The Personal Guarantee Promissory Note is a specialized financial instrument used in Switzerland when a party requires both a formal promise of payment and additional security through a personal guarantee. This document type is particularly useful in business transactions, loans, or financial arrangements where the creditor seeks additional assurance beyond the primary debtor's promise to pay. Governed by Swiss law, specifically the Swiss Code of Obligations, it must meet strict formal requirements for both promissory notes and personal guarantees. The document typically includes details of the primary debt obligation, payment terms, the scope of the guarantee, and enforcement provisions. It's commonly used in business financing, property transactions, and commercial arrangements where the creditor requires enhanced security for the debt obligation.
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1. Parties: Identification of the Principal Debtor (maker of the promissory note), the Beneficiary (payee), and the Guarantor
2. Background: Brief context of the underlying transaction and reason for the promissory note and guarantee
3. Definitions: Key terms used in the document, including 'Principal Debt', 'Guarantee Amount', and 'Maturity Date'
4. Promissory Note Declaration: The formal promise to pay, including the specific amount, currency, and payment date
5. Payment Terms: Details of how and when payment must be made, including any installment provisions
6. Guarantee Declaration: The formal guarantee commitment, meeting the requirements of Art. 492 CO
7. Scope of Guarantee: Clear definition of the extent of the guarantor's liability and any limitations
8. Enforcement Provisions: Process for demanding payment and enforcement against both principal debtor and guarantor
9. Governing Law and Jurisdiction: Confirmation of Swiss law application and jurisdiction
1. Interest Provisions: Include when the note bears interest, specifying rate and calculation method
2. Security: Include when additional security is provided for the promissory note
3. Multiple Guarantors: Include when there is more than one guarantor, specifying joint and several liability
4. Early Payment Provisions: Include when early payment options are allowed, specifying any conditions or penalties
5. Assignment Provisions: Include when the note and/or guarantee rights may be assigned to third parties
1. Payment Schedule: If payments are to be made in installments, detailed schedule of payment dates and amounts
2. Form of Payment Demand: Standard form for making payment demands under the note
3. Guarantor's Financial Statement: Current financial statement of the guarantor (may be required by Swiss law for personal guarantees)
4. Underlying Agreement Reference: Details of the underlying agreement giving rise to the debt (if applicable)
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