Surety Agreement Template for New Zealand

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Key Requirements PROMPT example:

Surety Agreement

"I need a Surety Agreement for my construction company to guarantee a $2.5M project performance bond, where three company directors will act as personal guarantors with joint and several liability, with the agreement to commence on March 1, 2025."

Document background

The Surety Agreement is a vital legal instrument in New Zealand's commercial and financial landscape, commonly used when additional security is required for business loans, property transactions, or performance obligations. This document is essential when a creditor requires extra assurance beyond the principal debtor's commitment, particularly in situations involving substantial financial exposure or when the principal debtor's creditworthiness alone is insufficient. The agreement must comply with New Zealand's robust legal framework, including the Contract and Commercial Law Act 2017 and related legislation. It typically includes detailed provisions about the guarantee's scope, the guarantor's obligations, enforcement mechanisms, and any security arrangements. The document is adaptable for various commercial contexts, from simple personal guarantees to complex corporate security arrangements, and can be used in conjunction with other security documents to create a comprehensive security package.

Suggested Sections

1. Parties: Identifies all parties to the agreement including the creditor, principal debtor, and guarantor(s)

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

3. Definitions and Interpretation: Defines key terms used in the agreement and sets out interpretation rules

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

5. Extent of Liability: Defines the scope and limitations of the guarantor's liability

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

7. Guarantor's Obligations: Details specific obligations and responsibilities of the guarantor

8. Creditor's Rights: Outlines the rights of the creditor, including enforcement rights

9. Payments: Specifies payment terms, methods, and currency

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

11. Default and Enforcement: Describes events of default and enforcement mechanisms

12. Costs and Indemnities: Addresses liability for costs and provides indemnities

13. General Provisions: Standard boilerplate clauses including notices, amendments, governing law

Optional Sections

1. Security: Include when the guarantee is secured against specific assets

2. Multiple Guarantors: Include when there are multiple guarantors to address joint and several liability

3. Limit of Liability: Include when the guarantor's liability is capped at a specific amount

4. Priority and Subordination: Include when there are multiple creditors or security interests to establish priority

5. Assignment and Transfer: Include when rights under the guarantee may need to be assigned

6. Independent Legal Advice: Include when guarantor is an individual or there's significant risk of undue influence

7. Financial Covenants: Include when guarantor must maintain specific financial metrics

8. Corporate Authority: Include when guarantor is a company requiring specific corporate approvals

Suggested Schedules

1. Details of Underlying Obligation: Schedule detailing the principal debt or obligation being guaranteed

2. Security Details: If applicable, details of any security provided including asset descriptions

3. Guarantor Information: Detailed information about guarantor(s) including contact details and corporate information

4. Payment Schedule: If applicable, schedule of payment terms and amounts

5. Form of Demand: Standard form for making demands under the guarantee

6. Independent Legal Advice Certificate: Certificate confirming independent legal advice has been received

7. Corporate Authority Documentation: Copies of relevant corporate approvals and 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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Banking

Construction

Real Estate

Commercial Property

Manufacturing

Retail

Professional Services

Infrastructure

Energy

Agriculture

Technology

Relevant Teams

Legal

Finance

Risk Management

Compliance

Treasury

Credit Control

Commercial Operations

Business Development

Corporate Secretariat

Property Management

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Risk Manager

Credit Manager

Commercial Director

Contract Manager

Company Secretary

Treasury Manager

Financial Controller

Compliance Officer

Business Development Manager

Account Manager

Property Manager

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