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.
-
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.
-
Much obliged ladies and gentlemen!

