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Personal Guaranty Agreement

Personal Guaranty Agreement Template for New Zealand

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Key Requirements PROMPT example:

Personal Guaranty Agreement

"I need a Personal Guaranty Agreement for our company's new retail lease where the director will personally guarantee the tenant company's obligations, with a maximum liability cap of NZD 500,000 and a term ending March 1, 2025."

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Document background
A Personal Guaranty Agreement is a crucial legal instrument in New Zealand's commercial landscape, commonly used to secure business loans, commercial leases, and other financial obligations. This document becomes necessary when a creditor requires additional security beyond the principal debtor's commitment, typically in situations where the principal debtor has limited credit history or assets. The agreement must comply with New Zealand's Contract and Commercial Law Act 2017, Credit Contracts and Consumer Finance Act 2003, and other relevant legislation. It serves to protect the creditor's interests by providing a secondary source of recourse while establishing clear terms for the guarantor's obligations, including the extent of liability, enforcement procedures, and any limitations or conditions on the guarantee.
Suggested Sections

1. Parties: Identifies the Guarantor, the Creditor, and the Principal Debtor

2. Background: Explains the context of the guarantee, including the primary obligation being guaranteed

3. Definitions and Interpretation: Defines key terms and establishes rules for interpreting the agreement

4. Guarantee and Indemnity: Core section stating the guarantor's obligations and extent of the guarantee

5. Nature and Extent of Obligations: Details the scope of guaranteed obligations and whether the guarantee is limited or unlimited

6. Continuing Security: Establishes that the guarantee remains in force until all obligations are satisfied

7. Guarantor's Warranties and Representations: Statements and promises made by the guarantor regarding their capacity and understanding

8. Payment and Performance: Specifies how and when the guarantor must perform their obligations

9. Enforcement and Remedies: Details the creditor's rights and remedies in case of default

10. Costs and Indemnification: Addresses legal costs and expenses related to enforcement

11. Notices: Specifies how formal communications between parties should be made

12. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and amendments

Optional Sections

1. Security: Include when the guarantee is secured by specific assets or property

2. Multiple Guarantors: Required when there is more than one guarantor, defining joint and several liability

3. Limit of Liability: Include when the guarantee is capped at a specific amount

4. Independent Legal Advice: Add when requiring confirmation that the guarantor has received independent legal advice

5. Priority and Subordination: Include when there are multiple creditors or competing securities

6. Financial Covenants: Add when imposing ongoing financial requirements on the guarantor

7. Release Provisions: Include specific conditions under which the guarantor may be released

Suggested Schedules

1. Schedule 1 - Guaranteed Obligations: Detailed description of the primary obligations being guaranteed

2. Schedule 2 - Secured Assets: List and description of any assets securing the guarantee (if applicable)

3. Schedule 3 - Guarantor Information: Detailed information about the guarantor including address and contact details

4. Schedule 4 - Certificate of Independent Legal Advice: Form for lawyer's certification of independent legal advice

5. Appendix A - Deed of Priority: Documents priority arrangements with other creditors (if applicable)

6. Appendix B - Notice Forms: Standard forms for various notices under the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Clauses
Guarantee and Indemnity
Consideration
Nature of Guarantee
Continuing Security
Principal Debtor Default
Payment Obligations
Representations and Warranties
Covenants
Security Interest
Priority
Default and Enforcement
Set-off Rights
Independent Legal Advice
Assignment and Transfer
Costs and Expenses
Notices
Waiver
Severability
Entire Agreement
Amendment
Joint and Several Liability
Governing Law
Jurisdiction
Execution
Independent Obligations
Survival of Obligations
Force Majeure
Indemnification
Confidentiality
Release and Discharge
Relevant Industries

Banking and Financial Services

Real Estate

Commercial Lending

Retail

Construction

Small Business

Manufacturing

Professional Services

Hospitality

Property Development

Relevant Teams

Legal

Finance

Risk Management

Credit

Compliance

Commercial Operations

Treasury

Corporate Secretariat

Business Development

Contract Administration

Relevant Roles

Credit Manager

Risk Manager

Commercial Lawyer

Legal Counsel

Finance Director

Chief Financial Officer

Credit Analyst

Loan Officer

Business Development Manager

Commercial Property Manager

Contract Administrator

Compliance Officer

Company Secretary

Treasury Manager

Industries
Contract and Commercial Law Act 2017: Primary legislation governing formation and enforcement of contracts in New Zealand, including electronic transactions and contractual remedies
Property Law Act 2007: Contains specific provisions relating to guarantees in property transactions and formal requirements for property-related guarantees
Credit Contracts and Consumer Finance Act 2003: Regulates credit contracts and related guarantees, including disclosure requirements and consumer protections for guarantors
Personal Property Securities Act 1999: Governs the creation and enforcement of security interests in personal property, relevant when guarantees are secured
Fair Trading Act 1986: Ensures fair trading practices and prevents misleading conduct in commercial transactions, including guarantee arrangements
Disputes Tribunal Act 1988: Provides a forum for resolving disputes related to guarantees for claims up to specified monetary limits
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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