Owners Guarantee

BACKGROUND

The Company has registered with Device Network Ltd on terms that incorporate:

(Contract)

  • 1. Owner's guarantee and covenants
  • 1.1 Owner's guarantee. In consideration of the Company entering into the Contract with Device Network Ltd, the Owner, as primary obligor, irrevocably and unconditionally as separate and independent obligations:
    • (a) guarantees the full, prompt and complete performance by the Company of each of its obligations under the Contract;
    • (b) guarantees the punctual payment of all sums payable by the Company under the Contract or in consequence of any breach of the provisions of the Contract;
    • (c) undertakes, immediately on demand, to perform or procure the performance of all the Company's obligations referred to in clause 1.1(a) and clause 1.1(b); and
    • (d) undertakes to pay to Device Network Ltd, immediately on demand and unconditionally, such sum to make good all losses, damage, costs and expenses arising out of the Company's failure to perform such obligations, or pay such sums on the due date, or the Owner's failure to comply with the provisions of clause 1.1(a) , clause 1.1(b) and clause 1.1(c) .`
  • 1.2 Guarantee demand procedure. Before making a demand under clause 1.1 , it shall not be necessary for Device Network Ltd to have made a demand on, taken out proceedings against, or taken any action to enforce any security against the Company or any other person.
  • 1.3 Factors not affecting Owner's liability. The Owner's liability under this clause 1 shall not be reduced, discharged or adversely affected in any way, by:
    • (a) any unenforceability, invalidity, irregularity, frustration or discharge by operation of law of any of the Company's obligations under the Contract;
    • (b) any legal limitation, disability, incapacity or other circumstances relating to the Company or any other person;
    • (c) Device Network Ltd compromising, varying, extending, dealing with, renewing, releasing, refusing or neglecting to perfect or enforce any right, remedy or security against the Company or any other person in respect of the Contract or any other document or security; or
    • (d) anything which, but for this provision, might discharge, reduce or extinguish any of the Owner's liabilities under this clause 1.
  • 1.4 Continuing guarantee. The Owner's guarantee is a continuing guarantee and shall continue in effect until the Company has paid and performed all sums and all obligations under the Contract.
  • 1.5 Non-competition clause. The Owner shall not, until all of the Company's obligations under the Contract have been finally performed and paid in full, exercise any right:
    • (a) of subrogation and indemnity;
    • (b) to take the benefit of, share in or enforce any security or other guarantee or indemnity for any of the Company's obligations; or
    • (c) to prove in the liquidation of the Company, other than in accordance with Device Network Ltd's instructions.
  • 1.6 Owner as trustee. If the Owner exercises any of the rights referred to in clause 1.5 , he or she shall:
    • (a) hold any amounts recovered on trust for Device Network Ltd; and
    • (b) pay them to Device Network Ltd on demand.

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Device Network Limited

Units 1 & 2, The Old Dairy
Hazlemere Cross Roads
High Wycombe, Buckinghamshire
HP15 7LG, United Kingdom.
P: +44 (0)1494 717 960

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