Payment Guarantee (Assuring My Coworker)

[reddvinylene]

Hello hello!

I'm trying to write this payment guarantee so I can assure my coworker that I'm serious and that I'm not gonna walk away on him or anything. Is this basically how I'd do it? I'd like to keep things as simple as possible.

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Payment Guarantee

Guarantor: My company (registration info)
Principal: My name
Beneficiary: My coworker's name
Project: Our project
Start Pay: $2,500.00 USD
Profit Share: $250.000.00 USD

The Principal hereby irrevocably undertakes to pay the Beneficiary the above Start Pay and Profit Share. The Start Pay is to be paid no later than January 1, 2009, regardless of any windingup, insolvency or bankruptcy of the Project. The Profit Share is to be paid in monthly installments made up of 50% off the profit, assuming there is a profit, until the full amount have been met. Once the Start Pay and Profit Share have been met, this agreement shall cease to exist.

This guarantee shall be governed by the laws of <country>, within the <city> City Court.

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Much obliged ladies and gentlemen!

[Betty3]

It never hurts to run something like this by a lawyer instead of as a do-it-yourself project. (though it does sound ok)

You can hold for other opinions as to whether they believe it is ok & w/o contacting a lawyer. We have some lawyers on the forum. (Maybe they will give an opinion.)

[aaron]

Laws are different in every state and nation. You didn't identify your state, and your signature link suggests you're in Norway.

[Betty3]

Darn, I didn't even bring up the signature link.

[reddvinylene]

Thanks for the response y'all. Yeah, I'm in Norway though my coworker is in Detroit. I was hoping for something simple and general though, that would be valid pretty much anywhere in the world, saying something along the lines of:

If I fail to do what this guarantee says, you have the right to make my life miserable. I won't even object.

[reddvinylene]

Rewrite:

The Principal hereby irrevocably undertakes to pay the Beneficiary the above Start Pay, as a one time fee to be paid no later than January 1, 2009, regardless of any insolvency or bankruptcy of the Project. In the event of profit, the Principal will irrevocably undertake to pay the Beneficiary the above Profit Share in monthly installments, by allocating 50% off each month’s net profit, until the full amount has been met.

This guarantee shall be governed by the laws of Norway, within the Bergen City Court. Once the Start Pay and Profit Share have been met, this guarantee shall cease to exist.