A Suretyship Agreement is utilized when a party requires additional security for obligations owed by another party. Common in Singapore's commercial landscape, this document creates a three-way relationship between creditor, principal debtor, and surety. The agreement specifies the scope of guaranteed obligations, conditions for enforcement, and the surety's rights and obligations. Under Singapore law, the Suretyship Agreement must be in writing and comply with specific statutory requirements under the Civil Law Act. It's particularly important in commercial financing, property leasing, and business transactions where additional security is required.
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1. Parties: Identifies and defines the Creditor, Principal Debtor, and Surety
2. Background: Sets out the context of the principal debt and reason for suretyship
3. Definitions: Defines key terms used throughout the agreement including Principal Obligations, Guaranteed Sum, and Security
4. Guarantee and Indemnity: Core obligations of the surety including the scope of guarantee and indemnification provisions
5. Principal Obligations: Details of the underlying debt or obligation being guaranteed, including amount, terms, and conditions
6. Continuing Security: Nature and extent of the surety's liability and the continuing nature of the guarantee
7. Representations and Warranties: Statements and assurances made by the surety regarding their capacity and authority
8. Enforcement: Circumstances and process for enforcing the guarantee, including default provisions
9. Discharge and Release: Conditions under which the surety may be discharged from obligations
10. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction
1. Additional Security: Provisions regarding other forms of security provided alongside the guarantee
2. Joint and Several Liability: Provisions specifying liability arrangements when multiple sureties are involved
3. Currency Provisions: Specific provisions for handling currency conversion and payment terms in cross-border transactions
4. Assignment and Transfer: Provisions regarding the ability to assign or transfer rights under the guarantee
1. Schedule 1 - Principal Agreement: Copy of the underlying agreement being guaranteed
2. Schedule 2 - Payment Schedule: Detailed schedule of payment obligations and terms
3. Schedule 3 - Security Documents: Details of any additional security provided by the surety
4. Schedule 4 - Form of Notice: Standard forms for notices and demands under the agreement
Relevant legal definitions
Agreement
Business Day
Creditor
Default
Guaranteed Obligations
Guarantee Period
Liabilities
Obligor
Principal Agreement
Principal Debtor
Principal Obligations
Secured Obligations
Security
Surety
Suretyship Obligations
Related Rights
Enforcement Event
Finance Documents
Indebtedness
Interest Rate
Maximum Liability Amount
Notice
Payment Currency
Relevant Jurisdiction
Security Interest
Tax
Working Day
Business Day
Creditor
Default
Guaranteed Obligations
Guarantee Period
Liabilities
Obligor
Principal Agreement
Principal Debtor
Principal Obligations
Secured Obligations
Security
Surety
Suretyship Obligations
Related Rights
Enforcement Event
Finance Documents
Indebtedness
Interest Rate
Maximum Liability Amount
Notice
Payment Currency
Relevant Jurisdiction
Security Interest
Tax
Working Day
Clauses
Guarantee and Indemnity
Nature of Guarantee
Scope of Guarantee
Payment Obligations
Continuing Security
Representations and Warranties
Preservation of Rights
Discharge and Release
Principal Debtor's Covenants
Enforcement Rights
Demand and Payment
Set-off Rights
Subrogation Rights
Additional Security
Assignment and Transfer
Amendments and Waivers
Notices
Costs and Expenses
Severability
Confidentiality
Governing Law
Jurisdiction
Limitation of Liability
Force Majeure
Default Events
Termination
Waiver of Defenses
Currency Provisions
Joint and Several Liability
Entire Agreement
Nature of Guarantee
Scope of Guarantee
Payment Obligations
Continuing Security
Representations and Warranties
Preservation of Rights
Discharge and Release
Principal Debtor's Covenants
Enforcement Rights
Demand and Payment
Set-off Rights
Subrogation Rights
Additional Security
Assignment and Transfer
Amendments and Waivers
Notices
Costs and Expenses
Severability
Confidentiality
Governing Law
Jurisdiction
Limitation of Liability
Force Majeure
Default Events
Termination
Waiver of Defenses
Currency Provisions
Joint and Several Liability
Entire Agreement
Relevant Industries
Relevant Teams
Relevant Roles
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