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Guaranty Form

Guaranty Form Template for Malaysia

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Key Requirements PROMPT example:

Guaranty Form

"I need a Guaranty Form for our company to guarantee a RM 2 million business loan from Bank Negara Malaysia to our subsidiary company, with the guarantee period starting from March 1, 2025."

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Document background
The Guaranty Form is a fundamental legal instrument in Malaysian commercial practice, commonly used in various business and financial transactions where additional security is required for obligations or debts. This document is essential when a creditor requires extra assurance beyond the principal debtor's commitment, particularly in lending arrangements, property transactions, or commercial contracts. The Guaranty Form must comply with Malaysian law, specifically the Contracts Act 1950 and related legislation, and typically includes comprehensive details about the guaranteed obligations, conditions for enforcement, and the extent of the guarantor's liability. It's particularly crucial in situations where there might be concerns about the principal debtor's ability to fulfill their obligations, serving as a risk management tool for creditors while providing a structured framework for guarantee arrangements.
Suggested Sections

1. Parties: Identifies the Guarantor, the Creditor (beneficiary of the guarantee), and the Principal Debtor

2. Background: Sets out the context of the guarantee, including reference to the principal debt or obligation being guaranteed

3. Definitions: Defines key terms used throughout the guarantee document

4. Guarantee and Indemnity: Core section establishing the guarantee obligations and indemnity provisions

5. Scope of Guarantee: Defines the extent and limitations of the guaranteed obligations

6. Duration of Guarantee: Specifies the term of the guarantee and conditions for termination

7. Guarantor's Representations and Warranties: Statements of fact and assurances given by the guarantor

8. Enforcement and Recovery: Procedures and rights for enforcing the guarantee

9. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and jurisdiction for disputes

Optional Sections

1. Multiple Guarantors: Additional provisions for joint and several liability when there is more than one guarantor

2. Corporate Authorization: Required for corporate guarantors, including board resolutions and constitutional requirements

3. Security Provisions: Additional security arrangements if the guarantee is secured against specific assets

4. Assignment and Transfer: Provisions allowing the creditor to assign or transfer rights under the guarantee

5. Currency Provisions: Required when the guaranteed obligation is in a different currency from the guarantee

Suggested Schedules

1. Principal Agreement Details: Details of the main agreement or debt being guaranteed

2. Guaranteed Obligations: Specific list or description of the obligations covered by the guarantee

3. Security Details: Description of any security provided in support of the guarantee

4. Form of Demand: Template for making formal demands under the guarantee

5. Corporate Authorizations: Copies of relevant board resolutions and corporate authorizations where applicable

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 Industries

Financial Services

Banking

Real Estate

Construction

Manufacturing

Retail

Commercial Lending

Small and Medium Enterprises

Corporate Finance

International Trade

Relevant Teams

Legal

Finance

Risk Management

Compliance

Commercial

Credit

Corporate Secretarial

Business Development

Operations

Relevant Roles

Legal Counsel

Corporate Lawyer

Finance Manager

Credit Risk Officer

Commercial Director

Compliance Officer

Contract Manager

Chief Financial Officer

Banking Relationship Manager

Risk Management Officer

Company Secretary

Business Development Manager

Industries
Contracts Act 1950: Primary legislation governing formation and enforcement of contracts in Malaysia, including specific provisions for contracts of guarantee under Sections 79-86
Civil Law Act 1956: Determines the application of English common law principles in commercial matters where no written law exists in Malaysia
Stamp Act 1949: Governs the stamping requirements for legal documents including guarantees, making them admissible in Malaysian courts
Financial Services Act 2013: Regulates financial institutions and financial transactions, including guarantees involving banks and financial institutions
Consumer Protection Act 1999: Provides protection for consumers in transactions, relevant if the guarantee is related to consumer goods or services
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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