Commercial Lease With Personal Guarantee
Description
How to fill out Colorado Commercial Building Or Space Lease?
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FAQ
The term personal guarantee refers to an individual's legal promise to repay credit issued to a business for which they serve as an executive or partner. Providing a personal guarantee means that if the business becomes unable to repay the debt, the individual assumes personal responsibility for the balance.
You Can Use These 5 Steps to Negotiate a Personal GuaranteeYou Need to Know What You're Signing. There can be a wide variance in the terms of a PG.Know Who You Are Signing With.Determine an Acceptable Level of Risk.Negotiate the PG Terms.Keep the Door Open to Future PG Negotiations.
A personal guaranty is not enforceable without consideration In fact, no contract is enforceable without consideration. A personal guaranty is a type of contract.
It is usually the directors of the company that are asked to personally guarantee the lease. As a director this means that you are personally liable for the rent if the company can't pay and the landlord can pursue through the courts and could even make you bankrupt.
Getting out of the Guarantee Early If you did sign a personal guarantee as part of the commercial lease, your options for an early exit are fairly limited. You could ask for an amendment to the lease or renegotiate the guarantee terms. You could offer your landlord a settlement on the remaining rent debt.
