The Cancellation Of Bank Guarantee Letter is a critical document in Pakistani banking transactions used when a party wishes to terminate an existing bank guarantee arrangement. This document becomes necessary when the underlying obligation secured by the bank guarantee has been fulfilled, the guarantee period has expired, or when the parties mutually agree to terminate the guarantee arrangement. It must comply with the Banking Companies Ordinance 1962 and State Bank of Pakistan regulations, requiring specific information such as the original guarantee details, reason for cancellation, and proper authorization. The letter serves as formal evidence of the request to cancel the guarantee and forms part of the bank's official records, protecting all parties' interests in the transaction.
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1. Letter Header: Bank's name, branch details, address, and date
2. Recipient Details: Name and address of the bank branch that issued the guarantee
3. Subject Line: Clear indication that this is a request for cancellation of bank guarantee, including the guarantee reference number
4. Original Guarantee Details: Information about the original bank guarantee including reference number, date of issue, amount, and purpose
5. Reason for Cancellation: Clear statement of the grounds for cancellation (e.g., completion of underlying contract, expiry of guarantee period)
6. Return of Original Guarantee: Statement about returning the original guarantee document or declaration if it's lost
7. Authorization Statement: Explicit request for cancellation and release from obligations
8. Contact Information: Details for follow-up communication
9. Signature Block: Authorized signatory details and signature
1. Related Contract Reference: Include when the guarantee was linked to a specific contract or project
2. Beneficiary's Consent: Add when the beneficiary's explicit consent for cancellation is available
3. Lost Guarantee Declaration: Include when the original guarantee document is lost or misplaced
4. Outstanding Claims Statement: Add when confirmation of no pending claims is required
5. Indemnity Statement: Include when providing indemnity against future claims is necessary
1. Original Bank Guarantee Copy: Copy of the original bank guarantee document
2. Completion Certificate: If cancellation is due to contract completion, attach relevant completion certificates
3. Beneficiary's No-Objection: Written consent from the beneficiary agreeing to the cancellation
4. Authority Letter: Document proving the signatory's authority to request cancellation
5. Identification Documents: Copies of relevant ID proofs of the authorized signatory
Relevant legal definitions
Bank Guarantee
Guarantee Reference Number
Original Guarantee
Guarantor
Beneficiary
Principal
Guarantee Amount
Expiry Date
Underlying Contract
Counter Guarantee
Issuing Branch
Authorized Signatory
Completion Certificate
No-Claim Certificate
Guarantee Cancellation Date
Original Obligation
Security Interest
Release Date
Indemnity Period
Notice Period
Guarantee Reference Number
Original Guarantee
Guarantor
Beneficiary
Principal
Guarantee Amount
Expiry Date
Underlying Contract
Counter Guarantee
Issuing Branch
Authorized Signatory
Completion Certificate
No-Claim Certificate
Guarantee Cancellation Date
Original Obligation
Security Interest
Release Date
Indemnity Period
Notice Period
Clauses
Relevant Industries
Banking and Financial Services
Construction and Infrastructure
International Trade
Manufacturing
Real Estate Development
Government and Public Sector
Energy and Utilities
Telecommunications
Mining and Resources
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Operations
Procurement
Contract Administration
Corporate Secretariat
Credit Administration
International Banking
Commercial Banking
Relevant Roles
Finance Manager
Treasury Manager
Bank Branch Manager
Contract Administrator
Project Manager
Financial Controller
Chief Financial Officer
Legal Counsel
Company Secretary
Risk Manager
Procurement Manager
Operations Director
Commercial Manager
Credit Manager
Relationship Manager
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