- GUARANTEE
- THIS RELEASE
DEED, made at ___ this _____ day of ____,
2001____. by Mr.___, Indian Inhabitant
residing at ___ (hereinafter referred to
as the Guarantor, which expression shall,
unless it be repugnant to the context or
meaning thereof, be deemed to mean and
include its successors and assigns) in
favour of Mr.___, Indian Inhabitant
residing at ___ (hereinafter referred to
as the Creditor, which expression shall,
unless it be repugnant to the context or
meaning thereof, be deemed to mean and
include its successors and assigns) of
the OTHER PART
-
- WHEREAS the
Creditor has by an agreement
dated___..(Give short history and the
purpose of guarantee)
NOW,
THEREFORE, in consideration of the mutual
agreements and covenants herein contained the
parties hereto agree as follows:
1.
2.
- 3. FOR GOOD
CONSIDERATON, and as an inducement
for____________________(Creditor), from
time to time extend credit to
________________________(Customer), it is
hereby agreed that the Guarantor does
hereby guarantee to Creditor the prompt,
punctual and full payment of all monies
now or hereinafter due to Creditor from
Customer.
-
- Until
termination, this guarantee is unlimited
as to amount or duration and shall remain
in full force and effect notwithstanding
any extension, compromise, adjustment,
forbearance, waiver, release or discharge
of any party obligor or guarantor, or
release in whole or in part of any
security granted for said indebtedness or
compromise or adjustment thereto, and the
undersigned waives all notices thereto.
-
- The
obligations of the Guarantor shall be at
the election of Creditor be primary and
not necessarily secondary and Creditor
shall not be required to exhaust its
remedies as against Customer prior to
enforcing its rights under this guarantee
against the undersigned.
-
- The Guarantee
hereunder shall be unconditional and
absolute and the undersigned waive all
rights of subrogation and set-off until
all sums under this guarantee are fully
paid.
-
- The Guarantor
further waives all suretyship defenses or
defenses in the nature thereof,
generally.
-
- In the event
payments due under this guarantee are not
punctually paid upon demand, then the
Guarantor shall pay all reasonable costs
and attorney's fees necessary for
collection, and enforcement of this
guarantee.
-
- The guarantee
may be terminated by the Guarantor upon
fifteen (15) days written notice of
termination, by Registered AD Post. Such
termination shall extend only to credit
extended beyond said fifteen (15) day
period and not to prior extended credit,
or goods in transit received by Customer
beyond said date, or for special orders
placed prior to said date notwithstanding
date of delivery. Termination of this
guarantee by any guarantor shall not
impair the continuing guarantee of any
remaining guarantors of said termination.
-
- The Guarantor
warrants and represents it has full
authority to enter into this guarantee.
-
- This
Guarantee shall be construed and enforced
under the Indian laws.
IN WITNESS whereof the said Guarantor
have hereto signed the day and year first above
mentioned.
- SIGNED AND
DELIVERED
- by Mr. ___
the within named First Party
- in the
presence of Mr.[name]
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