A Personal Guarantee Letter is commonly used in New Zealand business and financial transactions where additional security is required for a loan, credit facility, or other financial obligation. This document is particularly relevant when a lender or creditor seeks additional assurance beyond the principal debtor's commitment, often in situations involving new businesses, significant loans, or when the principal debtor has limited credit history. The guarantee letter must comply with New Zealand legislation, including the Contract and Commercial Law Act 2017 and the Credit Contracts and Consumer Finance Act 2003. It typically includes details of the guaranteed obligations, enforcement provisions, and often requires independent legal advice to ensure the guarantor understands their obligations. The document is crucial in risk management for creditors while providing transparency and protection for guarantors.
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1. Date and Parties: Clear identification of the guarantor, creditor, and principal debtor, including full legal names and addresses
2. Reference to Primary Obligation: Details of the underlying debt or obligation being guaranteed, including the agreement date and parties
3. Guarantee Statement: Clear and unequivocal statement of the guarantee being provided, including the scope and extent of the guaranteed obligations
4. Terms of Guarantee: Specific terms including the nature of the guarantee (continuing/limited), payment obligations, and enforcement rights
5. Guarantor's Acknowledgments: Statements confirming the guarantor understands their obligations and has received independent legal advice
6. Enforcement Provisions: Details of when and how the guarantee can be enforced, including any notice requirements
7. Governing Law: Statement that the guarantee is governed by New Zealand law
8. Execution Block: Space for guarantor's signature, witness details, and date of signing
1. Security Provisions: Include when specific assets are being provided as security for the guarantee
2. Multiple Guarantors Clause: Required when there is more than one guarantor, specifying joint and several liability
3. Limit of Liability: Include when the guarantee is to be limited to a specific amount or percentage of the debt
4. Release Conditions: Include when specific conditions for releasing the guarantor are agreed
5. Assignment Rights: Include when the creditor wishes to reserve the right to assign the guarantee
6. Priority Arrangements: Include when there are multiple guarantees or security interests requiring priority arrangements
1. Schedule of Guaranteed Obligations: Detailed list of the debts, obligations, or facilities being guaranteed
2. Schedule of Security: Details of any assets provided as security for the guarantee
3. Independent Legal Advice Certificate: Certificate from a lawyer confirming independent legal advice has been provided to the guarantor
4. Identity Verification: Copies of identification documents and verification requirements
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Commercial Lending
Retail
Construction
Manufacturing
Professional Services
Small Business
Wholesale Trade
Agriculture
Relevant Teams
Legal
Credit Risk
Finance
Compliance
Commercial Lending
Operations
Business Development
Account Management
Risk Management
Corporate Advisory
Relevant Roles
Credit Manager
Risk Assessment Officer
Legal Counsel
Financial Controller
Commercial Lending Manager
Business Development Manager
Account Manager
Credit Analyst
Compliance Officer
Banking Relationship Manager
Corporate Lawyer
Finance Director
Chief Financial Officer
Credit Operations Manager
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