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Guarantees are typically used in banking transactions as a form of Collateral for a debt. For information on the characteristics of guarantees, see Practice Note: Guarantees.

This Practice Note examines:

1. •

   Contractual formalities involved in creating a guarantee

2. •

   other formalities which are specific to the granting of guarantees, and

3. •

   whether there are any formalities for indemnities that need to be considered (since guarantee documentation typically includes an indemnity provision)

This Practice Note does not deal with:

1. •

   guarantees from individuals (see Practice Note: Key issues in taking a guarantee from an individual in a commercial financing context), or

2. •

   on demand guarantees (see Practice Note: On demand guarantees and Bonds)