The Guarantee Cancellation Letter to Bank is utilized when a guarantor wishes to terminate their guarantee obligations, typically after the underlying obligation has been fulfilled or the purpose of the guarantee has been achieved. This document is crucial in U.S. banking practice as it provides clear documentation of the request to cancel the guarantee, helps manage ongoing financial obligations, and ensures compliance with banking regulations. The letter should clearly identify the original guarantee, state the cancellation request explicitly, and include all necessary supporting documentation required by the bank.
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1. Bank Details: Full name and address of the bank branch holding the guarantee
2. Reference Information: Original guarantee number, date, and amount
3. Clear Cancellation Request: Explicit statement requesting cancellation of the guarantee
4. Effective Date: Specified date from which the cancellation should take effect
5. Authorization: Statement of authority to request the cancellation
1. Reason for Cancellation: Explanation of why the guarantee is being cancelled, if relevant
2. Outstanding Obligations: Statement regarding any remaining obligations, if applicable
3. Return of Original Document: Request for return of original guarantee document, if physical document exists
1. Original Guarantee Copy: Copy of the original guarantee document
2. Authorization Evidence: Documents proving authority to cancel (e.g., board resolution)
3. Completion Evidence: Evidence that guaranteed obligations have been fulfilled, if applicable
Relevant legal definitions
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Relevant Industries
Banking and Financial Services
Real Estate
Construction
International Trade
Manufacturing
Relevant Teams
Finance
Treasury
Legal
Risk Management
Company Secretariat
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Corporate Secretary
Risk Manager
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