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Allied Re Corporation Ltd

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Allied Re Corporation Ltd –UK

ANTIFRAUD FORM: Verify Validity of contracts Online


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Nothing in this site shall be deemed to constitute financial or other professional advice in any way. In choosing to buy any Legal & General product from this site you should not rely solely on the information contained within the site pages. You should carefully read the policy documentation and/or terms and conditions relating to any specific product before purchasing.


ALLIED RE CORPORATION LTD reserves the right in its absolute discretion at any time and without notice to remove, amend or vary any of the content which appears on any page of this site, including any terms and conditions. Any changes to these terms and conditions will be posted on this site and by continuing to use this site following any such change you will agree to be bound by the revised conditions.


ALLIED RE CORPORATION LTD has taken all reasonable steps to ensure that the information contained within the pages of this site is accurate, current and complies with the relevant legislation and regulations, no warranty is given and no representation is made regarding the accuracy of or completeness of this site.

Consequently, ALLIED RE CORPORATION LTD accepts no liability for any losses or damages (whether direct, indirect, special, consequential or otherwise) arising out of errors or omissions contained in this website. Further, no warranty is given that this site shall be available on an uninterrupted basis and no liability can be accepted in respect of losses or damages arising out of such unavailability. In addition, no liability can be accepted in respect of losses or damages arising out of changes made to the content of this site by unauthorized third parties. You acknowledge that you are solely responsible for the use to which you put this site and all the results and information you obtain from it and that all liability is hereby excluded to the fullest extent permitted by law. Nothing in these terms and conditions shall exclude, limit or restrict ALLIED RE CREDIT LTD duties and liabilities to you under the Financial Services and Markets Act 2000 and any subsequent amending or replacement legislation, which regulates the carrying out of investment or financial business in the United Kingdom, or any conduct of business rules, which we are bound to comply with.


Article 1. Scope and Delimitation of the guarantee.

The guarantee referred to in this deed is governed by these general terms and conditions that the parties declare to have carefully read and approved. It shall be paid only for the breach of contract by the Contractor to the Beneficiary, which occurred during his lifetime and after the validity and completion of the same. with the express exclusion of obligations incurred prior to the signing of the guarantee, even if due during the period of validity of the guarantee and/or obligations that arose even within the said period to expire over the term of the warranty.The company reserves the right to reinsure the risk involved in this contract, or sell it to third parties enabled. Whatever the number of defaults occurred. the Company shall not be liable for the payment of a sum greater than the guaranteed capital. The warranty does not cover contractual penalties and debts of currency.

Article 2. Starting date. Payment of the fee surcharges.

Upon expiry of the term of this deed, the guarantee ceases its effectiveness even if the original in the possession of the Beneficiary is not returned to the ALLIED RE CORPORATION LTD and sent in the original copy within five days. The period of validity and effectiveness of the guarantee is however and in any case limited until the end of the principal obligation which the guarantee refers. The guarantee is a subject to the signing of the deed by the Contractor, the Beneficiary and the ALLIED RE CORPORATION LTD to the complete payment of the amount due including any extensions. The payment for this contract however is forfeited by the Company and shall not in any case be requested its return, regardless of the decision made by the Beneficiary.

In the case of longer duration and, anyway, until the Contractor does not present the documents referred to in Art. 4. it is required to pay premiums for extended time. These fees are payable in advance to the extent indicated in the heading of calculation of the fee or failing that, according to the information required by the Company. The non-payment of the additional fees results in automatic suspension of the right of the effectiveness of the guarantee. unless expressly extinction and prior explicit statement released by the Beneficiary to be sent by registered mail to the Company a/r.

Article 3. Conditions for the validity of the guarantee.

The validity of this guarantee is a subject to the precedent condition of the release by the Contractor of eligible collateral (pledges of money, securities or mortgage registration) if any and the delivery and allegation, at present, of the contract signed by the Contractor and the Beneficiary, which must also be signed by ALLIED RE CORPORATION LTD. The granting of personal guarantees and/or delivery of the main contract may also take place after the issuance of this guarantee but no later than seven days from that date under penalty of non-commencement of the guarantee. In the absence, this guarantee cannot be used for initiating debt collection

Article 4. Liberation of the Contractor from the obligation to pay the amount of supplements.

The Contractor to be released from the obligation to pay the fee supplements must deliver to the ALLIED RE CREDIT LTD the original of this contract returned by the Beneficiary or a statement issued by the Beneficiary stating that the Company is set free from any liability in respect of the guarantee given. It is agreed that for the purposes of Art. 2. this declaration will have no retroactive effect in any case.

Article 5. Duration and extension of the guarantee.

The period of validity of the guarantee is indicated on the title page and shall automatically terminate at the expiration date specified therein. After that period, the guarantee will no longer be effective even if the original of this document is not returned. It is an available option of the Contractor and/or the Beneficiary's to request the Company the extension of the guarantee by registered post and at least thirty days before the contractual maturity date and it must be accompanied by a letter of acceptance of the Contractor and/or the Beneficiary. It is the right of the Company not to grant the request for an extension stating, in case of acceptance, any real or personal guarantees that the Contractor is required to provide.

Article 6. Existence of other collateral.

Where other guarantees, also real, are given in favor of the Beneficiary for the same obligations under this guarantee. ALLIED RE CORPORATION LTD will be obligated only for a portion corresponding to the ratio between the sum guaranteed by it and all the sums of other coexisting sureties.

Article 7. Obligations of the Beneficiary.

The Beneficiary undertakes on pain of forfeiture of the guarantee provided by this deed to notify the ALLIED RE CORPORATION LTD by registered mail within a maximum period of two days or 48 hours, from the date it comes to its knowledge, any failure, delay or every negative fact that might affect the bond and the surety and that is, in any case, an index of diminished solvency of the Contractor. The ALLIED RE CORPORATION LTD may, if considering useful, inform the Beneficiary about any action to be performed, even in Court, and the Beneficiary in this case will be required to follow the above instructions where ever received. In any case remain in force, in the part of the Beneficiary, all legal obligations due in the event of default by the Contractor. The Beneficiary also agrees not to enter into any settlement agreement with the Contractor or whoever it without the prior written consent of ALLIED RE CORPORATION LTD, under penalty of ineffectiveness and the forfeiture of the surety. The Beneficiary with the signing of this deed, and a subject to forfeiture of the surety ensures to have verified that the Contractor has the full economic and professional capacity to meet its obligations towards him and guaranteed by this deed.

Article 8. Losses recoverable.

The amount guaranteed by ALLIED RE CORPORATION LTD comprises amounts that become payable by the Contractor in fulfillment of the primary object of this deed, net of the amounts of collateral that may be provided directly to the Beneficiary by the Contractor or any third party except as provided for art. 6. and after deduction of: a) the amount of any credit to the Beneficiary of the Contractor whether or not they originated from the contractual relationship subject to this deed; b) the amount of any recoveries made by the Beneficiary before the collection of compensation.

Article 9. Notice of default. Payment of compensation.

The Compensation for any losses incurred by the Beneficiary as a result of breach of contractual obligations by the Contractor will be made after the evaluation that will be included as an act of settlement drawn up in agreement between the Beneficiary and the ALLIED RE CORPORATION LTD. The Beneficiary in any case waives his right of immediate legal actions. In the event of failure of the Contractor or equivalent insolvency proceedings the ALLIED RE CORPORATION LTD will pay the compensation within thirty days from the filing date of the default decree. In case of dispute the beneficiary waives required measures of early and provisional enforceability. The latter in advance will be required to demonstrate and document the actual and ultimate failure of the Contractor. The Company will be required to pay the amount due to the Beneficiary after unsuccessfully search for payment from the principal debtor and any integral multiple liability. The expenses will be advanced by the plaintiffs. After that, ALLIED RE CORPORATION LTD, according to the rules of the general conditions of this deed of guarantee and the obligations and burdens of the law, will liquidate the damage after 30 days. The amount of compensation will be paid by ALLIED RE CORPORATION LTD after giving notice to the Contractor. The guarantee does not cover damages resulting from breach of contract for transactions after the Beneficiary has knowledge in the implementation of commercial relations with the Contractor and only to them, that the financial circumstances of Contractor had become such as to make it difficult to meet the obligations assumed.

Article 10. Act of Settlement.

The Parties shall, as indicated above, agree that the assessment of the loss. which was produced in a special act "deed of settlement" will be made in each case agreed between the Beneficiary and the Company and notified to the Contractor by registered letter with acknowledgment of receipt. The Beneficiary therefore is not entitled to sue before the drafting of liquidation. to be calculated in the manner agreed in this article. The Contractor within 10 days of notification of the liquidation will be able to provide any form of proof to show that the non-compliance is not depending from fault or intention. The payment of the sums due to this guarantee will be executed by the Company upon written request of the Beneficiary and documented by registered letter to the Management of the Company. It is understood that it will not enjoy the benefit of prior examination of the Company. The Company, in accordance with the Beneficiary, reserves as of now the right not to give rise to the payment of losses, but to replace in full the Contractor providing, at its expense, to the execution of all the works necessary for the fulfillment bonds subject to the deed.

Article 11. Early release of the Company.

It is the right of the Company even before having paid the Beneficiary to act against the Contractor to be set free from the obligation or to provide adequate collateral or guarantees when: a) The Contractor has been sued or is the recipient of a request or order for payment; b) the Contractor delays for bad faith or insolvency payment of its bonds or s has suffered seizures; c) when the secured obligation has become due to the expiry of the term.

Article 12. Revocation of compensation.

The Beneficiary forfeits the right to compensation if: a) it cannot affect the Company's subrogation rights. in the pledge. in the privileges and mortgages assumed, or the Beneficiary fails to formally surrender his rights to the Company as provided for in Articles 8 and 14 of these conditions; b) in conjunction with the Contractor has made substantial variations to the main relationship changing the original negotiation program and altering the deal and the resulting bond making this guarantee more burdensome; c) fails to act within six months of the default of the Contractor upon the principal, or even a single installment thereof; d) has granted the possibility to perform in a manner inconsistent with the provisions of the main contract, despite knowing the changed financial circumstances of the Contractor. following delays in payment without authorization of the Company; e) has fraudulently and negligently concealed the existence of previous bonds with the Debtor or has not notified the start of mandatory relationship object of this deed.

Article 13. Right of subrogation.

After each payment made in reliance of this guarantee the ALLIED RE CREDIT LTD will be subrogated to all rights and actions of the Beneficiary towards the Contractor and any of its debtors. for the recovery of any sums paid by it by way of principal, interest and expenses. The Contractor agrees to pay all sums paid as interest in the amount of the current official rate. The Beneficiary is obliged to provide the ALLIED RE CORPORATION LTD all the documentation and all relevant information for the commencement or the continuation of the recovery action and to do likewise formal cession of its rights and actions.

Article 14. Right to compensation.

The Contractor and any debtors, with joint and several liability between them, undertake to reimburse ALLIED RE CORPORATION LTD without exception and within thirty days from the date of the written request letter the amounts to be paid or that it was required to pay for capital, interest and costs in dependence of this guarantee. The Contractor is due to pay all the expenses that the Company will make the recovery of the amounts paid in dependency of this deed. The ALLIED RE CORPORATION LTD even before making payments can take action against the Contractor and any debtors to let them procure the release from the obligations or pay the necessary guarantees accessory for effective retaliatory action / recovery if it has received the communication referred to in Article 7 top. or in the event that the Contractor has suffered protests, foreclosures or seizures.

Article 15. Conditions precedent and varied.

The Contractor and the Beneficiary undertake on pain of invalidity of the deed to send to ALLIED RE CORPORATION LTD by registered mail, within five days of the issuance of the same act, the copy duly signed by both parties aforesaid and with any related acts of co- obligation Failure to return the guarantee signed in original and its related acts of co-obligation determines the immediate termination of the guarantee and its invalidation outset. After the issue of the guarantee and the receipt of the related payment by ALLIED RE CORPORATION LTD no refund of the fee will be due to any reason whatsoever The Beneficiary, if intends to avail itself of this guarantee, however, adheres fully to these general conditions and the use of the same deed involves in itself, however, the acceptance of all the relevant terms. In case of disputes concerning the interpretation of the provisions contained in both the title and in the general conditions both in any addendums these terms and conditions shall prevail over other rules. The Contractor agrees to provide, when requested, a Mortgage in favor of the Company on its assets, including third parties, worth at least equivalent to the guarantee provided, that is not explaining any legal effect up to the fulfillment of such conditions. The ALLIED RE CORPORATION LTD, in case were to hold that the economic situation is affected by the Contractor, reserves the right to revoke this guarantee and in this case will only respond for any losses accrued up to the date of withdrawal.

Article 16. Caution Deposit.

In addition to the assumption of Art. 12 ALLIED RE CORPORATION LTD may claim that the Party handles to pledge, cash or securities at any time during the effective period of the guarantee, at simple request of the Company, in the event of changed economic conditions of the Contractor, in order to ensure itself satisfying the possible reasons for recourse.

Article 17. Duties and taxes.

Any fees, taxes and registration fees relating to this deed of guarantee and Related Instruments are the sole responsibility of the Contractor even if the payment has been made in advance by ALLIED RE CORPORATION LTD.

Article 18. Rules of Law.

Criminal Responsibility. Every aspect that is not specifically covered by this deed, is a subject to provision of the law.

Article 19. Jurisdiction.

Any disputes or actions arising from this deed is the subject to the British Law.

Article 20. Form of communications to the Company.

All notifications, alerts and notifications, related to this deed shall be made by registered mail at the same time at the registered office of ALLIED RE CORPORATION LTD with representative offices responsible for the territory and via E- mail to the responsible risk officer.

Article 21. Definitions.

In the text the term: 
Warranty: Contracts of guarantee. 
Contractor: Main Debtor. 
Beneficiary: Creditor. 
Issuer: The ALLIED RE CORPORATION LTD or any of its partners. 
Guarantee Period: The time interval between the payment of this deed and the expiration of the same. 
Extension of guarantee : power granted to the Contractor and /or Contractor to request the postponement of the date of expiry of the guarantee.  
  Award: sum due by the contractor to the Company for the issue of the guarantee. 
Sum guaranteed: maximum capital guaranteed by the Company. 
Delimitation of warranty: specification of defaults guaranteed during the term of the warranty. 
Non-performance: non-payment of sums and/or non-performance of contractual obligations by the contractor. 
Compensable loss: the amount paid by the Company in the event of failure by the Contractor.  
Allegation of failure: communication that the Beneficiary must make to the Company.  
Administrative investigation: procedure that starts with the complaint of failure and ends with the stage of compulsory conciliation. 
Deed of settlement: administrative act issued at the end of the investigation containing the causes of the failure and the quantification of compensation.  
Subrogation: Company's right of subrogation to the rights of the recipient of credit by delivery of documents simultaneously with the payment of compensation.  
Recourse: Company's right to ask the contractor to refund of the amount paid to the Contractor by way of compensation. 
Early Liberation warranty: option granted to the Company to act to override the warranty provided. 
  Disqualification from compensation: Event established by the contract in which the hypotheses are regulated loss of the right to compensation.