This Guaranty is signed by each individual who owns 25% or more of the Merchant, or who is the Merchant if the Merchant is a sole proprietorship. [Counsel to decide the trigger: all merchants, or only sole proprietors, entities under 12 months old, or merchants above a volume threshold.] It is a separate screen with its own typed signature for each guarantor.
Personal Guaranty
Guarantor: [full legal name], an individual residing at [address] Merchant: [legal business name] In favor of: Cornerstone Technology Systems, LLC d/b/a Ridge POS ("Ridge")
- Guaranty. In consideration of Ridge providing the Service and payment processing to Merchant, Guarantor personally, unconditionally and irrevocably guarantees to Ridge the full and prompt payment of every amount Merchant owes or may owe Ridge under the Merchant Agreement and its Addenda, including subscription fees, add-on fees, chargebacks, refunds, reversals, negative connected-account balances, card-network fines and assessments, and costs of collection including reasonable attorneys' fees (the "Obligations").
- Continuing; not limited. This is a continuing guaranty of payment, not of collection. It covers Obligations arising now or in the future and is not limited in amount. It continues until Merchant's account is closed and all Obligations are paid in full, and survives termination of the Merchant Agreement.
- Direct liability. Ridge may demand payment from Guarantor without first demanding payment from Merchant, pursuing any security, or exhausting any other remedy. Guarantor will pay within 10 days of Ridge's written demand.
- Waivers. To the fullest extent permitted by law, Guarantor waives: notice of acceptance of this Guaranty; presentment, demand, protest and notice of dishonor; notice of any Obligation incurred; any defense based on a change in Merchant's ownership, structure or business; any defense based on Ridge's modification, extension, renewal or release of any Obligation or of any other guarantor; and any right to require Ridge to proceed against Merchant first.
- Reinstatement. If any payment to Ridge is later set aside or must be returned (for example, in a bankruptcy), this Guaranty is reinstated for that amount as if the payment had not been made.
- Financial information. Guarantor authorizes Ridge and Stripe to obtain consumer credit reports on Guarantor for the purposes stated in Part C of the Authorizations & Consents, now and while this Guaranty is in effect, and will provide updated financial information on reasonable request.
- Multiple guarantors. If more than one person signs a guaranty for Merchant, each is jointly and severally liable for the full Obligations.
- Release. Guarantor may ask Ridge in writing to release this Guaranty when Guarantor no longer owns any interest in Merchant. Release is at Ridge's reasonable discretion and does not affect Obligations arising before the release.
- Governing law; disputes. Ohio law governs. Sections 16.2 through 16.6 of the Merchant Agreement (arbitration, class waiver, opt-out, venue) apply to this Guaranty as if Guarantor were a party to the Merchant Agreement.
- Entire agreement. This Guaranty is the entire agreement between Guarantor and Ridge on its subject and may be changed only in a writing signed by both.
Guarantor acknowledges reading this Guaranty, understanding that it creates personal liability for Merchant's debts to Ridge, and having had the opportunity to consult a lawyer.
| Guarantor signature (typed) | ____________________ |
| Printed name | ____________________ |
| Title or ownership % in Merchant | ____________________ |
| Date | ____________________ |