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The document should be signed by the authorised signatory (or directors of a company) and witnessed to complete the formality.
In relation to a lease / tenancy / rental, a guarantee is given by Tenant's parent / employer to the Landlord for the Tenant's obligations. This is drafted in favour of the Guarantor.
This document refers to the Tenancy Agreement between the Landlord and the Tenant. In consideration of the Landlord entering into the Agreement, the Guarantor of the Tenant guarantees (as principal obligor and not merely as a surety) to the Landlord the proper and punctual observance and performance by the Tenant of all its obligations, commitments and undertakings under or pursuant to the Agreement).
If and each time that the Tenant fails for any reason whatsoever to perform or observe any of the obligations, commitments, or undertakings referred to in clause 1, the Guarantor shall forthwith upon demand unconditionally they commit themselves hereby irrevocably to pay the Landlord an amount not exceeding amount under the presumption that the Landlord is in compliance with their obligations under the respective Agreement.
Any claim under this Guarantee must be sent to the Guarantor by registered post at the designated address and signed by the Landlord or their authorized signatories. No payment shall be made by the Guarantor under this Guarantee in respect of any debt or claim to any person having the benefit of this Guarantee pursuant to Clause 2 unless demand has been made by the Landlord on the Guarantor for payment of such debt or claim in accordance with Clause 3 and the Guarantor has received a statement given by or on behalf of the Landlord confirming that such debt or claim is properly due and payable under the terms of this Guarantee.
This guarantee relating to the Tenancy Agreement template shall be carefully read by the Guarantor and the Landlord.
This guarantee to the Landlord may be used upon a lease of residential property between the Tenant and the Landlord, whereby the guarantee is drafted in favour of the Guarantor.
The guarantor should sign and return a copy of the document. The name of the Tenant, the relationship between the Tenant and Guarantor, the date of the Agreement, and the maximum amount guaranteed should all be clearly stated in the agreement.