The Personal Guaranty Form is a crucial legal instrument in Malaysian business and financial transactions, commonly used by financial institutions, businesses, and individuals to secure various types of obligations. It serves as a risk mitigation tool where one party (the guarantor) agrees to be legally bound to fulfill the financial obligations of another party (the principal debtor) if they fail to do so. The document is structured to comply with Malaysian law, particularly the Contracts Act 1950, Stamp Act 1949, and related legislation, making it enforceable in Malaysian courts. It's extensively used in lending arrangements, property transactions, and business contracts, particularly when additional security is required beyond the primary obligor's commitments. The form includes comprehensive provisions for enforcement, clearly defined obligations, and necessary protective clauses for all parties involved.
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1. Parties: Identification of the Guarantor, Principal Debtor (borrower), and Beneficiary (lender)
2. Background: Context of the guarantee, including reference to the principal debt or obligation being guaranteed
3. Definitions: Key terms used throughout the guarantee document
4. Guarantee and Indemnity: Core guarantee obligations and indemnity provisions
5. Scope of Guarantee: Extent and limitations of the guarantee obligations
6. Duration: Term of the guarantee and conditions for termination
7. Guarantor's Representations and Warranties: Statements of fact and assurances given by the guarantor
8. Payment Obligations: Terms and conditions for payment under the guarantee
9. Continuing Security: Provision establishing the guarantee as a continuing obligation
10. Enforcement: Rights and procedures for enforcing the guarantee
11. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction for disputes
1. Multiple Guarantors: Additional provisions for cases involving more than one guarantor, including joint and several liability
2. Specific Assets: Details of any specific assets pledged as additional security
3. Interest Provisions: Specific provisions regarding interest calculations and payments
4. Currency Provisions: For guarantees involving foreign currency obligations
5. Assignment and Transfer: Provisions allowing for the transfer or assignment of guarantee rights
6. Cross Default: Provisions linking the guarantee to other financial obligations
7. Islamic Banking Provisions: Additional provisions for Shariah-compliant guarantees
1. Schedule 1 - Principal Agreement Details: Details of the main agreement or debt being guaranteed
2. Schedule 2 - Guaranteed Sum: Specification of the guaranteed amount and any calculation mechanisms
3. Schedule 3 - Guarantor's Assets Declaration: Statement of the guarantor's assets and financial position
4. Appendix A - Notice Forms: Standard forms for notices under the guarantee
5. Appendix B - Payment Instructions: Banking and payment details for guarantee payments
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