Guarantor Declaration Form for Singapore

Guarantor Declaration Form Template for Singapore

A Guarantor Declaration Form under Singapore law is a legally binding document where an individual or entity (the guarantor) formally commits to fulfilling the financial obligations of another party (the principal debtor) if they default. The document, governed by Singapore's Civil Law Act and Contracts Act, establishes the scope, terms, and conditions of the guarantee, including the maximum liability amount and duration of the guarantee obligation.

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What is a Guarantor Declaration Form?

The Guarantor Declaration Form is a critical document in Singapore's financial and commercial landscape, commonly used when a third party needs to provide security for another's obligations. This form, regulated under Singapore law, particularly the Civil Law Act and Contracts Act, requires specific information including the guarantor's personal details, financial capacity, and the extent of guaranteed obligations. It's essential for various transactions including loans, rental agreements, and business financing, where additional security is required beyond the principal debtor's commitments.

What sections should be included in a Guarantor Declaration Form?

1. Personal Details: Guarantor's full identification details including name, NRIC/passport number, address, contact information and occupation

2. Principal Debtor Details: Complete information about the person/entity whose obligations are being guaranteed, including relationship to guarantor

3. Guarantee Declaration: Core statement of guarantee including scope of obligations, acknowledgment of terms, and confirmation of understanding

4. Liability Amount: Explicit statement of guarantee amount or limit of liability, including any applicable interest or charges

5. Duration of Guarantee: Clear specification of the term or period of the guarantee, including start date and termination conditions

What sections are optional to include in a Guarantor Declaration Form?

1. Joint and Several Liability: Additional terms specifying joint and several liability when multiple guarantors are involved

2. Secured Assets Declaration: Detailed declaration of any assets being used to secure the guarantee, including current market value and encumbrances

3. Financial Statement: Declaration of guarantor's current financial position, including assets, liabilities, and income details

What schedules should be included in a Guarantor Declaration Form?

1. Schedule 1: Principal Debt Details: Comprehensive details of the main debt or obligation being guaranteed, including payment terms and conditions

2. Schedule 2: Assets Schedule: Detailed list and description of any assets securing the guarantee, including valuation certificates if applicable

3. Appendix A: Supporting Documents: Checklist and copies of required supporting documents including identity verification, income proof, and asset ownership evidence

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

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What is a Guarantor Declaration Form?

What sections should be included in a Guarantor Declaration Form?

What sections are optional to include in a Guarantor Declaration Form?

What schedules should be included in a Guarantor Declaration Form?

Authors

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