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Guarantee For Payment of Debt by Instalments: Schedule Above Referred To

This document is a guarantee by ABC (the guarantor) to pay a debt owed by M/s Vijay Constructions to XYZ (the principal) in monthly installments. The principal had initiated legal proceedings against Vijay Constructions to recover Rs.___ but agreed to discontinue them in exchange for ABC's guarantee. ABC guarantees to pay the principal Rs.___ for and on behalf of Vijay Constructions, in monthly installments of Rs.___ each, with the first installment due on or before a specified date and subsequent installments due monthly. If ABC defaults on any two installments, the remaining unpaid amount must be paid immediately.

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67 views

Guarantee For Payment of Debt by Instalments: Schedule Above Referred To

This document is a guarantee by ABC (the guarantor) to pay a debt owed by M/s Vijay Constructions to XYZ (the principal) in monthly installments. The principal had initiated legal proceedings against Vijay Constructions to recover Rs.___ but agreed to discontinue them in exchange for ABC's guarantee. ABC guarantees to pay the principal Rs.___ for and on behalf of Vijay Constructions, in monthly installments of Rs.___ each, with the first installment due on or before a specified date and subsequent installments due monthly. If ABC defaults on any two installments, the remaining unpaid amount must be paid immediately.

Uploaded by

vijhay_adsule
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as RTF, PDF, TXT or read online on Scribd
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Guarantee for Payment of Debt by

Instalments
THIS DEED OF GUARANTEE executed at _______, this ___________ day of
_________________ Two thousand and ____ BY ABC of ________, Indian
Inhabitant, having address at __________________ ___________________,
hereinafter called THE GUARANTOR (which expression shall unless it be repugnant
to the context or meaning thereof, mean and include his heirs, executors and
administrators) of the One Part; And X Y Z also of __________, Indian Inhabitant,
having address at ___________________________________, hereinafter called
THE PRINCIPAL (which expression shall unless it be repugnant to the context or
meaning thereof, mean and include his heirs, executors, administrators and Assigns)
of the Other Part:
W H E R E A S:
(a) The Principal has to recover a sum of Rs. _______________/- (Rupees
___________________________ only) as on _____________ from one
M/s. Vijay Constructions for which he has already adopted legal proceedings
against the said M/s Vijay Constructions.
(b) In consideration of the Guarantor agreeing, to guarantee the payment of
Rs.______________/- (Rupees ___________________ only) to the
Principal in manner appearing hereinafter, the Principal has agreed to
discontinue the said legal proceedings against the said M/s Vijay
Constructions and to accept the said amount in full and final settlement.
NOW THE GUARANTOR HEREBY AGREES with the Principal as follows:(i)

The
Guarantor
guarantees
the
payment
of
a
sum
of
Rs. __________/- (Rupees _________________________ only) to the
principal for and on behalf of and on account of the said M/s Vijay
Constructions.

(ii) The Guarantor shall pay a sum of Rs. ____________/- (Rupees


______________________ only) to the Principal in full and final satisfaction
of all his claims against the said M/s Vijay Constructions in monthly
installments of Rs. ___________/- each. The first of such installment shall
be payable on or before _____________ and the remaining installments
shall be payable in succeeding months in the same manner. In the event of
any two defaults, the Guarantor shall be forthwith liable to pay the
remaining unpaid amount forthwith to the Principal.
(iii) The Principal shall discontinue legal proceedings adopted against the said
M/s Vijay Constructions.
SCHEDULE ABOVE REFERRED TO:
SIGNED AND DELIVERED by

the withinnamed ABC, )


the GUARANTOR abovenamed, in

the presence of

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