Guarantee of contract performance

Simple agreement where guarantor steps in to guarantee performance of any contract. Example contractor has problems; other party refuses payment or threatens to sue. Guarantor "rescues" first party by guaranteeing performance of the contract. Original contract is referenced, so remains unchanged. Applicable to any situation. Very easy way to record re-arrangement of a deal.

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About this document

This is a professionally drawn, short agreement which identifies an original contract, then ties a new guarantor to it, to stand in the shoes of one of the parties.

This contract guarantee covers any situation where there has been some disagreement about a contractor's ability to complete his performance obligations. A new deal is agreed, whereby the contractor finds some other company to provide support and guarantees the performance of the contract.

Although named a guarantee document, we have also provided a structure for you to add changes to the terms of the original agreement. These could be changes to price, payment terms, completion date, penalties, quality of work, testing, or anything else.

Example:

Nineteen year old builder agrees to build a garage. Problems arise in quality of work. Client holds back money. Client accepts his father (also a builder) as guarantor and garage is completed.

Example:

Internet marketer takes on work for small company. Company fails to complete website so marketer cannot complete the task. Directors of company personally guarantee that the website will be completed, so marketer agrees not to sue the company for breach of contract.

Example:

Civil engineering company engaged in public works contract falls behind in milestones to complete new motorway. Department of Transport threaten penalty clause. But just in time, parent company agrees to guarantee the performance of the contract, including the penalty provisions.

The law in this document

There is no modern statutory law relating to guarantees. This document is based on contract common law.

Alternative documents

In these examples, the guarantee is for performance of a contract. If you are looking for a guarantee agreement for a contract debt only, look at Guarantee of contract debt OR Deed of guarantee of loan.

Net Lawman offers other document templates related to new guarantees at Guarantees and Indemnities.

Draftsman

This document was written by a solicitor for Net Lawman. It complies with current New Zealand law.

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