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Guarantor Contract

This document is a guarantee contract between Tembo Automarket, the Guarantor, and the Purchaser for the sale of a motor vehicle for UGX [amount] by Tembo Automarket to the Purchaser. The Guarantor unconditionally guarantees prompt payment and performance of all the Purchaser's obligations. The Guarantor agrees to pay costs of collection including attorneys' fees if the Purchaser fails to perform. The guarantee is binding on the Guarantor and successors and ensures to the benefit of Tembo Automarket. The Guarantor will perform any obligations the Purchaser fails to meet.

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0% found this document useful (0 votes)
29 views3 pages

Guarantor Contract

This document is a guarantee contract between Tembo Automarket, the Guarantor, and the Purchaser for the sale of a motor vehicle for UGX [amount] by Tembo Automarket to the Purchaser. The Guarantor unconditionally guarantees prompt payment and performance of all the Purchaser's obligations. The Guarantor agrees to pay costs of collection including attorneys' fees if the Purchaser fails to perform. The guarantee is binding on the Guarantor and successors and ensures to the benefit of Tembo Automarket. The Guarantor will perform any obligations the Purchaser fails to meet.

Uploaded by

gregory muyhool
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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TEMBO AUTOMARKET

CONTRACT OF GUARANTEE

This guarantee agreement is made this DAY……………of……………………..2022

BETWEEN

Tembo Automarket, P.O. Box 37738, Plot 14/16 Semawatta Road, Ntinda,
Kampala (hereinafter referred to as “The Company”)

AND

……………………………………………………………………………………Of P.O.
Box………………………………………………hereinafter referred to as the
“Guarantor” over the sale of a motor
vehicle,……………………………………………………………………………For
UGX…………………………………………………………(……………………………………
…………………………………………………………..).

AND
………………………………………………………………………………of P.O.
Box …………………………………………………………………………………hereinafter
referred to as the “Purchaser”

We hereby agree and covenant as follows:

l. The Guarantor hereby unconditionally, absolutely and irrevocably


guarantees to The Company the prompt payment and performance of
all of the obligations of the Purchaser.

2. The Guarantor agrees to pay any and all costs of fees of collection
incurred by The Company including, without limitation, reasonable
attorneys’ fees for consultation, preparing demand letters or bringing any
action for collection, enforcement of such obligations which are
guaranteed hereunder, and any interest or finance charges before or
after the judgment being rendered

3. The liability of the Guarantor is direct, immediate, absolute, continuing,


unconditional, and unlimited.
4. The Guarantor agrees that The Company can proceed against
Purchaser, separately or collectively, without prejudicing or waiving any
of The Company’s rights under any other obligations or under this
Guarantee.

5. This Guarantee is binding upon the Guarantor and successors and assigns
and shall ensure to the benefit of The Company and its successors in title
and assigns.

6. This Guarantee shall be a continuing guarantee and notice of its


acceptance is waived.

7. In the event that the Purchaser fails to perform, satisfy or observe the
terms and conditions of the extension of credit, required to be performed,
satisfied or observed by Purchaser, the Guarantor will promptly and fully
perform, satisfy and observe such obligations in the place of Purchaser.

8. The Guarantor shall pay, reimburse, and indemnify The Company for any
and all reasonable attorneys’ fees, court costs, and finance or interest
charges arising or resulting from the failure of Purchaser to perform, satisfy,
or observe any of the terms and conditions of these agreements.

IN WITNESS WHEREOF, this guaranty is executed as of this……………….day


of…………………………………………………..2022

Signed:

Purchaser’s ……………………………………………………………………..

Purchaser’s Signature: ………………………………………….. Date ………………..

Guarantor’s ………….……………………………………………………………

Guarantor’s Signature: ………………………………………….. Date ……………………


The Company…………………………………………………………….....................

Signature…………………………………………Date …………………………….

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