A guarantee is a promise to someone that a third party will meet its obligations to him - “if they don’t pay you, I will”. An indemnity is a promise to be responsible for another’s loss, and to compensate them for that loss on an agreed basis - “if it costs you more than £250 to fix that, I will reimburse you the difference”. Section 4 of the venerable Statute of Frauds 1677 requires guarantees to be in writing if they are to be enforceable. There is no such requirement in the case of an indemnity, although of course written agreement is always best as a matter of practice and for proof. Use these template indemnity and guarantee documents from Net Lawman and ensure payments due are made to you.
This is an indemnity agreement between any two individuals
or businesses. The agreement seeks to absolve one party from any liability or risk caused by the other party. Put another way, an indemnity agreement governs who pays for damage or loss. More
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This is an intercompany guarantee where many companies agree to form an allegiance for the purpose of taking a loan or raising capital. Suitable whether the companies are subsidiaries of a larger company or if they have their own separate identities. More
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This is a comprehensive non-solicitation agreement between a contractor and a business owner providing limitations on the extent to which the contractor may solicit the employer's clients or customers. More
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This is a comprehensive no competition agreement between a contractor and a business providing limitations on the extent to which the contractor may compete with the business during and after the term of the contract. More
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This is a supplementary contract that brings in a guarantor to a situation where the provider of a service or supplier of goods has failed or is likely to fail to perform his part of the contract. It can be used with any performance contract and can add a personal guarantee for an individual, or bring in another party, such as a business. The key benefit of this document is that the original contract remains unchanged, making this a neat solution to adding a guarantor. More
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This is a supplementary contract that brings in a guarantor to a situation where the client of a provider of a service or supplier of goods has failed or is likely to fail to make payment when due. It can be used with any performance contract and can add a personal guarantee for an individual, or bring in another party, such as a business. The key benefit of this document is that the original contract remains unchanged, making this a neat solution to adding a guarantor. More
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