The Suretyship Agreement is a fundamental security instrument in Austrian commercial and financial transactions, used when a third party (the surety) agrees to guarantee the obligations of a debtor to a creditor. This document is particularly relevant in lending arrangements, commercial contracts, and real estate transactions where additional security is required. The agreement must comply with Austrian law requirements, including specific provisions of the ABGB (Austrian Civil Code) and, where applicable, the Consumer Protection Act (KSchG). A properly structured Suretyship Agreement will clearly define the scope of guaranteed obligations, maximum liability, conditions for enforcement, and rights of all parties involved. It's essential for business operations where credit risk management is crucial and can be used in both commercial and private contexts, though different legal requirements may apply depending on the surety's status as a consumer or business entity.
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1. Parties: Identification of the Surety, the Principal Debtor, and the Creditor, including full legal names and addresses
2. Background: Context of the suretyship, including reference to the underlying principal debt or obligation being secured
3. Definitions: Key terms used throughout the agreement, including 'Secured Obligations', 'Principal Debt', and 'Security Period'
4. Scope of Suretyship: Clear definition of the obligations being secured and the nature of the surety's liability
5. Maximum Liability: Specification of any caps on the surety's liability and the maximum amount guaranteed
6. Duration and Termination: Term of the suretyship and conditions for its termination
7. Surety's Representations and Warranties: Confirmations from the surety regarding their capacity and understanding of the obligations
8. Payment Obligations: Terms governing when and how the surety must make payments upon default
9. Enforcement and Remedies: Rights of the creditor to enforce the suretyship and available remedies
10. Notices: Process for serving notices between parties
11. Governing Law and Jurisdiction: Confirmation of Austrian law application and jurisdiction for disputes
1. Consumer Protection Declarations: Required when the surety is a consumer, including mandatory warnings and acknowledgments under KSchG
2. Multiple Sureties: Required when there is more than one surety, defining joint and several liability
3. Indemnity Provisions: Optional additional protection for the creditor, converting the obligation into a primary liability
4. Information Rights: Optional provisions regarding the surety's right to receive information about the principal debt
5. Assignment and Transfer: Optional provisions regarding the ability to transfer rights under the agreement
6. Costs and Expenses: Optional provisions regarding who bears the costs of preparing and enforcing the agreement
1. Schedule 1 - Principal Debt Details: Details of the underlying debt or obligation being secured, including payment terms
2. Schedule 2 - Secured Obligations: Detailed list of all obligations covered by the suretyship
3. Schedule 3 - Form of Demand: Template for making a demand under the suretyship
4. Appendix A - Consumer Warning Notice: Required warning notice for consumer sureties under Austrian law
5. Appendix B - Required Declarations: Any specific declarations required by Austrian law or the parties' agreement
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Real Estate
Construction
Manufacturing
Retail
Commercial Lending
Professional Services
Infrastructure
General Commerce
Relevant Teams
Legal
Finance
Risk Management
Treasury
Compliance
Commercial Operations
Credit Control
Corporate Banking
Business Development
Contracts Administration
Relevant Roles
Legal Counsel
Finance Director
Credit Risk Manager
Commercial Director
Compliance Officer
Treasury Manager
Chief Financial Officer
Contract Manager
Banking Relationship Manager
Corporate Lawyer
Risk Assessment Officer
Business Development Manager
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