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Protect your interests, secure your agreements: Personal Guarantee and Indemnity.
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A Deed of Guarantee and Indemnity is an essential document, often signed alongside a contract, to ensure that a third parties guarantees and indemnities are legally enforceable.
These types of agreements are most common in financing or borrowing arrangements to guarantee the repayment of a loan and indemnify the lender for loss. While this type of agreement is often used in the context of loans it is not limited to this application. This can also be used to require a party to perform a specific obligation agreed to in the contract.
How Does a Deed of Guarantee and Indemnity Work?
A Deed of Guarantee and Indemnity is a complicated document that can have significant implications for the guarantor/indemnifier. It is important to note that a Deed is a more powerful form of promise than a contract and is capable of being more strictly enforced by the Courts. Therefore, the parties must clearly identify exactly what they are legally obliged to do in the terms of the guarantee and indemnity. The guarantor should understand the party they are providing the guarantee for and how likely they are to fulfil their obligations to the other party.
A guarantee may be made over any assets owned by the guarantor. The terms of the Deed will normally specify a limited amount that the guarantor is willing to contribute to the repayment of the loan.
This is normally determined at the time of signing the contract in anticipation of specified types of loss. An indemnity clause will normally limit the amount that the indemnifying party is willing to contribute to remedy the loss suffered by the Lender.
Releases allow the guarantor/indemnifier to be released from liability to fulfil their obligations where certain conditions are met. This will prevent the party who has suffered loss from taking action against the guarantor when they do not fulfil their obligation after being released from it.
A Deed of Guarantee & Indemnity can help your secure loans that you would otherwise not be able to acquire and provides a safety net in the event of default by the borrower. By drafting these obligations in the form of a Deed you can increase your chances of compliance with the agreed terms and avoid costly legal disputes.
Deeds of Guarantee & Indemnity are complicated agreements which are likely to have far reaching consequences for your business. It is important that your Deed reflects the specific circumstances of your business arrangement and that you receive advice before signing any of these documents. This will give you the best possible chance of protecting your interests in the event of legal issues.
Does your business currently have a Deed of Guarantee and Indemnity? Protect yourself and your business – ensure you are contractually set up to ensure the best possible chance of being repaid.
Don’t open yourself up to risk. Order a Deed of Guarantee and Indemnity from Arrow White Online today!
If you have any general questions or require legal advice, please contact us and we can refer you to a specialist Law Firm.
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Answers to the most frequently asked questions
What is a Deed of Guarantee & Indemnity?
A Deed of Guarantee & Indemnity is where party C (a third party) makes a guarantee to Party A (one of the parties to a contract) that if party B (the other party to the contract) is unable to fulfil a certain obligation, then Party C will step in and fulfil party B’s obligation.
What is the difference between a Deed and a Contract?
A Deed is a more powerful form of promise than a contract. Therefore, it is particularly useful for specific promises that the parties intend to strictly enforced.
What is a Guarantee?
A guarantee is when money is loaned to a borrower and the lender requires that a third-party guarantor secures the loan. This happens by the guarantor accepting that if the borrower defaults on their loan that the guarantor will agree to pay out the outstanding balance of the loan.
What is an Indemnity?
An indemnity is when the parties enter into a contract where there is potential for either of the parties to suffer loss, the parties will allocate risk by agreeing to indemnify each other in certain situations.
What do I need to consider if I am planning to be a Guarantor?
If you are planning to sign a Deed to guarantee and indemnify a party to a contract for fulfilment of an obligation it is important that you understand the financial and legal risks that you are undertaking. For e.g. if you are providing a guarantee on behalf of the borrower of a loan you should be aware of how likely the borrower is to default on that loan. As a general rule you should always seek legal advice before signing a Guarantee.
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