The Guarantee And Indemnity Form is a crucial legal instrument in Hong Kong's commercial and financial landscape, commonly used in lending transactions, commercial contracts, and corporate finance arrangements. This document is essential when a party requires additional security or assurance for obligations owed by another party. It combines both guarantee provisions (contingent liability depending on the principal debtor's default) and indemnity provisions (primary liability independent of the underlying obligation). The form must comply with Hong Kong's strict requirements for guarantees, including the need for written documentation and clear terms. It's particularly important in banking facilities, property transactions, and corporate group structures where parent companies guarantee subsidiaries' obligations. The document typically includes comprehensive provisions protecting the creditor's interests while clearly defining the guarantor's obligations and any limitations on liability.
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1. Parties: Identifies the Guarantor(s), the Creditor/Beneficiary, and the Principal Debtor
2. Background: Sets out the context of the underlying transaction or facility being guaranteed
3. Definitions: Defines key terms used throughout the document, including 'Guaranteed Obligations', 'Security', and 'Event of Default'
4. Guarantee and Indemnity: Core section containing the guarantee and indemnity obligations, including the scope of guaranteed liabilities
5. Nature of Guarantee: Specifies that the guarantee is continuing, unconditional, and irrevocable
6. Preservation of Rights: Ensures the guarantee remains valid despite changes to the underlying obligation or the creditor's forbearance
7. Representations and Warranties: Guarantor's confirmations about their capacity and authority to enter into the guarantee
8. Payments: Details of how and when payments must be made, including provisions for tax and currency
9. Costs and Expenses: Allocation of costs related to the preparation and enforcement of the guarantee
10. Assignment and Transfer: Provisions regarding the transfer of rights under the guarantee
11. Notices: Requirements for giving valid notices under the guarantee
12. Governing Law and Jurisdiction: Confirms Hong Kong law governs and specifies jurisdiction for disputes
1. Joint and Several Liability: Required when there are multiple guarantors to establish their joint and several liability
2. Security Provisions: Include when the guarantee is supported by specific security arrangements
3. Company Guarantor Provisions: Additional provisions required when the guarantor is a company
4. Limited Recourse: Optional provisions limiting the guarantor's liability to specific assets
5. Currency Indemnity: Include when guaranteed obligations are in a foreign currency
6. Additional Guarantor Accession: Mechanism for additional guarantors to join the guarantee
7. Release Conditions: Specific conditions under which the guarantor may be released
8. Financial Covenants: Include when guarantor must maintain specific financial metrics
1. Form of Demand: Standard form for making demands under the guarantee
2. Guaranteed Obligations: Detailed description of the obligations being guaranteed
3. Security Assets: List of any assets provided as security (if applicable)
4. Additional Guarantor Accession Deed: Form for adding new guarantors
5. Contact Details: Contact information for all parties for notice purposes
6. Underlying Facility Details: Summary of the main facility or obligation being guaranteed
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