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The document should be signed by the authorised signatory (or directors of a company) and witnessed to complete the formality.
The document titled 'Guarantee to Consenting Party' is a legal agreement entered into between two parties: the guarantor and the consenting party. The document is important as it serves as a guarantee for the obligations and liabilities of a company, referred to as 'the company,' as outlined in the schedule attached to the guarantee. The guarantor provides this guarantee with the intention of obtaining the consent of the consenting party in relation to a proposal.
The document begins with an interpretation section, which defines various terms used throughout the guarantee. It clarifies that 'business day' refers to a day on which banks are open in the jurisdiction country for the transaction of business, excluding Saturdays. The guarantee also includes clauses and schedules, with references to clauses and sub-clauses for ease of navigation.
The guarantee itself is outlined in section 2. It states that the guarantor unconditionally and irrevocably guarantees the proper and punctual observance and performance of all the company's obligations, commitments, and undertakings under or pursuant to the agreement. The guarantor's liability under this clause remains in force regardless of any act, omission, neglect, event, or matter, known or unknown to the company, the consenting party, or the guarantor.
Section 3 covers the requirements for giving notices under the guarantee. It specifies that any notice must be in writing, signed by or on behalf of the party giving it, and served by email, hand delivery, or pre-paid recorded delivery, special delivery, or registered post. The addresses and contact details of the guarantor and the consenting party are provided for this purpose.
Section 4 states that the consenting party hereby consents to the proposal, while section 5 addresses the invalidity of any provision in the guarantee. It states that if any provision becomes invalid, illegal, or unenforceable under any law, the remaining provisions shall remain valid and enforceable.
Section 6 clarifies that the guarantee does not grant any rights to third parties to enforce its terms. Finally, section 7 specifies the choice of law and jurisdiction, stating that the guarantor waives any objections to the jurisdiction of the courts mentioned in the clause and agrees that a judgment or order of any such court is binding and enforceable.
The guarantee concludes with the signature block, where the document is signed by a representative of party 1 on behalf of party 2.
To use the 'Guarantee to Consenting Party' document, follow these steps:
1. Read the entire document carefully to understand its purpose and implications.
2. Identify the parties involved: the guarantor and the consenting party. Ensure that their correct and complete information is entered in the agreement, including their registered office addresses.
3. Review the proposal for which the guarantor seeks the consent of the consenting party. Understand the nature and scope of the proposal.
4. Refer to the schedule attached to the guarantee to determine the specific obligations and liabilities of the company that the guarantor is guaranteeing.
5. Ensure that the guarantor's liability under the guarantee remains in force regardless of any act, omission, neglect, event, or matter, known or unknown to the company, the consenting party, or the guarantor.
6. Familiarize yourself with the requirements for giving notices under the guarantee. Notices must be in writing, signed, and served by email, hand delivery, or pre-paid recorded delivery, special delivery, or registered post.
7. Enter the correct addresses and contact details of the guarantor and the consenting party in the designated sections of the document.
8. Obtain the consent of the consenting party to the proposal, as specified in section 4 of the guarantee.
9. Be aware that if any provision of the guarantee becomes invalid, illegal, or unenforceable under any law, the remaining provisions will still be valid and enforceable.
10. Understand that the guarantee does not grant any rights to third parties to enforce its terms.
11. Consider the choice of law and jurisdiction specified in section 7. The guarantor waives objections to the jurisdiction of the courts mentioned and agrees that judgments or orders from those courts are binding and enforceable.
12. Ensure that the document is executed and delivered as a deed, with the appropriate signatures and dates.
Please note that this guidance is for informational purposes only and does not constitute legal advice. It is recommended to consult with a legal professional to ensure compliance with applicable laws and regulations.