The Guaranty Form is a essential legal instrument used in Canadian business and financial transactions when one party agrees to guarantee the obligations of another. This document is commonly utilized in various scenarios, including business loans, commercial leases, and supply contracts. The form must comply with Canadian federal and provincial requirements, particularly the Statute of Frauds which requires guarantees to be in writing. The document typically includes detailed sections covering the scope of the guarantee, enforcement provisions, and rights of all parties. It's particularly important in commercial lending and business transactions where additional security is required beyond the primary debtor's commitments. The Guaranty Form serves as a critical risk management tool for creditors while providing clear terms and conditions for guarantors.
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1. Parties: Identifies the Guarantor, the Creditor, and the Principal Debtor
2. Background: Explains the context of the guarantee, including the underlying obligation being guaranteed
3. Definitions: Defines key terms used throughout the guarantee agreement
4. Guarantee and Indemnity: Core section establishing the guarantee obligation and indemnification provisions
5. Scope of Guarantee: Defines the extent and limitations of the guaranteed obligations
6. Nature of Guarantee: Specifies whether the guarantee is continuing, limited, or unlimited
7. Payment Obligations: Details the timing and manner of payments under the guarantee
8. Representations and Warranties: Guarantor's confirmations regarding capacity and authority
9. Preservation of Rights: Creditor's rights preservation and ability to deal with security
10. Enforcement: Circumstances and process for enforcing the guarantee
11. Notices: Requirements for giving notices under the guarantee
12. Governing Law: Specifies applicable law and jurisdiction
13. Execution: Signature blocks and execution requirements
1. Security: Include when the guarantee is secured by specific assets or collateral
2. Multiple Guarantors: Include when there is more than one guarantor to address joint and several liability
3. Release and Discharge: Include specific terms for release when guarantor is a corporation or sophisticated party
4. Assignment: Include when assignment rights are important to the creditor
5. Independent Legal Advice: Include when guarantor is an individual or there's potential for undue influence
6. Limitation Period: Include when parties wish to extend or modify statutory limitation periods
7. Priority and Subordination: Include when there are multiple creditors or security interests
8. Currency: Include when guaranteed obligations are in multiple currencies
1. Schedule A - Guaranteed Obligations: Detailed description of the debts or obligations being guaranteed
2. Schedule B - Security: List and description of any security provided for the guarantee
3. Schedule C - Principal Agreement: Copy or summary of the main agreement giving rise to the guaranteed obligations
4. Schedule D - Independent Legal Advice Certificate: Certificate from lawyer confirming independent legal advice given to guarantor
5. Schedule E - Consent of Spouse: Required in some provinces when matrimonial property is involved
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