The Personal Guarantee Promissory Note is a crucial financial instrument in Philippine business transactions, commonly used when additional security is required for a loan or credit arrangement. This document serves a dual purpose: it evidences a debt and provides additional security through a personal guarantee. Used extensively in business financing, particularly for SMEs where corporate guarantees might not be available, it offers creditors additional assurance by combining the unconditional promise to pay with a personal guarantee from a third party. The document must comply with Philippine legal requirements, including the Civil Code, Negotiable Instruments Law, and BSP regulations. It typically includes detailed payment terms, interest calculations, default provisions, and specific obligations of both the principal debtor and guarantor. This type of document is particularly valuable in situations where the creditor requires additional security beyond the primary debtor's promise to pay.
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1. Parties: Identification of the Maker (Principal Debtor), Payee (Creditor), and Guarantor with complete names and addresses
2. Background: Brief context of the underlying transaction and reason for the promissory note and guarantee
3. Definitions: Key terms used in the document including 'Principal Amount', 'Interest Rate', 'Due Date', and other relevant terms
4. Promise to Pay: Clear statement of the unconditional promise to pay the specified amount, including the exact sum, interest rate, and payment date(s)
5. Payment Terms: Detailed payment schedule, method of payment, and place of payment
6. Interest Rate: Specification of interest rate, computation method, and compliance with Philippine usury laws
7. Guarantee Provisions: Terms of the personal guarantee, including the guarantor's unconditional promise to pay upon default
8. Events of Default: Circumstances that constitute default and trigger acceleration of payment obligations
9. Remedies: Rights and remedies available to the payee upon default
10. Representations and Warranties: Statements of fact by both the maker and guarantor regarding their capacity and authority
11. Governing Law: Specification of Philippine law as governing law and jurisdiction for disputes
12. Execution: Signature blocks for all parties and notarization requirements
1. Security Provisions: Include when additional collateral or security is provided besides the personal guarantee
2. Co-Guarantor Provisions: Include when multiple guarantors are involved, specifying joint and several liability
3. Acceleration Clause: Include when early payment provisions or triggers for immediate full payment are desired
4. Assignment Rights: Include when the note may be assigned or transferred to other parties
5. Attorney's Fees: Include when recovery of legal fees in case of enforcement is desired
6. Waiver Provisions: Include specific waivers of rights or defenses by the guarantor
7. Electronic Execution: Include when the document may be executed electronically under the E-Commerce Act
1. Payment Schedule: Detailed amortization table showing payment dates, principal and interest breakdowns
2. Guarantor's Statement of Assets: Declaration of the guarantor's financial capacity and list of major assets
3. Specimen Signatures: Official signatures of all parties for verification purposes
4. Related Loan Agreement: Copy or summary of the underlying loan agreement if applicable
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