This form states that the guarantor does covenant and agree to defend, indemnify and hold harmless, absolutely and unconditionally,the seller from and against any and all damages, losses, claims, demands, actions, causes of actions, costs, expenses, liabilities and obligations of any kind whatsoever, including, but not limited to, attorney's fees.
General Guaranty and Indemnification Agreement
Category:
State:
Multi-State
Control #:
US-00525
Format:
Word;
Rich Text
Instant download
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The guarantee and indemnity will provide that, in the event the borrower fails to perform its obligations under the loan, the lender can ask the guarantor to carry out the obligations on the borrower's behalf. A guarantee and indemnity is generally required where the borrower is a high credit risk.
The key differences between guarantees and indemnities include: a guarantee is a secondary liability, which means that there will be another person who is primarily liable for the obligation; whereas, an indemnity imposes a primary liability.a guarantor's liability is limited by the extent of the debtor's liability.
In a contract of indemnity, there is a single promise or contract; a promise to pay if there is a loss. In a contract of guarantee, by contrast, there are multiple promises, including the original promise to pay or perform and the guarantor's promise to pay or perform in the event of default.
When the term indemnity is used in the legal sense, it may also refer to an exemption from liability for damages. Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damages caused by another party.
Liability: In a contract of indemnity, the liability of the indemnifier is primary (Fire Insurance), whereas in a contract of guarantee, the debtor is primarily liable, and the surety assumes secondary liability because the customer is primary liable in default of his payment then after the surety has liability.
A guarantor is a person, third party or organisation that agrees to guarantee your loan. The guarantee is a legal assurance given by the guarantor to pay the loan if the borrower defaults and is unable to pay.
Unlike a guarantee, an indemnity need not be in writing or signed by the indemnifier in order to be effective. More robust. Being a primary obligation, an indemnity will be valid even if the underlying transaction is set aside; unlike a guarantee, which is dependent on the underlying transaction.