How do I get a letter of personal guarantee for a business owner that owes me several thousand dollars?

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How do I get a letter of personal guarantee for a business owner that owes me several thousand dollars?

A company owes me for a job completed 4 months ago. I believe he is willing to sign a letter guaranteeing the debt personally, however, I am having a difficult time finding an appropriate template on-line as most of them refer to bank lending, etc. Can it be as simple as “name” owes “me” “amount” and guarantees the debt personally if company fails? Also, adding allowable time frame before taking legal action.

Asked on September 30, 2011 under Bankruptcy Law, Nevada

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

There are many forms online setting forth a template for a personal guarantee concerning an obligation owed by a business with respect to its owner or a third party. Some templates can be as simple as a mofidication of a promissory note whose form can be found online.

In your situation, I suggest some simple language as follows in a document entitled "Personal Guarantee"

"I (name) personally guarantee the obligation and debt owed by (name) in the amount of $_______ for work/services/materials provided by (name) and the following address __________ during the period of _______ to ________" and have the document dated and signed by that person giving the guarantee.

If you want more detail in the template above, do so and have a stated payment date as well.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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