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Personal/Corporate Guarantee


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THIS GUARANTEE (the "Guarantee") dated this ________ day of ________________, ________


_________________________ of _________________________________________________
(the "Guarantor")


- AND -

_________________________ of _________________________________________________
(the "Lender")


- AND -

(the "Debtor")


IN CONSIDERATION OF good and valuable consideration, and any future credit that the Lender may extend from time to time to the Debtor, the receipt and sufficiency of which is hereby acknowledged, the Guarantor personally guarantees the prompt, full and complete performance of any and all existing duties and obligations of the Debtor to the Lender and the payment of any and all indebtedness due to the Lender by the Debtor, up to a limit of $_____________, under the terms of certain debt agreements (the "Agreement"), and the following terms and conditions:

  1. Subject to the above limit, the Guarantor guarantees that the Debtor will promptly pay the full amount of principal and interest of the debt under the Agreement (the "Debt") as and when the same will in any manner be or become due, either according to the terms and conditions provided by the Agreement or upon acceleration of the payment under the Agreement by reason of a default.
  2. The Guarantor agrees not to pledge, hypothecate, mortgage, sell or otherwise transfer any of the Guarantor's assets without the prior written consent of the Lender.
  3. To the extent permitted by law, the Guarantor waives all defenses, counterclaims or offsets that are legally available to the Guarantor with respect to the payment of the Debt of the Debtor.
  4. The Lender is hereby authorized at any time, in its sole discretion and without notice, to take, change, release or in any way deal with any security securing the Debt without in any way impairing the obligation of the Guarantor.
  5. The Lender will be under no obligation to collect or to protect any such security or the Debt, and its neglect or failure to collect or protect the security or the Debt is excused. Acceptance of the Guarantee is waived.
  6. The Lender may grant extensions of time or other indulgences and otherwise deal with the Debtor and with other parties and securities as the Lender may see fit without in any way limiting or lessening the liability of the Guarantor under this Agreement.
  7. Any impairment of the security, which the Lender may from time to time hold as security for the Debt, will in no way operate to discharge the Guarantor in whole or in part, it being specifically agreed that the Lender is not required to exercise diligence to enforce its rights against the Debtor.
  8. The Lender may release, surrender, exchange, modify, impair or extend the periods of duration or the time for performance or payment of any collateral securing the obligations of the Debtor to the Lender, and may also settle or compromise any claim of the Lender against the Debtor or against any other person or corporation whose obligation is held by the Lender as collateral security for any obligation of the Debtor or the Lender.
  9. This Guarantee is for the use and benefit of the Lender, and will also be for the use and benefit of any subsequent Lender to whom the Lender may assign this Guarantee.
  10. The liability of the Guarantor will continue until payment is made of every obligation of the Debtor now or later incurred in connection with the Debt and until payment is made of any loss or damage incurred by the Lender with respect to any matter covered by this Guarantee or any of the Agreement.
  11. The Guarantor further waives all rights, by statute or otherwise, to require the Lender to institute suit against the Debtor, and to exercise diligence in enforcing this Guarantee or any other instrument.
  12. Any and all present and future debts and liabilities of the Debtor to the Guarantor are postponed in favor of and subordinated to the full payment and performance of all present and future debts and obligations of the Debtor to the Lender. Upon any default by the Debtor under the Agreement, all present and future indebtedness of the Debtor to the Guarantor is hereby assigned to the Lender and any monies thereafter received by the Guarantor from the Debtor will be received in trust for the Lender and upon receipt are to be paid over to the Lender until such time as the Debt owed by the Debtor has been fully paid and satisfied.
  13. The Guarantor represents that at the time of the execution and delivery of this Guarantee nothing exists to impair the effectiveness of this Guarantee.
  14. All of the Lender's rights, powers and remedies available under this Guarantee and under any other agreement in force now or anytime later between the Lender and the Guarantor will be cumulative and not alternative, and will be in addition to all rights, powers and remedies given to the Lender by law or in equity.
  15. The Lender may, at its option, proceed in the first instance against the Guarantor to collect the obligations covered by this Guarantee without first proceeding against any other person, firm or corporation and without resorting to any property held by the Lender as collateral security.
  16. All pronouns will include masculine, feminine and/or neuter gender, single or plural number, as the context of this Guarantee may require.
  17. This Guarantee is made pursuant to the laws of the Commonwealth of Virginia. In the event that this Guarantee must be enforced by the Lender, all reasonable costs and expenses, including attorney's fees, incurred by the Lender will be paid by the Guarantor.
  18. The invalidity or unenforceability of any one or more phrases, sentences, clauses or sections in this Guarantee will not affect the validity or enforceability of the remaining portions of this Guarantee or any part of this Guarantee.
  19. No alteration or waiver of this Guarantee or of any of its terms, provisions or conditions will be binding upon the Lender unless made in writing over the signature of the Lender or its representative.
  20. Words of "Guarantee" contained in this Guarantee in no way diminish or impair the absolute liability created in this Guarantee.
  21. Any notice to be given to the Guarantor may be sent by mail, telephone, email or otherwise delivered to the address provided below.
    Name: _________________________
    Address: _________________________________________________
    Phone: __________
    E-mail: _________________________

IN WITNESS WHEREOF the Guarantor has duly affixed their signature under hand and seal, this ________ day of ________________, ________.

in the presence of:

My commission expires on the _______ day of _____________________, 20_____



I, __________________, a Notary Public in and for the Commonwealth of Virginia, DO HEREBY CERTIFY that _________________________, personally known to me (or satisfactorily proven) to be the same person whose name is subscribed to the foregoing Guarantee, appeared before me this day in person, and acknowledged that he/she signed, sealed and delivered the said instrument as his/her free and voluntary act, for the uses and purposes set forth in this Guarantee.

Given under my hand and notarial seal this______ day of ____________, 20__.

Notary Public
My Commission Expires:______________________

Last Updated October 18, 2023

Personal/Corporate Guarantee

Alternate Names:

A Personal/Corporate Guarantee is also known as a:

  • Guarantee
  • Guaranty
  • Guaranteed Loan
  • Third-Party Guarantee

What is a guarantee?

A guarantee (sometimes written as guaranty) is a contract where a guarantor agrees to take on the responsibilities or payments of a debt if a debtor defaults on their loan.

A guarantee benefits both the lender and the debtor. The benefit to the lender is that their loan is secure; it's assured by the guarantor that the money will be paid back. The benefit to the debtor is that they are eligible for a loan that they might not have otherwise been able to receive without the assurance of the guarantor. This is often the case for debtors who have low credit scores.

Who are the parties in a guarantee?

The parties in guarantees refer to the people or entities that have to fulfill obligations in the agreement. In many cases, the obligation is paying back loaned money.

The parties in a personal or corporate guarantee are:

  • The lender: the person to whom an obligation is owed (like the payment of money)
  • The debtor: the person who has to perform the obligation (pay back the lender)
  • The guarantor: the person who agrees to perform the obligation (take over the loan payments) if the person who is supposed to do so (the debtor) fails to perform

What is the difference between a corporate and personal guarantor?

The difference between corporate and personal guarantors is quite simple: a personal guarantor is an individual who agrees to take on the obligations of a debt for a debtor, whereas a corporate guarantor is a corporation that takes on payment responsibilities.

What is a limited guarantee?

In this particular instance, a limited guarantee is a type of guarantee where the guarantor is only obligated to repay a specific amount of the loan for the debtor. In such circumstances, the amount must be clearly stated in the guarantee document.

This type of guarantee is sometimes seen in mortgage agreements where, instead of leveraging their entire property as security, the guarantor is only liable for a portion of the repayment as outlined in the guarantor loan agreement.

What information needs to be in a guarantee?

A personal/corporate guarantee needs:

  • The debtor's name
  • The guarantor's information (name, contact info, etc. of the individual or corporation)
  • The lender/creditor's information (name and address)
  • A statement of any limits to the guarantee should they exist, i.e. a maximum amount that the guarantor is required to pay
  • A witness's signature (any individual not involved in the guarantee, usually a notary public)

Related Documents:

  • Loan Agreement: a document that sets out terms and obligations for a loan between two parties
  • Promissory Note: a form that acts as an enforceable promise to a lender to be repaid by a debtor
  • Shareholder Loan Agreement: a contract used to document when a corporation borrows money from a shareholder
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Personal/Corporate Guarantee

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