MARITIME GUARANTEE
This Maritime Guarantee (this “Guarantee”) is entered into this day of ____________, 2020, by and between ___________ (the “Guarantor”) and _________________ (the “Principal”).
WHEREAS, the Principal owns, controls and/or is involved in certain maritime activities that are subject to certain international and applicable national laws, rules and regulations (the “Subject Activities”); and
WHEREAS, the Principal has sought the guarantee of the Guarantor in order to assure its compliance with the Subject Activities;
NOW, THEREFORE, for and in consideration of the mutual covenants of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Guarantor and the Principal hereby agree as follows:
1. Guarantee. The Guarantor hereby unconditionally and irrevocably guarantees to the Principal performance of the Subject Activities. Such guarantee shall remain in full force and effect despite any termination or amendment of the terms hereof or notwithstanding any decision or action by or on behalf of the Guarantor that affects the rights and privileges of the Principal in any manner.
2. Duration. This Guarantee shall remain in full force and effect until the satisfaction of the obligations of the Principal described herein.
3. Liability of the Guarantor. The Guarantor shall be liable to the Principal for any damages, liabilities, costs, or expenses that are directly or indirectly suffered or incurred by the Principal as a result of any failure by the Guarantor to perform its obligations hereunder. Such damages, liabilities, costs or expenses shall include, but are not limited to, attorneys’ fees and costs, as well as court costs.
4. Dispute Resolution. Any and all disputes arising out of or related to this Guarantee or the Subject Activities shall be resolved through final and binding arbitration in accordance with the laws of the jurisdiction of the Principal.
IN WITNESS WHEREOF, the parties hereto hereby execute this Guarantee as of the date set forth above.
SIGNATORIES:
Guarantor:
Principal:
