Contract Of Indemnity And Guarantee

Contract Of Indemnity And Guarantee Template for Denmark

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Document background

The Contract of Indemnity and Guarantee is a crucial legal instrument in Danish commercial and financial transactions, used when one party needs to provide financial security for another's obligations. This document is essential in various scenarios, including corporate group structures, project financing, real estate transactions, and general commercial dealings. The agreement must comply with Danish law, particularly the Danish Contracts Act (Aftaleloven) and financial regulations, making it suitable for use within Denmark or for cross-border transactions where Danish law is chosen. The document typically includes detailed provisions on the scope of guarantee, trigger events, maximum liability, enforcement mechanisms, and any specific conditions or limitations. It's particularly relevant in situations where financial institutions require additional security, parent companies need to support subsidiaries, or businesses need to secure their commercial obligations.

Suggested Sections

1. Parties: Identification of all parties including the indemnifier/guarantor, the beneficiary, and the principal debtor

2. Background: Context of the guarantee/indemnity, including the underlying obligation or transaction being guaranteed

3. Definitions: Definitions of key terms used throughout the agreement, including 'Guaranteed Obligations', 'Trigger Events', and 'Maximum Liability'

4. Scope of Guarantee and Indemnity: Detailed description of what obligations are covered and the nature of the guarantee/indemnity

5. Maximum Liability: Clear statement of the maximum amount the guarantor can be liable for

6. Duration and Validity: Term of the guarantee/indemnity, including start date and expiry conditions

7. Demands and Payments: Process for making demands under the guarantee/indemnity and payment terms

8. Guarantor's Obligations: Specific obligations and undertakings of the guarantor

9. Representations and Warranties: Standard representations and warranties from the guarantor

10. Enforcement: Rights and procedures for enforcing the guarantee/indemnity

11. Governing Law and Jurisdiction: Confirmation of Danish law governance and jurisdiction for disputes

Optional Sections

1. Multiple Guarantors: Section addressing joint and several liability when there are multiple guarantors

2. Currency Provisions: Required for cross-border guarantees or when payments may be made in multiple currencies

3. Assignment and Transfer: Include when parties need the ability to transfer rights under the guarantee

4. Counter-Indemnity: Used when the guarantor requires indemnification from the principal debtor

5. Financial Covenants: Include when ongoing financial requirements are imposed on the guarantor

6. Security: Required when the guarantee is backed by specific security or collateral

7. Step-In Rights: Include when the guarantor has the right to take over the underlying obligation

Suggested Schedules

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

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

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

4. Corporate Authorizations: Copies of relevant corporate approvals and authorizations

5. Financial Information: Required financial statements or metrics of the guarantor

6. Underlying Agreement: Copy of the main agreement or obligation being guaranteed

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