The Continuing Guarantee Agreement is a crucial security document used in Indonesian business and financial transactions when one party (the guarantor) agrees to secure the ongoing obligations of another party (the principal debtor) to a third party (typically a financial institution). This document type is particularly important in the Indonesian market where continuing guarantees are commonly required for various financial facilities, corporate borrowings, and commercial arrangements. The agreement must comply with Indonesian Civil Code requirements and relevant financial regulations, including OJK and Bank Indonesia guidelines. A Continuing Guarantee Agreement typically includes detailed provisions on the scope of guaranteed obligations, enforcement mechanisms, and the continuing nature of the guarantee, ensuring it remains effective for future obligations until properly terminated.
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1. Parties: Identification of the Guarantor, Principal Debtor, and Beneficiary with complete legal names and addresses
2. Background: Context of the guarantee, relationship between parties, and reference to the underlying obligations being guaranteed
3. Definitions: Definitions of key terms used throughout the agreement, including 'Guaranteed Obligations', 'Security', and 'Event of Default'
4. Guarantee and Indemnity: Core provisions establishing the continuing guarantee and indemnity obligations
5. Scope of Guarantee: Detailed description of obligations covered by the guarantee, including future obligations
6. Nature of Guarantee: Specifications of the guarantee as continuing, unconditional, and irrevocable
7. Guarantor's Representations and Warranties: Guarantor's confirmations regarding capacity, authority, and financial condition
8. Payment Obligations: Terms for payment, including timing, method, and currency
9. Preservation of Rights: Beneficiary's rights preservation and ability to pursue other remedies
10. Discharge and Release: Conditions for discharge of the guarantee and release of the guarantor
11. Enforcement: Mechanisms and conditions for enforcing the guarantee
12. Notices: Requirements for formal communications between parties
13. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and jurisdiction for disputes
14. Execution: Signature blocks and execution requirements
1. Security: Include when the guarantee is secured by specific assets or collateral
2. Financial Covenants: Include when the guarantor must maintain specific financial metrics or conditions
3. Tax Provisions: Include when specific tax implications need to be addressed, particularly for cross-border guarantees
4. Change of Control: Include when guarantor's obligations may be affected by ownership changes
5. Multiple Guarantors: Include when there is more than one guarantor, addressing joint and several liability
6. Currency Provisions: Include for cross-border transactions involving multiple currencies
7. Assignment and Transfer: Include when rights under the guarantee may need to be assigned or transferred
1. Schedule 1 - Guaranteed Obligations: Detailed list or description of all obligations covered by the guarantee
2. Schedule 2 - Underlying Agreements: List of principal agreements or facilities covered by the guarantee
3. Schedule 3 - Security Details: Details of any security or collateral provided (if applicable)
4. Schedule 4 - Form of Demand: Standard form for making demands under the guarantee
5. Appendix A - Corporate Authorizations: Copies of relevant corporate approvals and authorizations
6. Appendix B - Specific Conditions: Any specific conditions or requirements applicable to the guarantee
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