Deed of guarantee and indemnity
Interpretation
BUILDER IS OWNER IS
Guarantors ADDRESS LINE 1 ADDRESS LINE 2 SUBURB
STATE
POSTCODE
Contract is that between the Builder and the Owner dated:
Background
The Guarantor executed this Deed at the Owner's request. The Guarantor is aware of the Owner's obligations under the Contract .
Operative
1. Guarantee The Guarantor guarantees to the Builder , the fulfilment of the Owner's obligations under the Contract including but not limited to the due payment of all moneys arising out of the subject matter of the Contract. 2. Indemnity The Guarantor indemnifies the Builder against any claim, loss or damage arising out of the subject matter of the contract caused by or resulting from any non-fulfilment of the Owner's obligations under the Contract . 3. Principal Debtor The Guarantor is deemed to be principal debtor jointly and severally liable with the Owner to discharge the Owner's obligations under the Contract . 4. No Merger The Guarantor agrees that this Deed does not merge on completion or on the ending of the Contract by either party and continues notwithstanding that the Owner , if a corporation, is placed in liquidation or if a person, is declared bankrupt. 5. No Release The Guarantor is not discharged by: (a) any variation to the Contract including a variation to the building works; (b) any delay or claim by the Builder to enforce a right against the Owner ; and (c) any forbearance given to the Owner to perform the Owner's obligations under the Contract . 6. Severability Any provision of this Deed which is illegal, void or unenforceable will be ineffective to the extent only of such illegality, voidness or unenforceability and will not invalidate any other provision of this Deed.
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