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Guarantor Indemnity Agreement

Guarantor Indemnity Agreement Template for Singapore

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Key Requirements PROMPT example:

Guarantor Indemnity Agreement

"Need a Guarantor Indemnity Agreement under Singapore law where my company acts as guarantor for a subsidiary's S$5 million commercial loan, with specific provisions for staged release of the guarantee as loan repayments are made throughout 2025."

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Document background
The Guarantor Indemnity Agreement is a crucial legal instrument in Singapore's commercial landscape, commonly used when additional security is required for financial or commercial obligations. This document combines both guarantee and indemnity provisions, offering creditors enhanced protection through dual remedies. It is particularly relevant in situations involving loans, property leases, or commercial contracts where one party seeks additional security for another's obligations. The agreement must comply with Singapore's Civil Law Act and Contracts Act, requiring careful drafting to ensure enforceability.
Suggested Sections

1. Parties: Identifies the guarantor, creditor, and principal debtor

2. Background: Explains the context of the principal debt and reason for guarantee

3. Definitions: Defines key terms used throughout the agreement

4. Guarantee and Indemnity: Core obligations of the guarantor

5. Nature of Guarantee: Specifies whether continuing guarantee or limited guarantee

6. Payment Obligations: Details of when and how payments must be made

7. Enforcement: Rights and procedures for enforcing the guarantee

Optional Sections

1. Security Provisions: Additional security arrangements - used when additional security is provided

2. Interest Provisions: Terms for interest on late payments - used when interest charges apply

3. Multiple Guarantors: Joint and several liability provisions - used when there is more than one guarantor

4. Currency Provisions: Handling of foreign currency payments - used for cross-border transactions

Suggested Schedules

1. Principal Agreement: Copy of the main agreement being guaranteed

2. Payment Schedule: Details of payment obligations and dates

3. Security Details: Description of any additional security provided

4. Guarantor Financial Statement: Current financial position of 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

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alex.den.21@genieai.co
Clauses
Guarantee Obligations
Indemnity
Payment Terms
Representations and Warranties
Continuing Security
Default and Enforcement
Discharge and Release
Assignment and Transfer
Costs and Expenses
Notices
Amendments and Waivers
Severability
Governing Law
Jurisdiction
Set-Off Rights
Currency Provisions
Joint and Several Liability
Principal Debtor Covenants
Security Provisions
Interest
Termination
Reinstatement
No Competition
Further Assurance
Entire Agreement
Counterparts
Confidentiality
Time of Essence
Third Party Rights
Force Majeure
Industries

Civil Law Act (Cap. 43): Primary legislation governing contracts, guarantees, and indemnities in Singapore. Contains key provisions about requirements for contracts in writing.

Contracts Act (Cap. 53): Fundamental legislation covering contract formation, validity, and the rights and obligations of contracting parties in Singapore.

Banking Act (Cap. 19): Relevant when agreement involves financial institutions, covering regulatory requirements and security arrangements.

Statute of Frauds requirements: Legal principle requiring guarantees to be in writing and signed, with clear expression of the guarantee obligation.

Common Law Principles: Foundational legal principles including contract formation, doctrine of consideration, and rules regarding unconscionable contracts.

Unfair Contract Terms Act (Cap. 396): Legislation governing limitations on exclusion clauses and reasonableness requirements in contractual agreements.

Limitation Act (Cap. 163): Legislation setting time limits for enforcement and prescription periods for legal actions.

Bankruptcy Act (Cap. 20): Legislation governing the impact of guarantor's bankruptcy and rights of creditors in such situations.

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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