Affidavit Of Guarantee Template for Nigeria

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Key Requirements PROMPT example:

Affidavit Of Guarantee

"I need an Affidavit of Guarantee for our Nigerian subsidiary company to guarantee a NGN 50 million bank loan for our parent company, to be effective from March 1, 2025, with the guarantee limited to 24 months."

Document background
The Affidavit of Guarantee is a crucial legal instrument in Nigerian business and financial transactions, combining the solemnity of a sworn statement with the binding nature of a guarantee commitment. It is typically required when financial institutions, businesses, or individuals need additional security for loans, contracts, or other obligations. The document must be executed in compliance with Nigerian legal requirements, including sworn attestation before a Commissioner for Oaths. The Affidavit of Guarantee includes detailed information about the guarantor's identity, financial capacity, the scope of the guarantee, and the underlying obligation being guaranteed. It's particularly important in situations where formal documentation of a guarantee commitment is required with the added weight of a sworn statement, making it a stronger form of assurance than a standard guarantee agreement.
Suggested Sections

1. Title and Court Details: Specifies the court jurisdiction and type of affidavit

2. Deponent Information: Full name, occupation, age, religion, and address of the person making the affidavit (guarantor)

3. Declaratory Statement: Formal opening statement declaring under oath the truth of the contents

4. Principal Debtor Details: Information about the person/entity whose obligations are being guaranteed

5. Creditor Details: Information about the beneficiary of the guarantee

6. Nature of Primary Obligation: Details of the main debt or obligation being guaranteed

7. Guarantee Declaration: Clear statement of the guarantee commitment and its scope

8. Terms and Conditions: Specific conditions and limitations of the guarantee

9. Financial Capacity Statement: Declaration of the guarantor's financial ability to meet the guarantee obligations

10. Duration and Enforcement: Period of guarantee and circumstances under which it can be enforced

11. Attestation: Formal closing, signature, and commissioner for oaths' attestation

Optional Sections

1. Co-Guarantor Details: Required when multiple parties are providing the guarantee

2. Secured Assets: When specific assets are being pledged as additional security

3. Spousal Consent: Required when the guarantor is married and the guarantee involves matrimonial property

4. Corporate Authority: Required when the guarantor is a corporate entity, including board resolution details

5. Guarantee Limit: When the guarantee is capped at a specific amount

6. Release Conditions: Specific conditions under which the guarantor may be released from obligations

7. Illiterate Jurat: Required when the guarantor is illiterate, including literate witness certification

Suggested Schedules

1. Schedule A - Primary Debt Details: Detailed breakdown of the primary debt or obligation being guaranteed

2. Schedule B - Asset Schedule: List and description of any assets specifically pledged as security

3. Schedule C - Payment Terms: Detailed payment schedule or terms related to the guarantee

4. Appendix 1 - Identity Documents: Copies of relevant identity documents of the guarantor

5. Appendix 2 - Corporate Documents: Required corporate documents when guarantor is a company

6. Appendix 3 - Asset Documents: Title documents or proof of ownership for secured assets

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

Relevant Industries

Banking and Financial Services

Real Estate

Construction

Manufacturing

Retail

Agriculture

Oil and Gas

Telecommunications

Healthcare

Education

Transportation and Logistics

Import/Export

Small and Medium Enterprises

Relevant Teams

Legal

Risk Management

Credit

Compliance

Finance

Corporate Secretariat

Business Development

Operations

Recovery and Collections

Document Management

Relevant Roles

Legal Counsel

Risk Manager

Credit Officer

Loan Officer

Company Secretary

Compliance Officer

Financial Controller

Business Development Manager

Contract Manager

Corporate Lawyer

Banking Officer

Credit Analyst

Chief Financial Officer

Legal Administrator

Recovery Officer

Industries
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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