Guarantor Release Form for Nigeria

Guarantor Release Form Template for Nigeria

A legal document governed by Nigerian law that formally releases and discharges a guarantor from their obligations under a guarantee agreement. The document provides a clear record of the termination of the guarantor's responsibilities, specifying the terms of release, effective date, and any conditions that must be met. It ensures compliance with Nigerian contract law and financial regulations, offering protection to all parties by clearly documenting the end of the guarantee relationship and any surviving obligations.

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What is a Guarantor Release Form?

The Guarantor Release Form is a crucial legal document used in Nigerian business and financial transactions when a party who has provided a guarantee needs to be formally discharged from their obligations. This document is typically employed when the original debt has been satisfied, when restructuring financial arrangements, or when replacing a guarantor. The form must comply with Nigerian contract law and financial regulations, requiring careful attention to formal requirements such as proper execution, witnessing, and documentation of authority. The release form protects both the guarantor and the creditor by clearly documenting the termination of obligations and preventing future disputes about the guarantee's status.

What sections should be included in a Guarantor Release Form?

1. Date and Parties: Identifies the date of the release and all relevant parties: the creditor, the principal debtor, and the guarantor being released

2. Recitals: References the original guarantee agreement, its date, parties, and purpose, and states the intention to release the guarantor

3. Definitions: Defines key terms used in the release document, including references to the original guarantee and relevant agreements

4. Release Statement: The operative clause that explicitly releases and discharges the guarantor from their obligations

5. Effective Date: Specifies when the release takes effect

6. Acknowledgment of Payment/Satisfaction: Confirms that any conditions for release have been met

7. Governing Law: Specifies that Nigerian law governs the release

8. Execution: Space for signatures, dates, and witness details as required under Nigerian law

What sections are optional to include in a Guarantor Release Form?

1. Surviving Obligations: Used when certain obligations of the guarantor are intended to survive the release

2. Partial Release Terms: Required when the release is only for part of the guarantee obligations

3. Conditions Precedent: Included when the release is conditional upon certain events or actions

4. Remaining Guarantors: Required when multiple guarantors exist and not all are being released

5. Return of Documents: Details the return of any original guarantee documents or securities

6. Representations and Warranties: Used in complex cases where specific representations are needed from any party

What schedules should be included in a Guarantor Release Form?

1. Original Guarantee Details: Copy or key details of the original guarantee agreement being released

2. Payment Confirmation: If release is based on payment, details or evidence of such payment

3. Corporate Authorizations: Required when any party is a corporation, showing authority to execute the release

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Cost

Free to use

Relevant legal definitions

Agreement
Business Day
Creditor
Discharge Date
Effective Date
Guarantee
Guaranteed Obligations
Guarantor
Original Agreement
Parties
Principal Debtor
Release
Remaining Guarantors
Secured Obligations
Security
Working Day

Clauses

Release and Discharge
Consideration
Representations and Warranties
Conditions Precedent
Effective Date
Return of Documents
Further Assurance
Surviving Obligations
Remaining Guarantors' Rights
Notices
Governing Law
Jurisdiction
Counterparts
Severability
Entire Agreement
Amendment
Assignment
Waiver
Third Party Rights

Relevant Industries

Banking and Financial Services

Real Estate

Commercial Lending

Retail

Manufacturing

Construction

Education

Healthcare

Telecommunications

Small and Medium Enterprises

Relevant Teams

Legal

Finance

Credit

Risk Management

Compliance

Corporate Secretariat

Treasury

Collections

Account Management

Business Development

Relevant Roles

Legal Counsel

Finance Manager

Credit Officer

Risk Manager

Compliance Officer

Contract Administrator

Company Secretary

Chief Financial Officer

Loan Officer

Treasury Manager

Collections Manager

Account Manager

Business Development Manager

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Info Release Form

A Nigerian law-compliant document authorizing the controlled release of information between parties, incorporating NDPR requirements and data protection principles.

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What is a Guarantor Release Form?

What sections should be included in a Guarantor Release Form?

What sections are optional to include in a Guarantor Release Form?

What schedules should be included in a Guarantor Release Form?

Authors

Alex Denne

Jurisdiction

Publisher

Document Type

Sector

Cost

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