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Contract Of Indemnity And Guarantee

Contract Of Indemnity And Guarantee Template for India

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Key Requirements PROMPT example:

Contract Of Indemnity And Guarantee

"Need a Contract of Indemnity and Guarantee under Indian law for a construction project where ABC Construction Ltd will guarantee its subsidiary XYZ Builders' performance and indemnify the client against any defects in a 50-crore commercial building project starting March 2025."

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Document background
The Contract of Indemnity and Guarantee is essential in Indian business transactions where parties seek financial security and performance assurance. This document is commonly used when one party needs protection against potential losses (indemnity) or requires a third party's assurance for another's obligations (guarantee). The agreement must comply with the Indian Contract Act, 1872, and related legislation, making it particularly important to include specific provisions required by Indian law. It's typically employed in scenarios such as loan agreements, construction contracts, service agreements, and corporate transactions where risk mitigation is crucial. The document details the scope of protection, claim procedures, obligations of all parties, and enforcement mechanisms, while ensuring alignment with Indian legal requirements and business practices.
Suggested Sections

1. Parties: Identifies and defines all parties to the agreement: the Indemnifier/Guarantor, the Principal Debtor (in case of guarantee), and the Beneficiary

2. Background: Explains the context and purpose of the agreement, including the underlying transaction or relationship being guaranteed or indemnified

3. Definitions: Defines key terms used throughout the agreement for clarity and consistency

4. Scope of Indemnity/Guarantee: Clearly defines the extent and nature of the indemnity or guarantee being provided, including any monetary limits

5. Duration: Specifies the term of the indemnity/guarantee, including commencement and expiry dates

6. Obligations of the Indemnifier/Guarantor: Details the specific duties and responsibilities of the party providing the indemnity or guarantee

7. Trigger Events: Specifies the circumstances under which the indemnity or guarantee can be invoked

8. Claims Procedure: Outlines the process for making and handling claims under the indemnity/guarantee

9. Representations and Warranties: States the assurances given by each party regarding their capacity and authority

10. Notices: Specifies how formal communications between parties should be made and delivered

11. Governing Law and Jurisdiction: Specifies that Indian law governs the agreement and establishes jurisdiction for dispute resolution

12. Execution: Formal signing section with space for signatures, witnesses, and dates

Optional Sections

1. Security Provisions: Include when additional security or collateral is being provided to support the guarantee/indemnity

2. Step-In Rights: Include when the guarantor has the right to take over the principal debtor's obligations

3. Counter-Indemnity: Include when the principal debtor agrees to indemnify the guarantor for any payments made under the guarantee

4. Assignment and Transfer: Include when parties need the ability to transfer their rights or obligations

5. Multiple Guarantors Provisions: Include when there are multiple guarantors to define joint and several liability

6. Continuing Security: Include when the guarantee is intended to be continuing despite partial payments or settlements

7. Force Majeure: Include when certain circumstances might affect the guarantee's enforceability

8. Confidentiality: Include when sensitive commercial information is involved

Suggested Schedules

1. Schedule 1 - Guaranteed Obligations: Detailed list of the specific obligations or debts being guaranteed

2. Schedule 2 - Security Details: Details of any security or collateral provided, including property descriptions or asset lists

3. Schedule 3 - Claim Form Template: Standard format for making claims under the indemnity/guarantee

4. Schedule 4 - Fee Schedule: If applicable, details of any fees or charges payable in relation to the guarantee

5. Appendix A - Related Agreements: Copies or details of any related agreements referenced in the main document

6. Appendix B - Power of Attorney: If applicable, power of attorney documentation authorizing the execution of the guarantee

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
Applicable Law
Beneficiary
Business Day
Claim
Claim Notice
Commencement Date
Confidential Information
Default
Default Notice
Effective Date
Enforcement Action
Event of Default
Expiry Date
Force Majeure Event
Guarantee
Guarantee Amount
Guarantee Obligations
Guaranteed Liabilities
Guarantor
Indemnified Party
Indemnifier
Indemnity
Indemnity Amount
Indemnity Period
Liabilities
Loss
Material Adverse Effect
Notice
Parties
Payment Date
Principal Debtor
Principal Obligations
Related Agreements
Secured Obligations
Security
Security Documents
Trigger Event
Underlying Agreement
Working Day
Clauses
Interpretation
Definitions
Scope of Guarantee
Scope of Indemnity
Nature of Guarantee
Guarantor's Liability
Indemnifier's Obligations
Payment Obligations
Reimbursement
Claims Procedure
Representations and Warranties
Continuing Security
Independent Obligations
Enforcement
Default
Dispute Resolution
Governing Law
Jurisdiction
Force Majeure
Notices
Assignment
Amendments
Severability
Entire Agreement
Counterparts
Confidentiality
Costs and Expenses
Waiver
Time Limits
Termination
Survival
Third Party Rights
Security Provisions
Step-In Rights
Multiple Guarantors
Set-off Rights
Release and Discharge
Stamp Duty
Registration
Relevant Industries

Banking and Financial Services

Construction and Real Estate

Manufacturing

Information Technology

Infrastructure

Retail

Telecommunications

Healthcare

Energy and Utilities

Transportation and Logistics

Professional Services

Education

Relevant Teams

Legal

Finance

Risk Management

Compliance

Treasury

Corporate Secretarial

Operations

Credit Control

Business Development

Project Management

Relevant Roles

Legal Counsel

Risk Manager

Chief Financial Officer

Company Secretary

Contract Manager

Compliance Officer

Finance Director

Treasury Manager

Credit Manager

Business Development Manager

Project Manager

Operations Director

General Counsel

Corporate Finance Manager

Chief Risk Officer

Industries
Indian Contract Act, 1872: Primary legislation governing contracts in India. Sections 124-147 specifically deal with contracts of indemnity and guarantee, defining their scope, parties' rights and obligations, and enforcement mechanisms.
Limitation Act, 1963: Specifies time limits within which legal actions can be brought for breach of contract or enforcement of guarantees. Important for determining the validity period of claims.
Specific Relief Act, 1963: Provides remedies available to parties in case of breach of contract, including specific performance and injunctive relief.
Indian Stamp Act, 1899: Governs the stamp duty requirements for various types of documents. Relevant for proper execution and admissibility of the contract in court.
Registration Act, 1908: Determines whether registration of the contract is required and the procedure for registration if necessary.
Recovery of Debts Due to Banks and Financial Institutions Act, 1993: Relevant if the guarantee involves banking institutions, providing specific procedures for debt recovery.
The Transfer of Property Act, 1882: Relevant when the guarantee or indemnity involves immovable property as security.
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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