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.
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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
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
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
Relevant legal definitions
Clauses
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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