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Contract Of Indemnity And Guarantee

Contract Of Indemnity And Guarantee Template for Denmark

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Contract Of Indemnity And Guarantee

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Document background
The Contract of Indemnity and Guarantee is a crucial legal instrument in Danish commercial and financial transactions, used when one party needs to provide financial security for another's obligations. This document is essential in various scenarios, including corporate group structures, project financing, real estate transactions, and general commercial dealings. The agreement must comply with Danish law, particularly the Danish Contracts Act (Aftaleloven) and financial regulations, making it suitable for use within Denmark or for cross-border transactions where Danish law is chosen. The document typically includes detailed provisions on the scope of guarantee, trigger events, maximum liability, enforcement mechanisms, and any specific conditions or limitations. It's particularly relevant in situations where financial institutions require additional security, parent companies need to support subsidiaries, or businesses need to secure their commercial obligations.
Suggested Sections

1. Parties: Identification of all parties including the indemnifier/guarantor, the beneficiary, and the principal debtor

2. Background: Context of the guarantee/indemnity, including the underlying obligation or transaction being guaranteed

3. Definitions: Definitions of key terms used throughout the agreement, including 'Guaranteed Obligations', 'Trigger Events', and 'Maximum Liability'

4. Scope of Guarantee and Indemnity: Detailed description of what obligations are covered and the nature of the guarantee/indemnity

5. Maximum Liability: Clear statement of the maximum amount the guarantor can be liable for

6. Duration and Validity: Term of the guarantee/indemnity, including start date and expiry conditions

7. Demands and Payments: Process for making demands under the guarantee/indemnity and payment terms

8. Guarantor's Obligations: Specific obligations and undertakings of the guarantor

9. Representations and Warranties: Standard representations and warranties from the guarantor

10. Enforcement: Rights and procedures for enforcing the guarantee/indemnity

11. Governing Law and Jurisdiction: Confirmation of Danish law governance and jurisdiction for disputes

Optional Sections

1. Multiple Guarantors: Section addressing joint and several liability when there are multiple guarantors

2. Currency Provisions: Required for cross-border guarantees or when payments may be made in multiple currencies

3. Assignment and Transfer: Include when parties need the ability to transfer rights under the guarantee

4. Counter-Indemnity: Used when the guarantor requires indemnification from the principal debtor

5. Financial Covenants: Include when ongoing financial requirements are imposed on the guarantor

6. Security: Required when the guarantee is backed by specific security or collateral

7. Step-In Rights: Include when the guarantor has the right to take over the underlying obligation

Suggested Schedules

1. Form of Demand: Template for making valid demands under the guarantee/indemnity

2. Guaranteed Obligations: Detailed list or description of the obligations being guaranteed

3. Security Documents: List and copies of any security documents related to the guarantee

4. Corporate Authorizations: Copies of relevant corporate approvals and authorizations

5. Financial Information: Required financial statements or metrics of the guarantor

6. Underlying Agreement: Copy of the main agreement or obligation being guaranteed

Authors

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Relevant legal definitions
Agreement
Guaranteed Obligations
Principal Debtor
Guarantor
Beneficiary
Guarantee Period
Maximum Liability Amount
Demand
Business Day
Default Event
Enforcement Notice
Guaranteed Agreement
Security
Material Adverse Effect
Permitted Security
Release Date
Trigger Event
Interest Rate
Payment Currency
Guaranteed Amount
Enforcement Costs
Insolvency Event
Related Rights
Security Period
Underlying Agreement
Working Hours
Applicable Law
Authorized Person
Claim
Confidential Information
Danish Business Day
Due Date
Encumbrance
Financial Indebtedness
Group
Guarantee Fee
Liability
Notice
Payment Date
Secured Obligations
Taxes
Third Party Rights
Valid Demand
Winding-up
Clauses
Guarantee
Indemnity
Payment Obligations
Representations and Warranties
Duration
Enforcement
Demand Procedures
Maximum Liability
Interest
Currency
Taxes
Set-off
Assignment
Confidentiality
Notices
Amendments
Severability
Entire Agreement
Third Party Rights
Force Majeure
Limitation of Liability
Security Provisions
Default Events
Remedies
Costs and Expenses
Governing Law
Jurisdiction
Waiver
Counter-Indemnity
Multiple Guarantors
Termination
Survival
Further Assurance
Step-In Rights
Discharge and Release
Subordination
Financial Covenants
Information Undertakings
Process Agent
No Competition
Relevant Industries
Relevant Teams
Relevant Roles
Industries
Danish Contracts Act (Aftaleloven): Fundamental law governing contract formation, validity, and enforcement in Denmark. Particularly relevant for the formal requirements of guarantee and indemnity agreements.
Danish Credit Agreements Act (Kreditaftaleloven): Regulates credit arrangements and guarantee agreements, including formal requirements for guarantee commitments and limitations on liability.
Danish Financial Business Act (Lov om finansiel virksomhed): Relevant when the guarantee involves financial institutions or regulated financial services, setting requirements for financial guarantees.
Danish Tort Law (Erstatningsret): Contains principles regarding liability and damages that may affect the scope and enforcement of indemnity provisions.
Danish Administration of Justice Act (Retsplejeloven): Contains provisions regarding the enforcement of guarantees and indemnities through the Danish legal system.
Danish Consumer Contracts Act (Forbrugeraftaleloven): Applies when one party is a consumer, providing additional protection and formal requirements for guarantee agreements involving consumers.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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