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Guarantee And Indemnity Form

Guarantee And Indemnity Form Template for India

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Key Requirements PROMPT example:

Guarantee And Indemnity Form

"I need a Guarantee and Indemnity Form for our manufacturing company where the parent company will act as guarantor for a 50 crore INR equipment lease agreement that our subsidiary is entering into with ABC Leasing Ltd, effective March 1, 2025."

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Document background
The Guarantee And Indemnity Form is a vital legal instrument in Indian commercial and financial transactions, founded on the provisions of the Indian Contract Act, 1872. It serves multiple purposes in various business contexts, from securing financial obligations to supporting commercial contracts. The document is particularly crucial in scenarios where additional security or support is required for business transactions, loans, or other financial arrangements. It combines two distinct legal concepts: a guarantee (where the guarantor agrees to fulfill the principal debtor's obligations upon default) and an indemnity (providing separate protection against loss). The form must comply with Indian legal requirements, including proper stamping and potential registration, and typically includes comprehensive provisions addressing enforcement, rights preservation, and procedural requirements for making demands.
Suggested Sections

1. Parties: Identifies and defines the Guarantor(s), the Beneficiary (creditor), and the Principal Debtor

2. Background: Explains the context of the underlying transaction and why the guarantee is being provided

3. Definitions and Interpretation: Defines key terms used throughout the document and establishes interpretation rules

4. Guarantee: Sets out the primary guarantee obligations, including the scope and limit of the guaranteed amount

5. Indemnity: Details the indemnity obligations of the guarantor(s)

6. Nature of Guarantee: Specifies that the guarantee is continuing, irrevocable, and unconditional

7. Preservation of Rights: Establishes that the guarantee remains valid despite variations to the underlying obligation or extensions of time

8. Demands and Payments: Procedure for making demands under the guarantee and requirements for payment

9. Representations and Warranties: Standard representations and warranties given by the guarantor

10. Guarantor Covenants: Ongoing obligations of the guarantor during the life of the guarantee

11. Expenses and Stamp Duty: Responsibility for costs, expenses, and stamp duty

12. Notices: Process and requirements for serving notices under the guarantee

13. Governing Law and Jurisdiction: Specifies Indian law as governing law and determines jurisdiction for disputes

Optional Sections

1. Multiple Guarantors: Additional provisions for when there are multiple guarantors, including joint and several liability

2. Security Provisions: Where additional security is provided to support the guarantee

3. Assignment and Transfer: Rights to assign or transfer the guarantee, if permitted

4. Corporate Guarantor Provisions: Additional representations and requirements specific to corporate guarantors

5. Currency Provisions: For guarantees involving foreign currency obligations

6. Step-In Rights: Rights of the guarantor to step into the position of the principal debtor

7. Tax Gross-Up: Provisions for tax deductions and gross-up requirements

8. Financial Covenants: Specific financial maintenance requirements for the guarantor

Suggested Schedules

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

2. Schedule 2 - Guarantee Limit and Fee Details: Specific amounts, limits, and any fees payable under the guarantee

3. Schedule 3 - Form of Demand: Template for making demands under the guarantee

4. Schedule 4 - Conditions Precedent: List of documents and conditions required before the guarantee becomes effective

5. Schedule 5 - Securities: Details of any additional security provided (if applicable)

6. Appendix A - Corporate Authorizations: Copies of relevant corporate authorizations and board resolutions

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
Affiliate
Applicable Law
Banking Day
Beneficiary
Business Day
Default
Default Interest
Default Rate
Demand
Effective Date
Encumbrance
Event of Default
Financial Indebtedness
Guarantee
Guaranteed Obligations
Guarantor
Indemnified Party
Indemnity
Interest Period
Liability
Loss
Material Adverse Change
Notice
Obligations
Party/Parties
Payment Currency
Principal Debtor
Principal Agreement
Recovered Amount
Reference Rate
Security
Security Documents
Stamp Duty
Subsidiary
Tax
Territory
Transaction Documents
Underlying Agreement
Clauses
Guarantee
Indemnity
Representations and Warranties
Payment Obligations
Continuing Security
Joint and Several Liability
Enforcement
Default
Interest and Costs
Currency
Set-Off
Assignment and Transfer
Taxes
Stamp Duty
Notices
Amendments
Severability
Waiver
Confidentiality
Force Majeure
Entire Agreement
Counterparts
Further Assurance
Governing Law
Jurisdiction
Dispute Resolution
Limitation of Liability
Term and Termination
Survival
Security Rights
Discharge and Release
Preservation of Rights
Principal Debtor Insolvency
Demands and Payments
Costs and Expenses
Relevant Industries

Banking and Financial Services

Real Estate

Manufacturing

Infrastructure

Retail

Construction

Information Technology

Telecommunications

Energy

Healthcare

Transportation and Logistics

Education

Relevant Teams

Legal

Finance

Risk Management

Treasury

Compliance

Corporate Secretarial

Commercial

Credit Management

Business Development

Operations

Relevant Roles

Legal Counsel

Chief Financial Officer

Risk Manager

Company Secretary

Commercial Director

Credit Manager

Corporate Finance Manager

Treasury Manager

Compliance Officer

Contract Manager

Financial Controller

Business Development Manager

General Manager

Managing Director

Industries
Indian Contract Act, 1872: Primary legislation governing contracts in India. Sections 124-147 specifically deal with contracts of guarantee, defining rights and obligations of surety, creditor, and principal debtor. Section 124 defines 'contract of guarantee' while Section 126 establishes liability of surety.
Specific Relief Act, 1963: Provides remedies for enforcement of guarantees and indemnities, including specific performance and injunctive relief where monetary compensation is inadequate.
Indian Limitation Act, 1963: Sets time limits for filing claims under guarantee and indemnity agreements. Generally provides a three-year limitation period for contractual claims from when the right to sue accrues.
Indian Stamp Act, 1899: Mandates proper stamping of guarantee and indemnity documents. Unstamped or inadequately stamped documents face admissibility issues in court proceedings.
Registration Act, 1908: While registration is not mandatory for all guarantee documents, certain types of guarantees involving immovable property may require registration under this Act.
Transfer of Property Act, 1882: Relevant when the guarantee or indemnity involves any rights or interests in 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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