The Employee Guarantor Form is a critical legal document used in the United States when an employer requires additional security for an employee's obligations or potential liabilities. This form is particularly relevant in situations involving employees who handle significant financial responsibilities, valuable company assets, or have access to sensitive business resources. The document establishes a legally binding guarantee from a third party (the guarantor) who agrees to take responsibility for specified employee obligations if the employee fails to fulfill them. The form must comply with both federal and state laws, including state-specific contract laws and the Statute of Frauds. It typically includes detailed information about the scope of the guarantee, conditions for enforcement, and the rights and obligations of all parties involved. The Employee Guarantor Form is especially common in industries where employees have significant financial responsibilities or access to valuable company resources.
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1. Parties: Identifies all parties to the agreement: the Employer (Creditor), the Employee (Principal Debtor), and the Guarantor
2. Background: Explains the context of the guarantee, including the employment relationship and the need for a guarantor
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Scope of Guarantee: Clearly outlines what obligations are being guaranteed and the extent of the guarantor's liability
5. Guarantor's Obligations: Details the specific commitments and responsibilities of the guarantor
6. Duration of Guarantee: Specifies how long the guarantee will remain in effect and any termination conditions
7. Representations and Warranties: Statements by the guarantor about their capacity and authority to enter into the agreement
8. Enforcement: Explains when and how the guarantee can be enforced by the employer
9. Notices: Specifies how formal communications between parties should be made and delivered
10. Governing Law and Jurisdiction: States which laws govern the agreement and which courts have jurisdiction
11. Execution: Signature blocks and execution requirements for all parties
1. Multiple Guarantors: Required when there is more than one guarantor, specifying joint and several liability
2. Security: Used when specific assets are being provided as additional security for the guarantee
3. Limit of Liability: Include when the guarantee is to be capped at a specific amount
4. Costs and Indemnity: Optional section for when the employer wants to ensure recovery of enforcement costs
5. Independent Legal Advice: Recommended when there's a need to confirm the guarantor has received independent legal advice
6. Release Conditions: Include when specific conditions for releasing the guarantor need to be detailed
7. Assignment: Required if either party needs the right to assign the guarantee to another party
1. Schedule 1 - Guaranteed Obligations: Detailed list of the specific obligations being guaranteed
2. Schedule 2 - Security Details: Description of any assets or security provided as part of the guarantee
3. Schedule 3 - Guarantor's Statement of Assets: Financial statement or list of guarantor's assets if required
4. Appendix A - Notice Forms: Standard forms for giving notice under the agreement
5. Appendix B - Certificate of Independent Legal Advice: Template certificate to be completed by the guarantor's legal advisor if required
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