What are the key terms and conditions that should be included in a loan agreement with a guarantor?

Is it required by law in Tennessee if a person that signs an apartment lease as a Guarantor is married that both the Guarantor and spouse must sign and execute this Guaranty Agreement?

No. Nothing under the law requires that any Guarantor exist for any contract in Tennessee. However, if a Guarantor is sought, that is an issue of contract which will generally be enforced by the Courts. If the Guarantor is married and the spouse signs the guarantee, then the spouse becomes individually liable for the guarantee to the full extent as the original Guarantor. Individuals should enter into guarantees very very carefully with the assistance of a lawyer or what appears to be a limited guarantee could actually be open ended. The totality of all the documents must be read together to obtain the meaning of the individual parts of the total agreement being guaranteed.

What are the key provisions that should be included in a non-disclosure agreement for employees?

A non-disclosure agreement for employees should include provisions that outline the confidential information they will have access to, the purpose of the agreement, the obligations of the employee to keep information confidential, the consequences of breaching the agreement, and the duration of the agreement.

Sample Loan Agreement?

Any time a loan is paid, the borrower and lender should sign a loan agreement. The loan agreement, which is also commonly referred to as a promissory note, makes the agreement between the parties and the exchange of funds official. By having a loan agreement, there may be legal recourse in the event the borrower does not repay the loan as agreed in the contract. Even when money is being loan to a family member or longtime friend, the loan agreement is important to validate the exchange of monies. Having a sample loan agreement will serve to protect the borrower as well as outline the terms of the contract. The agreement should also include the amount borrowed as well as the interest rate that is being charged on the loan. Having the contract written and signed by all parties prevents the borrower or the lender from changing the terms of the original agreement. To be included in the sample loan agreement is a simple statement that a loan is being made. Although this seems elementary it is important this is included so there is a distinction made between money being borrowed and monies being given with no repayment obligation. The understanding with the agreement is that under the terms of the agreement the funds are to be lent for specific period of time. Included in the sample loan agreement should be the date the monies are being exchanged. Although less important, but still to be included in a loan agreement is the city and state where the loan is being made and disbursed. Whether a loan is being made for business or personal financing, all parties should be named in the agreement. In the case of an individual, the individual's full name should be included in the agreement. If there is a co-borrower on the loan, his or her name should be included as well. In the case of a business, either the guarantor or corporation name should be listed on the contract. It is key to understand the business designation and structure of the business; a sole proprietor will need to be named while the owners of a corporation may not be named because of certain limited liability provisions. Within the loan agreement there should be language to include how and when the funds borrowed will be repaid. If there is any distinction that needs to be made about how the loan should be repaid, such as by check, credit or money order this should be outlined. The date the funds will be repaid should also be clearly stated and agreed to by all parties involved. The key to the loan agreement is to protect the interests of all parties involved and by clearly stating the terms of the loan and obtaining signatures, the chances of default and misunderstanding will be minimized.

Do I Really Need A Sales Agreement To Purchase A Building?

You should have a written sales agreement when buying real estate. The sales agreement should honestly spell out the cost, terms, and precisely what's covered and what is not included within the sale. The sales agreement is a legal report that offers you legal recourse if troubles should arise after the sale.

What is included in a simple rental agreement?

An agreement should include the names of the parties involved, what properties are rented, due dates and resposibilities of the agreeing parties (such as renovation etc.).

What legal responsibility does a guarantor have?

A guarantor is someone who pledges that a loan or other type of debt will be paid. Usually, a guarantor agrees to pay or perform another person's debt or duty should that person fail to do so. The term is most commonly used in reference to financial assistance. However, it is important to note that accountability varies from institution to institution. Often it is possible for a guarantor to opt out of their role as guarantor.

Is policy holder health insurance automatic guarantor of step child?

In medical insurance, the policy holder of the policy is not automatically the guarantor of a step child. To become the guarantor of the child a formal adoption should have taken place, or the child can be added to the policy.

What is the waiting period for settlement after agreement?

If agreement was reached in a case (at arbitration/mediation/etc) and a solution was agreed upon, the effective date the solution was to take place SHOULD have also been agreed upon and that date included in the agreement document.

What steps should be included in a license management program?

- Understand the license agreement - Track the actual usage - Conduct a software inventory

What are the key provisions that should be included in a non-disclosure agreement for intellectual property protection?

A non-disclosure agreement for intellectual property protection should include provisions such as defining what information is considered confidential, outlining the purpose of sharing the information, specifying who has access to the information, setting the duration of the agreement, detailing the consequences of breaching the agreement, and outlining the process for resolving disputes.

What is included in a typical lease agreement?

There are many things typically provided: name and address of landlord and tenant, rental property address, term of the tenancy, rent, deposits and fees, utilities, a list of conditions of the unit, repair and maintenance responsibilities, limits on behavior, ability of landlord to enter unit, restrictions on occupants, rules of use, rules on pets, and termination information.

What is guarantor?

A guarantor is what the bank requires when the loan applicant doesn't have good enough credit or income to obtain a loan on their own. It's the co-signer who guarantees that the loan will be paid. If the initial borrower fails to make the payments then the guarantor must pay the loan in full. If they don't then their credit record will be ruined and the bank may seek a judgment to attach their assets to satisfy the debt. Being a guarantor or co-signer on another person's debt is extremely risky. If you decide to do so then you should make certain that your name is also on the title to the property that is being financed in case you need to take possession if the borrower doesn't pay. When someone asks you to be a guarantor, make certain you understand your risk. _________________________________________________________ A guarantor is a Person or firm that endorses a three party agreement to guarantee that promises made by the first party (the principal) to the second party (client or lender) will be fulfilled, and assumes liability if the principal fails to fulfill them (defaults). In case of a default, the guarantor must compensate the lender or client, and usually acquires an immediate right of action against the principal for payments made under the guarantee.