The Personal Guarantee Agreement serves as a crucial risk mitigation tool in Indonesian business transactions, commonly used in lending arrangements, commercial contracts, and corporate finance. This document, governed by Indonesian law and particularly regulated under the Indonesian Civil Code (KUHPerdata) Articles 1820-1850, establishes a legally binding commitment where a guarantor assumes responsibility for another party's obligations. It's typically required by banks, financial institutions, or business entities when extending credit or entering into significant commercial arrangements where additional security is needed. The agreement must comply with Indonesian banking regulations, security rights legislation, and notarial requirements, making it a robust instrument for creditor protection in the Indonesian legal framework.
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1. Parties: Identifies the guarantor, creditor (beneficiary of the guarantee), and the principal debtor whose obligations are being guaranteed
2. Background: Describes the underlying transaction or relationship giving rise to the guarantee, including reference to the primary debt obligation
3. Definitions: Defines key terms used throughout the agreement, including 'Guaranteed Obligations', 'Event of Default', and other relevant terms
4. Guarantee and Indemnity: Core section detailing the scope of the guarantee, including the guarantor's primary obligations and any indemnification provisions
5. Nature of Guarantee: Specifies that this is a continuing guarantee and clarifies whether it is conditional or unconditional
6. Representations and Warranties: Guarantor's confirmations regarding their capacity, authority, and financial condition
7. Guarantor's Undertakings: Ongoing obligations of the guarantor, including information provision and maintenance of financial condition
8. Creditor's Rights and Remedies: Sets out the rights of the creditor in case of default and the methods of enforcement
9. Payments and Interest: Details of how and when payments must be made, including interest on late payments
10. Duration and Release: Terms regarding the duration of the guarantee and conditions for its release or termination
11. Communications: Provisions for how formal notices should be given between parties
12. Governing Law and Jurisdiction: Confirms Indonesian law as governing law and specifies jurisdiction for disputes
13. Execution: Signature blocks and execution formalities
1. Multiple Guarantors: Required when there is more than one guarantor, specifying joint and several liability
2. Currency Provisions: Needed for cross-border transactions or when the guarantee covers obligations in multiple currencies
3. Tax Gross-Up: Required when tax implications need to be addressed, particularly in cross-border situations
4. Security Provisions: Needed when the guarantee is backed by specific assets or security interests
5. Assignment and Transfer: Required when the rights under the guarantee may need to be transferred or assigned
6. Language: Required for dual-language agreements, specifying which version prevails
7. Costs and Expenses: Optional section detailing responsibility for costs related to preparation and enforcement
1. Schedule 1 - Details of Guaranteed Obligations: Detailed description of the underlying debt or obligations being guaranteed
2. Schedule 2 - Form of Notice of Demand: Standard form for making demands under the guarantee
3. Schedule 3 - Guarantor's Assets: If relevant, a list of the guarantor's major assets
4. Schedule 4 - Conditions Precedent: List of documents and conditions required before the guarantee becomes effective
5. Appendix A - Copy of Principal Agreement: Copy of the underlying agreement giving rise to the guaranteed obligations
6. Appendix B - Corporate Authorizations: If the guarantor is a company, copies of relevant corporate approvals and authorizations
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