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Suretyship Agreement Temp

This suretyship agreement is between a surety and lender. The surety agrees to guarantee payment if the borrower fails to meet their obligations under an attached loan contract. The surety's liability is direct, immediate, and not contingent on the lender pursuing remedies against the borrower. The surety agrees to pay any amount owed by the borrower to the lender under the loan. This suretyship agreement is intended to fully indemnify the lender and remains valid until the borrower fulfills their loan obligations.

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Jojo QP
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306 views1 page

Suretyship Agreement Temp

This suretyship agreement is between a surety and lender. The surety agrees to guarantee payment if the borrower fails to meet their obligations under an attached loan contract. The surety's liability is direct, immediate, and not contingent on the lender pursuing remedies against the borrower. The surety agrees to pay any amount owed by the borrower to the lender under the loan. This suretyship agreement is intended to fully indemnify the lender and remains valid until the borrower fulfills their loan obligations.

Uploaded by

Jojo QP
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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SURETYSHIP AGREEMENT

This Agreement executed at _______________ City, Philippines on


_______________ by _____________, _______________l, of legal age, single, with 
residence  and  postal  address at _______________________ Philippines, hereinafter
referred to as “SURETY”,  in favor of __________________, with address at
________________________ Paranaque, Philippines,

WITNESSETH THAT:

WHEREAS, (Name of BORROWER) (hereinafter referred to as “BORROWER”),


executed the attached CONTRACT OF LOAN with _________________ (hereinafter
referred to as “LENDER”) on (Date of Contract of Loan) (hereinafter referred to as the
“LOAN”), a copy of which is attached as Annex “A”;

WHEREAS, the LENDER requires that the due and faithful performance of the
obligations of the BORROWER under the LOAN be underwritten by a Surety;

NOW, THEREFORE, for and in consideration of the foregoing, the undersigned


SURETY, jointly and severally with the BORROWER, hereby guarantees and warrants
to the LENDER that the BORROWER shall comply with and perform all the stipulations
contained in the Loan, and that if for any reason the BORROWER fails to comply any
of the obligations of the BORROWER therewith, the SURETY binds himself jointly and
severally with the BORROWER to pay the LENDER in accordance with the provisions
of the LOAN.

The liability of the SURETY under this Agreement shall be solidary, direct and
immediate and not contingent upon the enforcement by the LENDER of whatever
remedies it may have against the BORROWER, and the SURETY shall at any time on
demand, pay to the LENDER whatever amount is owing from the BORROWER to the
LENDER to the extent stated above.

This instrument is intended to be a complete and free indemnity to the LENDER


for any indebtedness or liability of the BORROWER arising from the Loan. It shall be
valid and binding without further notice to the BORROWER, until the BORROWER has
complied with all his/her obligations under the said Loan.

IN   WITNESS   WHEREOF,  the   SURETY   has set  his/her  hand this ____ Day of
__________ 2021.

________________________
                Name
               SURETY

Signed in the presence of:

                       ______________________ __________________________

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