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Suretyship Agreement
I need a Suretyship Agreement under UAE law where our parent company guarantees the performance obligations of our subsidiary in a major construction project in Dubai, with a guarantee value of AED 50 million and an expiry date of March 15, 2025.
1. Parties: Identification of the Surety (Guarantor), the Principal Debtor, and the Beneficiary (Creditor)
2. Background: Context of the underlying obligation and the purpose of the suretyship
3. Definitions: Key terms used throughout the agreement
4. Scope of Guarantee: Clear definition of the obligations being guaranteed and the extent of the surety's liability
5. Nature of Guarantee: Specification that this is a continuing, irrevocable, and binding guarantee
6. Surety's Obligations: Detailed obligations of the surety, including payment terms and conditions
7. Representations and Warranties: Statements of fact and assurances from the surety regarding their capacity and authority
8. Enforcement and Claims: Process and conditions for making claims under the guarantee
9. Duration and Release: Term of the guarantee and conditions for discharge or release
10. Preservation of Rights: Beneficiary's rights preservation and waiver of surety's defenses
11. Notices: Communication requirements and contact details
12. Governing Law and Jurisdiction: Specification of UAE law and jurisdiction for dispute resolution
1. Islamic Finance Compliance: Required when the agreement needs to be Sharia-compliant, including relevant provisions and structure
2. Counter-Indemnity: Include when the surety requires indemnification from the principal debtor
3. Security: When additional security is provided to support the guarantee
4. Multiple Sureties: Required when there is more than one surety, defining their respective obligations
5. Assignment and Transfer: Include if the rights under the guarantee need to be transferable
6. Costs and Expenses: Detailed provisions regarding costs when significant expenses are anticipated
7. Amendments and Variations: Required when flexibility for future changes needs to be built in
8. Language: Required when dual language versions are needed, specifying the prevailing language
1. Schedule 1 - Guaranteed Obligations: Detailed description of the underlying obligations being guaranteed
2. Schedule 2 - Form of Demand: Template for making claims under the guarantee
3. Schedule 3 - Security Details: Details of any security or collateral provided
4. Schedule 4 - Principal Debtor Information: Detailed information about the principal debtor and the primary obligation
5. Appendix A - Required Documents: List of documents required for guarantee enforcement
6. Appendix B - Payment Instructions: Banking and payment details for guarantee claims
Authors
Applicable Law
Beneficiary
Business Day
Claim
Collateral
Default
Demand
Effective Date
Enforcement Event
Event of Default
Expiry Date
Financial Indebtedness
Guaranteed Obligations
Guarantee Period
Guarantor
Indemnity
Liability
Maximum Liability Amount
Notice
Obligor
Payment Date
Principal Debtor
Principal Documents
Recovery
Related Rights
Security
Security Interest
Secured Obligations
Specified Currency
Surety
Suretyship Obligation
Termination Date
Underlying Agreement
UAE
Working Day
Definitions
Guarantee and Indemnity
Scope of Guarantee
Representations and Warranties
Payment Obligations
Continuing Security
Preservation of Rights
Discharge and Release
Default and Enforcement
Assignment and Transfer
Set-off Rights
Costs and Expenses
Notices
Amendments
Severability
Waiver
Entire Agreement
Counterparts
Governing Law
Jurisdiction
Language
Time Periods
Force Majeure
Confidentiality
Third Party Rights
Indemnification
Limitation of Liability
Term and Termination
Dispute Resolution
Banking and Financial Services
Construction and Real Estate
Manufacturing
Trading and Commerce
Oil and Gas
Infrastructure Development
Telecommunications
Healthcare
Hospitality
Retail
Legal
Finance
Risk Management
Compliance
Treasury
Corporate Secretariat
Commercial
Credit
Business Development
Project Management
Legal Counsel
Chief Financial Officer
Risk Manager
Compliance Officer
Contract Manager
Credit Manager
Treasury Manager
Corporate Secretary
Business Development Manager
Project Manager
General Counsel
Finance Director
Commercial Director
Managing Director
Chief Executive Officer
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