Financial Agreements

Guarantee and Collateral Agreement

May 2, 2013 by agri in Financial Agreements with 0 Comments
The Guarantee and Collateral Agreements is an agreement that is executed by the tax payer, who pays the tax and the guarantor who ensures that the tax payer performs the terms of the agreement. A Guarantee and Collateral Agreement is a pledge that is guaranteed by the guarantor for the purpose of filing a return or for the performance of any similar act.

The requisition for the Guarantee and Collateral agreement must be prepared by the tax payer. A few information like, the identification of the parties i.e. the tax payer, the guarantor and a third party if possible, aggregate tax liability, method of payment of tax by the tax payer and the specific dates at which the payment will be made will be required. In case of any failure to proceed as per the agreement, the Guarantee and Collateral Agreement can be terminated or cancelled and legal actions will be taken against the tax payer. The tax payer should submit security with a bond agreement executed by the guarantor and the tax payer.



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