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Guarantor Indemnity Agreement

Guarantor Indemnity Agreement Template for Australia

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Key Requirements PROMPT example:

Guarantor Indemnity Agreement

"I need a Guarantor Indemnity Agreement for an Australian corporate guarantor who will be guaranteeing a $5 million business loan for their subsidiary company, with the agreement to take effect from March 2025."

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Document background
The Guarantor Indemnity Agreement is a crucial document in Australian commercial and financial transactions where additional security is required for obligations or debts. This document is commonly used by financial institutions, businesses, and individuals when one party (the guarantor) agrees to guarantee the obligations of another party (the principal debtor) and provide an indemnity to the beneficiary. The agreement is structured to comply with Australian law, including consumer protection legislation and banking regulations. It typically includes comprehensive provisions covering the nature and extent of the guarantee and indemnity, enforcement rights, and protections for all parties. The document becomes particularly important in scenarios involving business loans, property leases, supply contracts, or any situation where a third party's financial backing is required to secure an obligation.
Suggested Sections

1. Parties: Identifies the guarantor(s), the beneficiary (creditor), and the principal debtor

2. Background: Explains the context of the guarantee, including details of the principal debt or obligation being guaranteed

3. Definitions and Interpretation: Defines key terms and sets out interpretation principles

4. Guarantee: Sets out the primary guarantee obligations and their scope

5. Indemnity: Contains the indemnity obligations of the guarantor

6. Nature of Guarantee and Indemnity: Specifies that the obligations are continuing, unconditional and irrevocable

7. Representations and Warranties: Guarantor's confirmations about their capacity and understanding

8. Preservation of Rights: Protects the beneficiary's rights in various circumstances

9. Payment Terms: Specifies how and when payments must be made under the guarantee

10. Costs and Expenses: Addresses payment of enforcement costs and other expenses

11. General Provisions: Standard boilerplate clauses including notices, governing law, etc.

12. Execution: Formal execution provisions and signing pages

Optional Sections

1. Security: Required when the guarantee is secured by specific assets

2. Multiple Guarantors: Additional provisions needed when there is more than one guarantor

3. Limited Guarantee: Used when the guarantee is limited to a specific amount or time period

4. Independent Legal Advice: Acknowledgment of receiving independent legal advice (recommended for individual guarantors)

5. Priority Arrangements: Required when there are multiple creditors or security interests

6. Guarantor Covenants: Additional promises by the guarantor, such as maintaining financial conditions

7. Assignment: Specific provisions regarding transfer of rights under the guarantee

Suggested Schedules

1. Details of Underlying Obligation: Detailed description of the principal debt or obligation being guaranteed

2. Security Details: Description of any security provided under the guarantee

3. Guarantor Certificate: Form of certificate confirming the guarantor's understanding and acceptance

4. Independent Legal Advice Certificate: Form for legal advisors to certify advice given to guarantor

5. Notice Details: Contact information for all parties for formal notices

6. Guarantee Limit Details: Specific details of any limitations on the guarantee amount or scope

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Authorisation
Business Day
Claim
Corporations Act
Default
Default Rate
Dollars
Enforcement Expenses
Event of Default
Financial Indebtedness
Guaranteed Money
Guaranteed Obligations
Guarantor
GST
Indemnified Amount
Insolvency Event
Law
Loss
Material Adverse Effect
Notice
Obligor
Outstanding Money
Permitted Security Interest
Power
Principal Agreement
Principal Debtor
Principal Obligations
Recovery
Related Body Corporate
Related Entity
Relevant Documents
Security
Security Interest
Taxes
Transaction Documents
Clauses
Guarantee
Indemnity
Payment Obligations
Representations and Warranties
Continuing Obligation
Joint and Several Liability
Principal Debtor
Preservation of Rights
Independent Obligations
Security
Enforcement
Default Interest
Set-off Rights
Assignment and Transfer
Costs and Expenses
Limitation of Liability
Notices
Governing Law
Jurisdiction
Waiver
Severability
Amendment
Entire Agreement
Confidentiality
GST
Execution
Independent Legal Advice
Priority and Subordination
Recovery Rights
Release and Discharge
Relevant Industries

Banking and Financial Services

Real Estate

Construction

Manufacturing

Retail

Professional Services

Infrastructure

Mining and Resources

Agriculture

Healthcare

Education

Technology

Relevant Teams

Legal

Finance

Credit

Risk Management

Compliance

Commercial Operations

Corporate Services

Business Development

Loan Operations

Property Management

Relevant Roles

Legal Counsel

Commercial Manager

Credit Manager

Risk Manager

Finance Director

Company Secretary

Compliance Officer

Contract Administrator

Business Development Manager

Chief Financial Officer

Banking Relationship Manager

Corporate Lawyer

Property Manager

Loan Officer

Industries
Australian Consumer Law (Schedule 2 of the Competition and Consumer Act 2010): Provides consumer protections and regulates unfair contract terms, especially relevant if the guarantor is an individual rather than a corporation
National Consumer Credit Protection Act 2009: Regulates credit activities and provides consumer protections, including specific requirements for guarantees related to consumer credit contracts
Banking Code of Practice: Although not legislation, this important industry code sets out obligations for banks when taking guarantees, including disclosure requirements and protections for guarantors
Contracts Review Act 1980: NSW legislation (but influential across Australia) that allows courts to review unjust contracts, including guarantees
Property Law Act (State-specific): State-based legislation that may affect guarantees secured by property
Limitation Act (State-specific): Sets time limits for enforcement of guarantees and indemnities
Personal Property Securities Act 2009: Relevant if the guarantee involves security over personal property
Financial Sector (Collection of Data) Act 2001: May be relevant for reporting requirements if the guarantee is provided to an authorized deposit-taking institution
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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