Personal Guarantee Agreement
Individual commitment to repay business or third-party debt if primary borrower defaults, creating personal liability beyond business assets for loan obligations.
Key Clauses
Recitals Whereas
Defines recitals whereas terms and conditions.
Guarantee
Creates unconditional personal obligation to pay debt if primary borrower defaults on obligations.
Nature Of Guarantee
Specifies whether guarantee is continuing, limited, or conditional based on specific circumstances.
Waiver Of Defenses
Eliminates guarantor's ability to claim certain legal defenses that might excuse guarantee obligation.
Limitation Of Guarantee
Defines maximum liability amount, time limitations, or specific conditions limiting guarantee scope.
Termination
Establishes procedures for ending guarantee obligation and releasing guarantor from future liability.
Use This Template
When You Need This
- Securing business loan when company lacks sufficient credit history
- Providing personal backing for corporate lease or equipment financing
- Supporting family member's loan application with personal creditworthiness
- Obtaining vendor credit terms requiring personal guarantee from business owner