Guarantee and Indemnity
Counter Indemnity
A Counter indemnity allow a guarantor to seek reimbursement from the indemnifier in the event where they have to pay a guarantee claim for any part of the guarantee amount that they must pay in the event of a default in the primary agreement. They also act as an indemnity for guarantors from any claims, liabilities or losses which may result from the original guarantee.
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Document Description
A Counter indemnity allows a guarantor to seek reimbursement from the indemnifier in the event where they have to pay a guarantee claim for any part of the guarantee amount that they must pay in the event of a default in the primary agreement.
They also act as an indemnity for guarantors from any claims, liabilities or losses which may result from the original guarantee.
How to use this Document?
This document should be carefully read by the Guarantor and the Indemnifier.
Both the Guarantor and the Indemnifier should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.
If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.
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