(hereinafter called “the Guarantor”) I hereby guarantee and bind myself jointly and severally with the Customer, including all of the Customer’s subsidiary and related entities, in favour of the Company for the payment of any amount which is now due or owing or which may hereafter become due or owing by the Customer to the Company, and the performance of the Customer of all of the Customer’s obligations under the contract and agree to indemnify the Company against any cost or loss whatsoever arsing as a result of the default by the Customer in performing its obligations under this contract for whatever reason, including but not limited to the costs of takings any steps or proceedings to recover the payment from the Customer.
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(1)
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THAT this guarantee shall be a continuing guarantee and shall not be determined by the death of the Guarantor, nor, in the case where the Guarantor is a Company, by its liquidation.
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(2)
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THAT this guarantee is binding on the Guarantor and their executors, administrators and assigns, and the benefit of the guarantee is available to any assignee of the benefit of the contract between the Company and the Customer.
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(3)
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THAT all compositions and payments received by the Company shall be taken as payments in gross and the Guarantor’s right to be subrogated in respect thereof shall not arise until the Company shall have received the full amount of the Customer’s indebtedness to it and received any indemnity.
THAT no time or other indulgence granted to the Customer, nor any variation in the terms of any contract agreement, nor agreement between the Company and the Customer, nor the release by the Company of any guarantee of security held by the Company shall in any way affect the liability of the Guarantor, and that as between the Company and the Guarantor no cheque, bill of exchange or promissory note received by the Company in respect of the Customer’s indebtedness to it shall be regarded as whole or part satisfaction of the obligations in respect of which is given unless and until the same shall have been met.
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(4)
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THAT the discharge, extinguishment or postponement by bankruptcy, operation of law, act of the customer or otherwise of any part of the indebtedness of the Customer shall not impair or affect the liability of the Guarantor hereunder.
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(5)
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THAT if payment made to the Company by or on behalf of the Customer or the Guarantor shall subsequently be avoided by any Statutory Provision or otherwise howsoever such payment shall be deemed not to have discharged the Guarantor’s liability and in such event the Company and the Guarantor shall be restored to the position in which they would have been if such payment had not been made.
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(6)
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THAT the company shall be entitled to recover from the Guarantor without first taking any steps or proceedings against the Customer and any settlement or compromise with the customer will not release the Guarantor from the obligation to pay any balance that may be owing to the Company
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