Guarantee for Payment of Debt by Instalments [CD1]
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 within named ABC, ) the GUARANTOR above named, in ) the
presence of ————————— )
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