The Personal Guarantee Agreement is a crucial document in Singapore's financial and business landscape, commonly used when a creditor requires additional security for extending credit or loans. It creates a legally binding commitment where the guarantor agrees to fulfill the principal debtor's obligations if they default. Under Singapore law, these agreements must be in writing and typically include specific provisions about the guaranteed obligations, enforcement procedures, and the rights and obligations of all parties. The document is particularly relevant in business financing, property transactions, and corporate lending scenarios where additional security is required beyond the primary borrower's commitments.
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Key Requirements PROMPT example:
Personal Guarantee Agreement
"I need a Personal Guarantee Agreement for my company's loan facility where our CEO will personally guarantee a S$2 million business expansion loan from DBS Bank, to be executed by March 2025."
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OR
1. Parties: Identifies the guarantor, creditor, and principal debtor
2. Background: Explains the context and purpose of the guarantee
3. Definitions: Defines key terms used throughout the agreement
4. Guarantee and Indemnity: Core provisions detailing the guarantee obligations
5. Scope of Guarantee: Defines extent and limitations of the guarantee
6. Duration: Specifies term and termination conditions
7. Representations and Warranties: Guarantor's confirmations regarding capacity and authority
1. Multiple Guarantors: Additional provisions required when more than one guarantor is involved
2. Security Provisions: Details any security provided alongside guarantee, including terms of enforcement
3. Currency Provisions: Handles currency conversion and payment terms for cross-border or multi-currency transactions
1. Principal Agreement: Copy of the main agreement being guaranteed
2. Guaranteed Obligations: Detailed list of obligations covered by guarantee
3. Form of Demand: Template for making demands under the guarantee
4. Security Details: Description of any security provided (if applicable)
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