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Dear LEX,
Its me SHY LOCK again. I am in big problem. I am doing a big project in Putatan and I had to borrow a loan to finance. Tiba tiba my payment kena held up by the main contractor. My creditor is chasing for payment and he already start a case in the Mahkamah. I met the creditor and he said he will discontinue the case if I get someone to guarantee payment. I found my friend INNO SERN. INNO SERN agreed to help sign the guarantee. Do you have a sample kah?
Dear SHY LOCK,
I don’t know why I still have the heart to help you. You borrow money to your girl friend but make her sign a loan agreement and charge her interest. Is she still with you. Anyway here is a sample guarantee where you SHY LOCK is known as the Principal Debtor and INNO SERN is the Guarantor (God bless him). The company is the Creditor who wants the guarantee. Remember it’s just a sample and you should get legal advice to meet the particular requirements of your case. You can search for a list of all the lawyers in Sabah in lexborneo.com.
LEX CRAZY BORNEO
LETTER OF GUARANTEE
TO …….., a company incorporated in Malaysia and having its registered office at ……
1. IN CONSIDERATION of your withholding further legal and execution proceedings against ….. (NRIC NO ….) of … (hereinafter referred to as “the Principal Debtor”)
I, THE UNDERSIGNED GUARANTOR whose name and address appear below (hereinafter referred to as “the Guarantor”) do hereby irrevocably guarantee the due repayment on Demand of all outstanding sums that are due and owing by the Principal Debtors to you, which the Principal Debtors have now agreed to pay by instalment payments by the issuance of the following cheques :-
Cheque No Date Amount (RM)
===========
The sum of RM……….. (hereinafter referred to as “the agreed settlement sum”) includes interest and costs up to …….
2. This Guarantee shall continue to be in force until the agreed settlement sum aforesaid has been repaid by the Principal Debtor in full.
3. In the event any of the abovementioned cheques are dishonoured and/or stopped for payment or there is a default for any reason whatsoever, I hereby declare that you shall be at liberty to claim from me as absolute Guarantor the total outstanding sum due at that juncture together with interest accruing thereon at the rate of 8% per annum from the date of default together with costs on a Solicitors-Client basis that may be thereafter incurred to recover all outstanding monies from me as Guarantor.
4. I am giving this Guarantee voluntarily and with full knowledge of its effect and consequences.
Dated the day of 200….
Signature of Guarantor
:…………………………………………..
Name of Guarantor :
NRIC NO :
Address :,
Signature of Witness :……………………………………...
Name of Witness :……………………………………...
NRIC NO :……………………………………...
Address :………………………………………
………………………………………
………………………………………
