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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 neutral form.
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) 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 they are in compliance with their obligations under the respective Agreement.
Any amounts payable under this guarantee shall be paid in full without any deduction or withholding whatsoever (whether in respect of set-off, counterclaim, duties, charges, taxes or otherwise) unless such deduction or withholding is required by law, in which event the Guarantor shall pay to the Landlord an additional amount so that the net amount received by the Landlord will equal the full amount which the Landlord would have received had no such deduction or withholding been made.
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 neutral form.
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.