Wisconsin Personal Guaranty - General

• Category: Guaranty - Personal
• State: Multi-State
• Control #: US-00523A
• Format: Word; Rich Text

Description

This form is a Guaranty. The form provides that the guarantor assures the full and prompt payment of all obligations incurred by the payor.

The Wisconsin Personal Guaranty — General refers to a legal contract that establishes a financial guarantee made by an individual (guarantor) to assume responsibility for debt or obligation in case of default by another party (debtor). This agreement is commonly used in various commercial transactions, including loans, leases, and business contracts. To customize the guarantee to specific circumstances, different types of Wisconsin Personal Guaranty — General may exist. These variations reflect certain nuances and additional clauses to meet particular requirements. Some notable types include: 1. Business Loan Personal Guaranty: This type specifically applies to loans obtained by businesses, where an individual (such as a business owner or director) guarantees the repayment of the loan amount if the business fails to fulfill its obligations. 2. Lease Personal Guaranty: Typically used in lease agreements, this guarantee involves an individual (often a business owner or tenant) ensuring that the rental payments, property maintenance, and other lease obligations will be fulfilled if the lessee fails to do so. 3. Contract Performance Personal Guaranty: This guarantee is commonly seen in commercial contracts, aiming to ensure that a specific party fulfills their contractual obligations. It protects the creditor by holding a third-party (guarantor) liable for the debts or damages resulting from the debtor's failure to perform. 4. Purchase Agreement Personal Guaranty: In cases where a buyer seeks financing to acquire a property or other valuable assets, the personal guaranty acts as a security measure for the lender. It assures the repayment of the loan in case of default by the borrower. Regardless of the specific type, a Wisconsin Personal Guaranty — General typically includes essential provisions. These clauses generally cover the following aspects: a) Identification of the parties involved: Clearly stating the names and contact details of the guarantor, debtor, and, if applicable, the creditor or lender. b) Purpose of the guarantee: Clearly explaining the purpose of the personal guaranty, whether it is for a loan, lease, contract, or other obligations. c) Extent of liability: Defining the maximum amount for which the guarantor will be liable, which may include the initial debt, interest, penalties, and legal fees. d) Termination conditions: Specifying the circumstances under which the guarantee will terminate, such as full repayment of the debt, fulfillment of contractual obligations, or the agreement of all involved parties. e) Governing law and jurisdiction: Determining that the agreement will be governed by Wisconsin state laws and identifying the jurisdiction where any disputes will be addressed. f) Signatures and notarization: Requiring signatures of all involved parties to validate the personal guaranty and, if necessary by law, notarization to ensure authenticity. Overall, the Wisconsin Personal Guaranty — General serves as a protective measure for creditors, providing them with additional security by holding a third party liable for the debtor's obligations. It is crucial for all parties involved to thoroughly understand the terms and implications of such an agreement before signing. Seeking legal advice is highly recommended ensuring compliance with Wisconsin state laws and safeguard the interests of all parties involved in the transaction.