GUARANTY OF PERFORMANCE OF CONTRACT
WHEREAS, the Company is about to enter into agreement with Grantee, a true copy of which is hereto annexed and made a part of this contract of guaranty;
WHEREAS, the Guarantor is desirous of having the Company enter into such an agreement with Grantee _____________________________ ;
WHEREAS, the Company is willing to enter into such an agreement with Grantee only if the Guarantor guaranties the faithful performance of all the terms and conditions thereof.
NOW, THEREFORE, in consideration of the sum of $_________________ paid by the Company to the Guarantor, the receipt whereof is hereby acknowledged and the execution of such contract by the Company with the Grantee, the Guarantor does hereby agree as follows:
1. The Guarantor does hereby guaranty full, prompt and complete performance by of all the terms, covenants and conditions of the contract made by him with the Company and hereto annexed and the payment of such sums that may become due to the Company from the Grantee hereunder.
2. This guaranty is not limited to any particular period of time but shall continue until all of the terms, covenants and conditions of the said contract have been fully and completely performed by the Grantee or otherwise discharged by the Company, and the Guarantor shall not be released of any obligation or liability hereunder so long as there is any claim of the company against the said Grantee arising out of the said contract that has not been satisfied or discharged in full.
3. The Company and the Grantee shall not enter into any agreement altering, modifying or extending in any way the obligations which the Guarantor has assumed hereby or which would make performance by the Grantee more difficult except upon the written consent of the Guarantor.
4. In the event that the Grantee shall fail to perform any of the terms, covenants and conditions of said agreement, the Company shall at once give notice to the guarantor of such default and shall afford to the Guarantor the opportunity to perform as herein provided.
5. In the event that the Grantee shall fail to perform any of the terms, covenants and conditions of said contract, the Guarantor upon notice of such default shall have the right to perform the terms, covenants and conditions of the said agreement as to which such default has occurred in the same manner and as fully as the Grantee might do.
Subscribed and sworn before me on this _______________day of____________________ , 20___ .
Notary Public ________________________________________________________ (seal)
State Specific Guaranty Forms
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