The Guarantee Indemnity Agreement is a crucial legal instrument in Philippine business transactions where additional security is required for commercial obligations. It is commonly used in lending arrangements, project financing, corporate transactions, and other commercial dealings where one party (the guarantor) agrees to be liable for another party's (the principal debtor's) obligations. The document combines two distinct legal concepts: a guarantee (where the guarantor agrees to answer for another's debt) and an indemnity (where the guarantor agrees to reimburse the beneficiary for losses). This dual structure provides enhanced protection for the beneficiary under Philippine law, as the indemnity obligation can be enforced independently of the guarantee. The agreement must comply with Philippine Civil Code requirements and typically includes detailed provisions on the scope of obligations, enforcement mechanisms, and remedies available to the beneficiary.
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1. Parties: Identifies the Guarantor, Principal Debtor, and Beneficiary with their complete legal names and addresses
2. Background: Explains the context of the underlying transaction or obligation being guaranteed and the purpose of the guarantee
3. Definitions: Defines key terms used throughout the agreement, including 'Guaranteed Obligations', 'Indemnified Amounts', and 'Event of Default'
4. Guarantee: Sets out the scope and nature of the guarantee obligations, including whether it is continuing and unconditional
5. Indemnity: Details the indemnification obligations of the Guarantor
6. Payment Provisions: Specifies the mechanics and timing of payments under the guarantee and indemnity
7. Representations and Warranties: Contains statements of fact and assurances from the Guarantor
8. Preservation of Rights: Establishes that the Beneficiary's rights are preserved despite any changes to the underlying obligation
9. Enforcement: Details when and how the guarantee can be enforced
10. Costs and Expenses: Allocates responsibility for costs related to the agreement and its enforcement
11. Notices: Specifies how formal communications between parties should be made
12. Governing Law and Jurisdiction: Confirms Philippine law as governing law and specifies jurisdiction for disputes
1. Security: Include when the guarantee is supported by specific security arrangements or collateral
2. Corporate Authority: Include when the Guarantor is a corporation, detailing corporate approvals obtained
3. Joint and Several Liability: Include when there are multiple guarantors
4. Currency Provisions: Include for cross-border transactions involving multiple currencies
5. Tax Gross-Up: Include when payments may be subject to withholding tax
6. Assignment and Transfer: Include when rights under the guarantee may need to be transferred
7. Force Majeure: Include when specific force majeure provisions are required for the guarantee obligations
1. Schedule 1 - Guaranteed Obligations: Detailed description of the obligations being guaranteed
2. Schedule 2 - Form of Demand: Standard form for making a demand under the guarantee
3. Schedule 3 - Security Details: Details of any security or collateral provided (if applicable)
4. Schedule 4 - Corporate Authorizations: Copies of relevant corporate approvals and resolutions
5. Appendix A - Principal Agreement: Copy of the underlying agreement giving rise to the guaranteed obligations
6. Appendix B - Conditions Precedent: List of documents and conditions required before the guarantee becomes effective
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Property Development
Manufacturing
Construction
Infrastructure
Trading and Commerce
Energy and Utilities
Telecommunications
Mining and Natural Resources
Transportation and Logistics
Relevant Teams
Legal
Finance
Risk Management
Treasury
Compliance
Corporate Secretariat
Credit Administration
Commercial Operations
Business Development
Executive Management
Relevant Roles
Chief Legal Officer
Legal Counsel
Corporate Secretary
Chief Financial Officer
Finance Director
Risk Manager
Credit Manager
Commercial Director
Treasury Manager
Compliance Officer
Contract Manager
Business Development Manager
Company Director
Managing Director
Chief Executive Officer
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