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Joint Guarantee Agreement

Joint Guarantee Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Joint Guarantee Agreement

"I need a Joint Guarantee Agreement under UAE law for three corporate guarantors jointly guaranteeing a 10 million AED commercial loan facility to a real estate development company, with Islamic finance provisions included."

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Document background
The Joint Guarantee Agreement is commonly used in the UAE business environment when multiple parties need to provide security for a principal debtor's obligations. This document is particularly relevant in commercial financing, project development, and corporate transactions where additional security is required by creditors. The agreement must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and other relevant legislation, including Sharia principles where applicable. It typically includes detailed provisions on the scope of guaranteed obligations, enforcement mechanisms, and the joint and several nature of the guarantors' liability. The document is essential for risk mitigation in financial transactions and requires careful consideration of UAE legal requirements regarding guarantee enforcement and execution.
Suggested Sections

1. Parties: Identification of the Guarantors, Principal Debtor, and Beneficiary with full legal names and addresses

2. Background: Context of the guarantee, reference to the primary obligation, and relationship between parties

3. Definitions and Interpretation: Key terms used in the agreement, including 'Guaranteed Obligations', 'Event of Default', and interpretation rules

4. Joint and Several Guarantee: Core guarantee provisions, including scope, joint and several nature, and primary obligations of guarantors

5. Extent of Liability: Limits and scope of guarantors' liability, maximum guaranteed amount if applicable

6. Representations and Warranties: Guarantors' confirmations regarding capacity, authority, and financial condition

7. Continuing Security: Provisions establishing the guarantee as continuing security until full discharge

8. Enforcement: Rights and mechanisms for enforcement, including any requirements under UAE law

9. Payments: Payment obligations, currency, method, and treatment of taxes

10. Indemnity: Indemnification obligations of the guarantors

11. Changes to Parties: Rules regarding assignment, transfer, and addition/removal of guarantors

12. Notices: Communication procedures and contact details

13. Governing Law and Jurisdiction: UAE law as governing law and jurisdiction of UAE courts

Optional Sections

1. Islamic Finance Provisions: Required when the guarantee needs to be Sharia-compliant

2. Security: Include when additional security is being provided alongside the guarantee

3. Bank Accounts: Required when specific accounts are designated for payments under the guarantee

4. Power of Attorney: Include when enforcement powers need to be granted to the beneficiary

5. Additional Guarantor Accession: Include when there's possibility of additional guarantors joining later

6. Currency Conversion: Required when guaranteed obligations are in multiple currencies

7. Costs and Expenses: Optional detailed section on cost allocation and recovery

Suggested Schedules

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

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

3. Conditions Precedent: List of documents and conditions required before guarantee becomes effective

4. Form of Accession Deed: Template for additional guarantors to accede to the agreement

5. Notice Details: Detailed contact information for all parties

6. Form of Compliance Certificate: Template for periodic confirmation of compliance with guarantee terms

7. Powers of Attorney: Forms of powers of attorney if required for enforcement

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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














































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Relevant Industries

Banking and Financial Services

Real Estate and Construction

Trading and Commercial

Manufacturing

Infrastructure and Projects

Energy and Resources

Retail and Consumer

Healthcare

Technology and Communications

Transportation and Logistics

Relevant Teams

Legal

Finance

Risk Management

Treasury

Compliance

Corporate Secretariat

Credit

Commercial

Business Development

Operations

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Risk Manager

Credit Manager

Treasury Manager

Commercial Director

Compliance Officer

Company Secretary

Business Development Manager

Contract Manager

Financial Controller

Managing Director

Chief Executive 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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