Authorised Guarantee Agreement (P104)

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What is this Authorised Guarantee Agreement for?

A tenant will enter into this guarantee when they assign/transfer the lease to a new tenant and the landlord requires the outgoing tenant  to guarantee that the assignee will perform the tenant’s obligations under the lease.

An Authorised Guarantee Agreement keeps the original tenant on the hook in case the assignee defaults

What detailed terms does the guarantee contain?

It covers:

  • definitions
  • authorised guarantee agreements
  • the guarantor’s covenants
  • the landlord’s covenant
  • circumstances under which the guarantor will not be released from liability
  • Contracts (Rights of Third Parties) Act 1999

The basic rule is that once a tenant transfers his lease he no longer has any obligation to the landlord. So, the landlord may demand this guarantee as  a condition of giving consent to the assignment.

For more information, see our Explanatory Notes which you will  receive when you download the document from our website.

When I download the document, can I change it and/or use it more than once?

Yes, all ContractStore’s templates are in MS Word and you can use the document on more than one project. For more information, watch the video on this page of our website or see our FAQs

Legal support

ContractStore supplies templates and is not a law firm.  But all our templates are written by experienced lawyers so we can arrange legal assistance for customers who need special terms in one of our documents or a bespoke template.  For more information see our Legal Services page.

 

If you have any questions about a contract and/or want to see the Explanatory Notes before you buy, please let us know by using our contact form

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