The Guarantor Declaration is a fundamental legal instrument in South African commercial practice, essential for securing financial obligations and managing credit risk. It is commonly used in various contexts, from corporate lending to property leases, where additional security is required for a primary obligation. The document must comply with South African legislation, particularly the National Credit Act 34 of 2005 and the General Law Amendment Act 50 of 1956, which require such guarantees to be in writing and signed. The declaration typically includes detailed information about the guaranteed obligations, conditions for enforcement, and the extent of the guarantor's liability. It's particularly important in commercial transactions where creditworthiness needs to be enhanced or where parent companies need to support their subsidiaries' obligations.
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1. Parties: Identification of the Guarantor, the Principal Debtor (person/entity whose obligations are being guaranteed), and the Creditor
2. Background: Context of the principal debt and reason for the guarantee being required
3. Definitions: Definition of key terms used in the declaration including 'Principal Debt', 'Guaranteed Obligations', and 'Security'
4. Guarantee: The core guarantee provision where the guarantor undertakes to fulfill the principal debtor's obligations
5. Nature of Guarantee: Specifies whether the guarantee is conditional or unconditional, limited or unlimited
6. Duration: The term of the guarantee and conditions for its termination
7. Guarantor's Representations and Warranties: Statements by the guarantor about their capacity and authority to provide the guarantee
8. Creditor's Rights: The rights of the creditor in enforcing the guarantee
9. Notice Requirements: Requirements for serving notices under the guarantee
10. Governing Law and Jurisdiction: Confirmation that South African law governs the guarantee and jurisdiction for disputes
1. Corporate Authority: Required when the guarantor is a company, including details of board resolutions authorizing the guarantee
2. Joint and Several Liability: Required when there are multiple guarantors
3. Limit of Liability: Required when the guarantee is limited to a specific amount
4. Security Provisions: Required when specific assets are being pledged as security for the guarantee
5. Married Persons Consent: Required when the guarantor is married in community of property
1. Schedule A - Principal Debt Details: Details of the underlying debt or obligation being guaranteed
2. Schedule B - Guarantee Limit Calculation: If applicable, detailed calculation of the guarantee limit
3. Appendix 1 - Corporate Resolution: Where guarantor is a company, the board resolution authorizing the guarantee
4. Appendix 2 - Supporting Documents: Copies of relevant identity documents, marriage certificates, or other required supporting documentation
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