Products tagged with 'british columbia'

Set up a business joint venture in British Columbia with this template Joint Venture Agreement.

• One of the joint venturers will be responsible for management of the joint venture, and will be paid a management fee for providing such services.
• No joint venturer may transfer its interest without the consent of the other joint venturers, except in the death of a joint venturer, when his/her interest will automatically pass to their spouse or children.
• Each joint venturer has a right of first refusal and piggyback rights on the interest of the other parties, in the event of a sale or transfer.
• Any joint venturer may exercise a shot-gun (buy-sell) provision with respect to the interest of another joint venturer.
• This template is available as a downloadable Microsoft Word file which is fully editable to meet your needs.
• Intended to be used only in the Province of British Columbia, Canada.

Prepare a Guarantee of the debts of a corporate borrower with this downloadable template form for British Columbia lenders.

Overview of Guarantee and Postponement Form

• When a corporate borrower applies for a loan, lenders generally require an additional level of security to ensure repayment.
• One effective approach is to obtain a personal guarantee from a principal of the borrower, using a form such as this Guarantee and Postponement template.

Who Should Provide the Guarantee?

• The guarantee must be supplied by an individual who has a significant stake in the company, such as a director, shareholder, or sole proprietor.
• By signing the guarantee, the individual agrees to repay the corporate borrower's indebtedness to the lender if the borrower defaults on its obligations under the loan agreement.

Priority of Debts

• Under the terms of the Postponement section of the agreement, the guarantor also agrees that any debts the borrower owes to them will be deferred (postponed) in favour of the debt owed to the lender.
• The Postponement ensures that the lender's claims will take priority over any other claims the guarantor may have against the borrower.

Format and Jurisdiction

• Once purchased, the Guarantee and Postponement form can be used multiple times without incurring additional fees.
• It is available for immediate download following purchase, allowing lenders to quickly integrate it into their loan documentation. Every lender in the province should include a Guarantee form as a standard part of their lending process.
• This legal document template is intended to be used only within the Province of British Columbia, Canada.