The Personal Guarantee Form is a critical document used in Danish business and financial transactions when one party needs to provide additional security for another's obligations. This document is commonly utilized in various scenarios, including business loans, residential and commercial leases, and corporate financing arrangements. The form must strictly comply with Danish legal requirements, particularly the Danish Contracts Act (Aftaleloven) and the Financial Business Act. When the guarantor is a consumer, additional protective measures under Danish consumer protection laws must be incorporated. The Personal Guarantee Form includes detailed information about the parties involved, the scope of guaranteed obligations, enforcement mechanisms, and any limitations on liability. It serves as a crucial risk mitigation tool for creditors while ensuring appropriate protections for guarantors under Danish law.
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Key Requirements PROMPT example:
Personal Guarantee Form
I need a Personal Guarantee Form under Danish law for a private individual guaranteeing a commercial lease agreement with a maximum liability of 500,000 DKK, with the guarantee period starting from March 1, 2025.
1. Parties: Identification of the Guarantor, Creditor, and Primary Debtor, including full legal names, addresses, and registration numbers where applicable
2. Background: Context of the guarantee, including reference to the main obligation being guaranteed and relationship between parties
3. Definitions: Definitions of key terms used in the guarantee agreement
4. Scope of Guarantee: Clear description of the guaranteed obligations and maximum liability amount
5. Nature of Guarantee: Specification of whether it's a continuing guarantee, on-demand guarantee, or other type
6. Guarantor's Obligations: Detailed description of the guarantor's responsibilities and payment obligations
7. Duration: Term of the guarantee and any conditions affecting its duration
8. Enforcement: Conditions under which the guarantee can be enforced and the process for doing so
9. Representations and Warranties: Guarantor's confirmations regarding their capacity and authority to provide the guarantee
10. Notices: Requirements for formal communications between parties
11. Governing Law and Jurisdiction: Confirmation of Danish law as governing law and jurisdiction for disputes
1. Consumer Protection Provisions: Additional provisions required when the guarantor is a consumer, including mandatory cooling-off periods and specific disclosures
2. Multiple Guarantors: Provisions addressing joint and several liability when there is more than one guarantor
3. Security: Provisions regarding any security provided in support of the guarantee
4. Assignment: Provisions regarding the ability to assign rights under the guarantee
5. Costs and Expenses: Provisions addressing who bears the costs of preparing and enforcing the guarantee
6. Limitation of Liability: Any agreed caps or limitations on the guarantor's liability
7. Force Majeure: Provisions addressing extraordinary circumstances affecting the guarantee
1. Schedule 1 - Guaranteed Obligations: Detailed description of the primary obligations being guaranteed
2. Schedule 2 - Form of Demand: Template for making a formal demand under the guarantee
3. Schedule 3 - Key Financial Information: Summary of the guarantor's financial position (particularly important for consumer guarantees)
4. Appendix A - Required Notices: Mandatory warning notices and disclosures required under Danish law
5. Appendix B - Supporting Documents: Copies of relevant underlying agreements or documents referenced in the guarantee
Authors
Relevant legal definitions
Agreement
Business Day
Creditor
Default
Demand
Effective Date
Enforcement Event
Events of Default
Guaranteed Obligations
Guarantor
Interest Rate
Maximum Liability Amount
Notice
Parties
Payment Date
Primary Debtor
Principal Agreement
Related Rights
Security
Termination Date
Underlying Agreement
Working Day
Business Day
Creditor
Default
Demand
Effective Date
Enforcement Event
Events of Default
Guaranteed Obligations
Guarantor
Interest Rate
Maximum Liability Amount
Notice
Parties
Payment Date
Primary Debtor
Principal Agreement
Related Rights
Security
Termination Date
Underlying Agreement
Working Day
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Construction
Manufacturing
Retail
Professional Services
Technology
Agriculture
Hospitality
Transportation & Logistics
Relevant Teams
Legal
Finance
Risk Management
Compliance
Commercial
Credit
Treasury
Business Development
Corporate Affairs
Operations
Relevant Roles
Legal Counsel
Finance Manager
Credit Risk Officer
Commercial Director
Compliance Officer
Contract Manager
Business Development Manager
Account Manager
Chief Financial Officer
Risk Manager
Treasury Manager
Corporate Lawyer
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