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Personal Guarantee Agreement

Personal Guarantee Agreement Template for South Africa

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Key Requirements PROMPT example:

Personal Guarantee Agreement

"I need a Personal Guarantee Agreement under South African law where my company (ABC Manufacturing Ltd) is the creditor, and the guarantor is the director of XYZ Suppliers personally guaranteeing their company's payment obligations under a R5 million supply contract starting March 2025."

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Document background
The Personal Guarantee Agreement is a crucial legal instrument in South African business and financial transactions, commonly used when additional security is required for loans, credit facilities, or other financial obligations. This document is essential when a creditor requires extra assurance beyond the principal debtor's commitment, particularly in situations involving new businesses, substantial loans, or where the principal debtor's creditworthiness needs supplementary support. The agreement must comply with South African legislation, including the National Credit Act 34 of 2005, Consumer Protection Act 68 of 2008, and the General Law Amendment Act's requirement for written form. It typically includes comprehensive details about the guaranteed obligations, enforcement mechanisms, and the specific circumstances under which the guarantee can be called upon.
Suggested Sections

1. Parties: Identification of the Guarantor, the Creditor, and the Principal Debtor, including full legal names and details

2. Background: Context of the guarantee, including the underlying obligation or facility being guaranteed

3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement

4. Guarantee and Indemnity: Core terms of the guarantee, including the scope and nature of the guaranteed obligations

5. Duration and Extent of Guarantee: Period of effectiveness and monetary limits of the guarantee

6. Nature of Guarantor's Liability: Specifying whether the liability is joint, several, or joint and several, and whether it is principal or accessory

7. Guarantor's Warranties and Representations: Confirmations and statements by the guarantor regarding capacity and authority

8. Creditor's Rights and Remedies: Actions the creditor can take to enforce the guarantee

9. Payments and Interest: Terms regarding payment obligations, including interest on late payments

10. Notices: Process and requirements for formal communications between parties

11. General Provisions: Standard contractual terms including governing law, jurisdiction, and entire agreement provisions

12. Execution: Signature blocks and execution formalities

Optional Sections

1. Security: Include when the guarantee is secured by specific assets or collateral

2. Multiple Guarantors: Required when there is more than one guarantor, specifying their respective obligations

3. Corporate Authority: Include when the guarantor is a company, containing specific corporate governance requirements

4. Guarantee Limitations: Include when the guarantee is limited in amount or scope

5. Assignment and Transfer: Include when rights under the guarantee may need to be transferred

6. Priority and Subordination: Include when there are multiple creditors or complex debt structures

7. Tax Provisions: Include when tax implications need to be addressed specifically

8. Compliance with National Credit Act: Include when the guarantee falls within the scope of the National Credit Act

Suggested Schedules

1. Schedule 1 - Guaranteed Obligations: Detailed description of the obligations being guaranteed

2. Schedule 2 - Guarantee Limit and Interest Calculations: Specific financial terms and calculations if applicable

3. Schedule 3 - Security Details: Description of any security or collateral (if applicable)

4. Schedule 4 - Form of Demand: Template for making a demand under the guarantee

5. Appendix A - Corporate Resolution: Required corporate authorizations if guarantor is a company

6. Appendix B - Underlying Agreement Reference: Copy or extract of the underlying agreement being guaranteed

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



































Clauses






























Relevant Industries

Banking and Financial Services

Real Estate

Construction

Manufacturing

Retail

Professional Services

Small and Medium Enterprises

Agriculture

Mining

Import/Export

Technology

Telecommunications

Relevant Teams

Legal

Finance

Risk Management

Compliance

Credit Control

Commercial

Treasury

Corporate Governance

Business Development

Collections

Relevant Roles

Chief Financial Officer

Finance Manager

Credit Manager

Risk Manager

Legal Counsel

Compliance Officer

Commercial Director

Business Development Manager

Account Manager

Treasury Manager

Contract Administrator

Company Secretary

Financial Controller

Credit Analyst

Collections Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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