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Personal Guarantee Form

Personal Guarantee Form Template for Denmark

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Personal Guarantee Form

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Document background
The Personal Guarantee Form is a critical document used in Danish business and financial transactions when one party needs to provide additional security for another's obligations. This document is commonly utilized in various scenarios, including business loans, residential and commercial leases, and corporate financing arrangements. The form must strictly comply with Danish legal requirements, particularly the Danish Contracts Act (Aftaleloven) and the Financial Business Act. When the guarantor is a consumer, additional protective measures under Danish consumer protection laws must be incorporated. The Personal Guarantee Form includes detailed information about the parties involved, the scope of guaranteed obligations, enforcement mechanisms, and any limitations on liability. It serves as a crucial risk mitigation tool for creditors while ensuring appropriate protections for guarantors under Danish law.
Suggested Sections

1. Parties: Identification of the Guarantor, Creditor, and Primary Debtor, including full legal names, addresses, and registration numbers where applicable

2. Background: Context of the guarantee, including reference to the main obligation being guaranteed and relationship between parties

3. Definitions: Definitions of key terms used in the guarantee agreement

4. Scope of Guarantee: Clear description of the guaranteed obligations and maximum liability amount

5. Nature of Guarantee: Specification of whether it's a continuing guarantee, on-demand guarantee, or other type

6. Guarantor's Obligations: Detailed description of the guarantor's responsibilities and payment obligations

7. Duration: Term of the guarantee and any conditions affecting its duration

8. Enforcement: Conditions under which the guarantee can be enforced and the process for doing so

9. Representations and Warranties: Guarantor's confirmations regarding their capacity and authority to provide the guarantee

10. Notices: Requirements for formal communications between parties

11. Governing Law and Jurisdiction: Confirmation of Danish law as governing law and jurisdiction for disputes

Optional Sections

1. Consumer Protection Provisions: Additional provisions required when the guarantor is a consumer, including mandatory cooling-off periods and specific disclosures

2. Multiple Guarantors: Provisions addressing joint and several liability when there is more than one guarantor

3. Security: Provisions regarding any security provided in support of the guarantee

4. Assignment: Provisions regarding the ability to assign rights under the guarantee

5. Costs and Expenses: Provisions addressing who bears the costs of preparing and enforcing the guarantee

6. Limitation of Liability: Any agreed caps or limitations on the guarantor's liability

7. Force Majeure: Provisions addressing extraordinary circumstances affecting the guarantee

Suggested Schedules

1. Schedule 1 - Guaranteed Obligations: Detailed description of the primary obligations being guaranteed

2. Schedule 2 - Form of Demand: Template for making a formal demand under the guarantee

3. Schedule 3 - Key Financial Information: Summary of the guarantor's financial position (particularly important for consumer guarantees)

4. Appendix A - Required Notices: Mandatory warning notices and disclosures required under Danish law

5. Appendix B - Supporting Documents: Copies of relevant underlying agreements or documents referenced in the guarantee

Authors

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Relevant Industries
Relevant Teams
Relevant Roles
Industries
Danish Contracts Act (Aftaleloven): Fundamental law governing contract formation, validity, and enforcement in Denmark. Particularly relevant for the formal requirements of guarantee agreements.
Danish Credit Agreements Act (Kreditaftaleloven): Regulates credit arrangements and associated guarantees, particularly important when the guarantee is related to a credit agreement.
Danish Financial Business Act (Lov om finansiel virksomhed): Contains provisions relevant to financial guarantees and requirements for financial institutions in handling guarantee agreements.
Danish Administration of Justice Act (Retsplejeloven): Relevant for enforcement procedures and legal proceedings related to guarantees.
Danish Consumer Protection Act (Forbrugeraftaleloven): Applies when the guarantor is a consumer, providing additional protections and requirements for guarantee agreements.
Danish Limitations Act (Forældelsesloven): Governs the limitation periods for claims under guarantee agreements.
Danish Bankruptcy Act (Konkursloven): Relevant for understanding the implications of bankruptcy on personal guarantees and their enforcement.
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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