The Release of Guaranty Form is a crucial document in Indian business and financial transactions where a guarantor needs to be formally discharged from their obligations. This document is commonly used when a guarantee is no longer required, such as when the underlying debt has been repaid, when refinancing occurs, or when there's a change in security arrangements. The form must comply with Indian contract law requirements and typically includes details of the original guarantee, party information, and specific terms of release. The document's execution requires careful attention to ensure it meets all legal requirements under Indian law, including proper stamping and possible registration. A properly executed Release of Guaranty Form provides legal certainty and protection for all parties involved, particularly the guarantor who is being released from their obligations.
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1. Identification of Parties: Names, addresses, and roles of all parties involved - the creditor (releasor), the guarantor being released (releasee), and the principal debtor
2. Recitals: Background information including reference to the original guarantee agreement, its date, and any relevant circumstances leading to the release
3. Definitions: Key terms used in the document, including references to the Original Guarantee, Guaranteed Obligations, and Release Date
4. Release Statement: Clear and unequivocal statement releasing the guarantor from all obligations under the original guarantee
5. Effective Date: Specification of when the release becomes effective
6. Governing Law: Statement that the release is governed by Indian law
7. Execution: Signature blocks for all parties and witness attestation
1. Partial Release Provisions: Used when only certain obligations under the guarantee are being released while others remain in effect
2. Conditions Precedent: Include when the release is contingent upon certain conditions being met
3. Representations and Warranties: Used in complex cases where parties need to make specific declarations about their authority or the status of the guaranteed obligations
4. Reservation of Rights: Include when certain rights against other parties or under other agreements need to be preserved
5. Return of Original Documents: Include when there are requirements for returning original guarantee documents
1. Schedule 1 - Original Guarantee Agreement: Copy or details of the original guarantee agreement being released
2. Schedule 2 - Payment Confirmation: If release is pursuant to payment, details of payments made under the guarantee
3. Schedule 3 - Conditions Precedent Checklist: If applicable, list of conditions that must be satisfied before release becomes effective
Relevant legal definitions
Agreement
Original Guarantee
Guaranteed Obligations
Release Date
Effective Date
Creditor
Guarantor
Principal Debtor
Guaranteed Amount
Security
Outstanding Obligations
Released Obligations
Released Claims
Parties
Business Day
Guarantee Period
Original Facility Agreement
Security Documents
Underlying Agreement
Enforcement Rights
Original Guarantee
Guaranteed Obligations
Release Date
Effective Date
Creditor
Guarantor
Principal Debtor
Guaranteed Amount
Security
Outstanding Obligations
Released Obligations
Released Claims
Parties
Business Day
Guarantee Period
Original Facility Agreement
Security Documents
Underlying Agreement
Enforcement Rights
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Manufacturing
Commercial Lending
Retail
Infrastructure
Corporate Services
Small and Medium Enterprises
Relevant Teams
Legal
Finance
Risk Management
Compliance
Treasury
Corporate Secretarial
Credit Administration
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Company Secretary
Risk Manager
Credit Manager
Compliance Officer
Corporate Lawyer
Banking Operations Manager
Treasury Manager
Contracts Manager
Financial Controller
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