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Release Of Guarantee Agreement

Release Of Guarantee Agreement Template for Malaysia

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Key Requirements PROMPT example:

Release Of Guarantee Agreement

"I need a Release of Guarantee Agreement to discharge ABC Manufacturing Sdn Bhd as guarantor of a RM 2 million business loan that has been fully repaid to Malaysia Bank Berhad, with the release to take effect from January 15, 2025."

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Document background
A Release Of Guarantee Agreement is a crucial document used when a party wishes to be discharged from their obligations as a guarantor, or when a creditor agrees to release a guarantor from their responsibilities. This document is particularly relevant in Malaysian business contexts where corporate or personal guarantees are being terminated due to debt satisfaction, restructuring, or other commercial arrangements. The agreement must comply with Malaysian law, including the Contracts Act 1950 and Stamp Act 1949, and typically includes details of the original guarantee, the reasons for release, and any conditions attached to the release. It provides legal certainty and protection for all parties involved by formally documenting the termination of guarantee obligations.
Suggested Sections

1. Parties: Identifies all parties to the agreement: the Guarantor being released, the Creditor releasing the guarantee, and the Principal Debtor

2. Background: Recitals explaining the original guarantee, its date, the underlying principal agreement, and the reason for the release

3. Definitions: Defines key terms used in the agreement, including 'Guarantee', 'Principal Agreement', 'Release Date', and other relevant terms

4. Release and Discharge: Core provision releasing and discharging the Guarantor from all obligations, liabilities, and claims under the original guarantee

5. Effective Date: Specifies when the release takes effect and any conditions precedent

6. Representations and Warranties: Statements by the parties confirming their authority to enter into the agreement and the validity of the release

7. Return of Documents: Provisions for returning or canceling the original guarantee documents

8. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and determines jurisdiction for disputes

Optional Sections

1. Partial Release: Used when only part of the guarantee obligations are being released while others remain in force

2. Consideration: Required if there is payment or other consideration for the release

3. Reservation of Rights: Used when certain rights against other guarantors or security providers are being preserved

4. Confidentiality: Include when parties wish to keep the terms of the release confidential

5. Tax Provisions: Required when there are tax implications from the release that need to be addressed

6. Further Assurance: Include when additional actions may be needed to give full effect to the release

Suggested Schedules

1. Schedule 1 - Original Guarantee: Copy or details of the original guarantee being released, including date and parties

2. Schedule 2 - Principal Agreement: Details of the underlying agreement that was guaranteed

3. Schedule 3 - Related Security Documents: List of any related security documents affected by the release

4. Schedule 4 - Conditions Precedent: List of any conditions that must be satisfied before the release becomes effective

5. Appendix A - Form of Notice: Template for notifying relevant third parties of the release of guarantee

Authors

Alex Denne

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

alex.den.21@genieai.co
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Relevant Industries

Banking and Financial Services

Real Estate

Construction

Manufacturing

Commercial Trading

Retail

Professional Services

Infrastructure

Telecommunications

Energy

Relevant Teams

Legal

Finance

Compliance

Risk Management

Corporate Secretarial

Credit Administration

Commercial Operations

Treasury

Business Development

Relevant Roles

Legal Counsel

Corporate Lawyer

Finance Director

Chief Financial Officer

Risk Manager

Compliance Officer

Company Secretary

Credit Manager

Commercial Director

Business Development Manager

Contract Administrator

Treasury Manager

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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