The Personal Guaranty Agreement is a crucial legal instrument in Maltese business and financial transactions, commonly used when additional security is required for loans, credit facilities, or other financial obligations. This document, governed by Maltese law, particularly the Civil Code (Chapter 16), establishes a secondary obligation where a guarantor commits to fulfilling another party's financial obligations if they default. It's frequently used in business financing, property transactions, and commercial arrangements where creditors seek additional security. The agreement must clearly define the guaranteed obligations, include specific enforcement provisions, and comply with Maltese legal requirements regarding form and content. This document is particularly important in Malta's financial services sector and is often required by banks, financial institutions, and businesses when extending credit or entering into significant commercial arrangements.
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1. Parties: Identification of the Guarantor, the Creditor, and the Principal Debtor
2. Background: Context of the guarantee, including reference to the principal debt or obligation being guaranteed
3. Definitions: Definitions of key terms used throughout the agreement
4. Guarantee and Indemnity: Core provisions establishing the guarantee obligation and indemnity
5. Extent of Guarantee: Scope and limitations of the guarantee obligation
6. Nature of Guarantee: Specification that this is a continuing guarantee and details of its binding nature
7. Guarantor's Representations and Warranties: Confirmations and warranties provided by the guarantor regarding their capacity and authority
8. Payment Obligations: Terms and conditions for payment, including timing and method
9. Enforcement: Circumstances and procedures for enforcing the guarantee
10. Preservation of Rights: Creditor's rights preservation and non-waiver provisions
11. Discharge and Release: Conditions for discharge or release of the guarantee obligations
12. Notices: Communication requirements and contact details
13. Governing Law and Jurisdiction: Confirmation of Maltese law application and jurisdiction
1. Security: Include when additional security is being provided alongside the guarantee
2. Joint and Several Liability: Required when there are multiple guarantors
3. Currency Provisions: Include for cross-border transactions or when payments may be made in multiple currencies
4. Assignment and Transfer: Include when rights under the guarantee may need to be transferred
5. Costs and Expenses: Include when specific provisions about legal and enforcement costs are needed
6. Independent Legal Advice: Include when the guarantor is an individual or in cases requiring extra protection
7. Limited Recourse: Include when the guarantee is limited to specific assets or amounts
8. Data Protection: Include when personal data processing is involved
1. Principal Agreement: Copy or details of the main agreement or obligation being guaranteed
2. Guaranteed Obligations: Detailed description of the obligations covered by the guarantee
3. Form of Demand: Template for making a formal demand under the guarantee
4. Assets Schedule: List of assets (if guarantee is limited to specific assets)
5. Independent Legal Advice Certificate: Confirmation that the guarantor received independent legal advice
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