A Credit Release Form is a crucial document in Indonesian banking and financial transactions, used when a debt has been fully satisfied or when parties have reached a settlement agreement. This document serves as formal evidence that the creditor releases all claims against the debtor regarding specific credit obligations. It must comply with Indonesian banking regulations, particularly Law No. 10 of 1998 on Banking and OJK regulations. The Credit Release Form typically includes details of the original credit agreement, confirmation of settlement, and comprehensive release language. It's particularly important in Indonesia's civil law system, where formal documentation of debt release is essential for legal certainty and future banking relationships. The document helps prevent future disputes and provides clear evidence that the debt obligations have been terminated.
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1. Header Information: Document title, date, reference numbers, and parties' details
2. Original Credit Details: Description of the original credit agreement, including date, amount, and any reference numbers
3. Settlement Amount: Details of any settlement payment made or agreed upon
4. Release Statement: Clear statement releasing the debtor from all claims related to the specified credit
5. Legal Declarations: Standard legal statements confirming the release's validity under Indonesian law
6. Execution Block: Signature blocks for all parties, including witnesses if required
1. Partial Release Terms: Used when the release applies to only specific portions of the credit or specific claims
2. Conditions Precedent: Include when the release is contingent upon certain conditions being met
3. Continuing Obligations: Used when certain obligations survive the release
4. Confidentiality Clause: Include when parties wish to keep the terms of the release confidential
5. Dispute Resolution: Include when parties want to specify how future disputes should be handled
1. Schedule A - Original Credit Agreement Details: Copy or summary of the original credit agreement being released
2. Schedule B - Payment Confirmation: Evidence of settlement payment or satisfaction of release conditions
3. Schedule C - Related Security Documents: List of any security documents being released along with the main credit
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Insurance
Real Estate
Manufacturing
Retail
Construction
Agriculture
Mining
Transportation
Technology
Telecommunications
Relevant Teams
Legal
Finance
Credit Administration
Risk Management
Compliance
Corporate Secretariat
Collections
Account Management
Credit Operations
Documentation
Relevant Roles
Credit Manager
Finance Director
Legal Counsel
Compliance Officer
Risk Manager
Banking Officer
Loan Officer
Collection Manager
Corporate Secretary
Chief Financial Officer
Account Manager
Credit Analysis Manager
Legal Manager
Recovery Manager
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