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Guarantor Indemnity Agreement

Guarantor Indemnity Agreement Template for Nigeria

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Key Requirements PROMPT example:

Guarantor Indemnity Agreement

"I need a Guarantor Indemnity Agreement for our Nigerian subsidiary company to guarantee a 5-year term loan of 50 million Naira being taken by our joint venture partner, with the guarantee period starting from March 1, 2025."

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Document background
The Guarantor Indemnity Agreement is a vital legal instrument in Nigerian commercial practice, commonly used when additional security is required for financial or commercial obligations. This document is typically employed when a lender or creditor requires extra assurance beyond the principal debtor's commitment, particularly in situations involving substantial financial obligations, property transactions, or commercial contracts. The agreement combines both guarantee and indemnity elements, providing comprehensive protection for the beneficiary while clearly defining the guarantor's obligations under Nigerian law. It's essential for various commercial transactions, from bank loans to property leases, and includes specific provisions for enforcement under Nigerian jurisdiction. The document needs to comply with Nigerian Contract Law, the Statute of Frauds requirements, and relevant banking regulations where applicable.
Suggested Sections

1. Parties: Identification of all parties: the Guarantor(s), the Principal Debtor, and the Beneficiary

2. Background: Context of the guarantee and indemnity, including reference to the principal agreement or debt being guaranteed

3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement

4. Guarantee: The primary guarantee obligations, including scope and extent of the guarantee

5. Indemnity: The indemnity obligations, setting out when and how the guarantor must indemnify the beneficiary

6. Duration and Extent of Liability: The term of the guarantee and indemnity and the limits of the guarantor's liability

7. Representations and Warranties: Guarantor's confirmations about their capacity and authority to enter into the agreement

8. Preservation of Rights: Provisions ensuring the beneficiary's rights are preserved in various circumstances

9. Demands and Payments: Process for making demands and requirements for payments under the guarantee

10. Interest and Costs: Provisions for interest on late payments and recovery of enforcement costs

11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

Optional Sections

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

2. Security Provisions: Where specific assets are being provided as additional security for the guarantee

3. Currency Provisions: Where guaranteed obligations are in foreign currency or multiple currencies

4. Assignment and Transfer: If rights under the guarantee may need to be assigned or transferred

5. Step-In Rights: Provisions allowing the guarantor to step into the position of the principal debtor in certain circumstances

6. Personal Guarantee Provisions: Additional provisions specific to individual guarantors, including independent legal advice confirmation

7. Corporate Guarantee Provisions: Additional provisions specific to corporate guarantors, including corporate benefit statements

Suggested Schedules

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

2. Guaranteed Obligations: Detailed description of the obligations being guaranteed

3. Security Documents: List and copies of any related security documents

4. Principal Agreement: Copy of the main agreement being guaranteed

5. Corporate Authorizations: Copies of relevant corporate authorizations where the guarantor is a company

6. Legal Advice Certificate: Certificate confirming independent legal advice has been received by individual guarantors

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
Beneficiary
Business Day
Default Interest Rate
Guaranteed Obligations
Guarantor
Indemnified Parties
Losses
Material Adverse Effect
Nigerian Law
Notice
Parties
Principal Agreement
Principal Debtor
Principal Obligations
Secured Obligations
Security
Security Period
Taxes
Territory
Outstanding Balance
Default Event
Guarantee
Indemnity
Enforcement Date
Completion Date
Demand
Due Date
Effective Date
Encumbrance
Finance Documents
Financial Indebtedness
Governing Law
Interest Rate
Liability
Payment Currency
Recovered Money
Related Rights
Security Interest
Termination Date
Relevant Industries

Banking and Finance

Real Estate

Construction

Manufacturing

Retail

Telecommunications

Energy

Agriculture

Transportation

General Commerce

Relevant Teams

Legal

Finance

Risk Management

Compliance

Credit

Commercial

Corporate Secretariat

Treasury

Banking Operations

Relevant Roles

Legal Counsel

Corporate Lawyer

Finance Manager

Credit Risk Officer

Commercial Director

Contract Manager

Company Secretary

Chief Financial Officer

Banking Officer

Compliance Officer

Risk Manager

Treasury Manager

Industries
Nigerian Contract Act: Provides the basic framework for contract formation, validity, and enforcement in Nigeria, including requirements for offer, acceptance, consideration, and capacity to contract
Statute of Frauds Laws: Requires certain contracts, including guarantees, to be in writing and signed to be enforceable
Money Lenders Act: Regulates lending practices and associated guarantees in Nigeria, particularly relevant when the guarantee relates to a loan
Recovery of Debts (Banks and Other Financial Institutions) Act: Governs the procedures for debt recovery and enforcement of securities, including guarantees and indemnities
Banks and Other Financial Institutions Act (BOFIA): Provides regulatory framework for banking operations and financial transactions, including requirements for guarantees in banking contexts
Evidence Act: Governs the admissibility of evidence in Nigerian courts, particularly relevant for proving the existence and terms of the guarantee and indemnity
Limitation Law: Sets time limits within which legal actions on guarantees and indemnities must be brought
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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