences of default
6. Release: Terms of release from the original guarantee upon fulfillment of settlement conditions
7. Representations and Warranties: Statements by parties about their capacity, authority, and financial condition
8. Confidentiality: Obligations regarding non-disclosure of settlement terms
9. Governing Law: Specifies applicable law and jurisdiction
10. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and notices
1. Security: Include when settlement is secured by additional collateral or personal property
2. Conditions Precedent: Include when settlement effectiveness depends on specific conditions being met
3. Third Party Consents: Include when settlement requires approval from other parties
4. Tax Implications: Include when settlement has significant tax consequences requiring specific provisions
5. Continuing Obligations: Include when certain obligations survive settlement
6. Default and Remedies: Include detailed default provisions when settlement involves installment payments
7. Non-Competition/Non-Solicitation: Include when settlement includes restrictions on future business activities
1. Schedule A - Original Guarantee: Copy or details of the original guarantee being settled
2. Schedule B - Payment Schedule: Detailed payment terms if settlement involves multiple payments
3. Schedule C - Release Form: Form of release to be provided upon settlement completion
4. Schedule D - Security Documents: Details of any security provided as part of settlement
5. Appendix 1 - Original Debt Documentation: Summary or copies of underlying debt documentation
6. Appendix 2 - Financial Disclosure: Guarantor's financial information if relevant to settlement terms
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