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Personal Guarantee Form

Personal Guarantee Form Template for Saudi Arabia

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Key Requirements PROMPT example:

Personal Guarantee Form

"I need a Personal Guarantee Form under Saudi law for my company's new CFO to personally guarantee a commercial lease agreement worth SAR 2,000,000, with the guarantee period starting from March 1, 2025, and including specific provisions for early termination."

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Document background
The Personal Guarantee Form is a crucial document in Saudi Arabian commercial and financial transactions, commonly used when businesses or individuals seek to secure loans, financing, or other commercial obligations. It serves as a risk mitigation tool for creditors while operating within the framework of Islamic Sharia law and Saudi commercial regulations. The document is particularly important in contexts where additional security is required beyond the primary debtor's commitments. It must include specific provisions regarding the guarantee's scope, the guarantor's obligations, enforcement mechanisms, and compliance with both Sharia principles and Saudi legal requirements. The form is widely used in banking transactions, commercial dealings, and various business arrangements where personal guarantees are required to support financial or commercial obligations.
Suggested Sections

1. Parties: Identification of the Guarantor, Creditor, and Principal Debtor with full legal names and details

2. Background: Context of the guarantee, including reference to the primary obligation or debt being guaranteed

3. Definitions: Key terms used in the guarantee document, ensuring clarity and preventing misinterpretation

4. Guarantee and Indemnity: Core terms of the guarantee, including the scope and extent of the guarantor's obligations

5. Guarantor's Representations and Warranties: Statements about the guarantor's capacity, authority, and financial condition

6. Nature of Guarantee: Specification that the guarantee is unconditional, irrevocable, and continuing

7. Payment Obligations: Details of when and how payments must be made under the guarantee

8. Enforcement: Circumstances and procedures for enforcing the guarantee

9. Duration and Release: Term of the guarantee and conditions for its termination or release

10. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction for disputes

11. Execution: Signature blocks and attestation requirements

Optional Sections

1. Multiple Guarantors: Additional provisions for cases involving more than one guarantor, defining joint and several liability

2. Asset Security: Specific provisions where the guarantee is supported by pledged assets

3. Guarantee Limit: Section defining any cap on the guarantee amount, if applicable

4. Currency Provisions: Special provisions for guarantees involving multiple currencies

5. Assignment and Transfer: Provisions allowing or restricting the transfer of guarantee rights

6. Financial Covenants: Specific financial requirements or ratios the guarantor must maintain

7. Notice Requirements: Detailed procedures for serving notices under the guarantee

Suggested Schedules

1. Primary Obligation Details: Details of the main debt or obligation being guaranteed

2. Guarantor Information: Detailed information about the guarantor including address and contact details

3. Asset Schedule: List and details of any assets pledged as additional security

4. Payment Schedule: Schedule of any structured payments or specific payment terms

5. Form of Demand: Template for making a formal demand under the guarantee

6. Required Authorizations: List of necessary approvals or authorizations obtained by the guarantor

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
Relevant Industries

Banking & Financial Services

Real Estate

Construction

Manufacturing

Trading & Commerce

Professional Services

Healthcare

Education

Hospitality

Infrastructure Development

Transportation & Logistics

Relevant Teams

Legal

Finance

Risk Management

Compliance

Credit Administration

Corporate Banking

Commercial Lending

Business Development

Treasury

Corporate Secretariat

Relevant Roles

Legal Counsel

Finance Manager

Credit Risk Officer

Compliance Officer

Corporate Lawyer

Banking Relations Manager

Chief Financial Officer

Risk Management Director

Commercial Director

Business Development Manager

Contract Administrator

Company Secretary

Treasury Manager

Industries
Islamic Sharia Law: The fundamental source of law in Saudi Arabia that governs all contracts and commercial dealings, including principles of fairness, clarity, and prohibition of riba (usury)
Saudi Commercial Court Law (Royal Decree No. M/32): Provides the legal framework for commercial transactions and dispute resolution, including matters related to commercial guarantees
Civil Transactions Regulations: Governs civil aspects of contracts and personal guarantees, including formation, validity, and enforcement
SAMA Rules and Regulations: Guidelines and requirements for banking and financial transactions, including regulations on personal guarantees in banking context
Enforcement Law (Royal Decree No. M/53): Governs the enforcement of judgments and guarantees, including procedures for claiming against guarantors
Commercial Pledge Law: Regulates security interests and guarantees in commercial transactions, including personal guarantees tied to commercial activities
Law of Commercial Papers: Relevant when personal guarantees are associated with commercial papers or negotiable instruments
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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