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Bank Guarantee Cancellation Letter

Bank Guarantee Cancellation Letter Template for New Zealand

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Key Requirements PROMPT example:

Bank Guarantee Cancellation Letter

"I need a Bank Guarantee Cancellation Letter for a construction project guarantee (reference: BG2023/456) that's being terminated early due to project completion ahead of schedule; the original guarantee was for NZD 500,000 and the beneficiary has provided written consent for cancellation."

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Document background
The Bank Guarantee Cancellation Letter is used when a party wishes to terminate an existing bank guarantee arrangement in New Zealand. This document is typically required when the underlying obligation secured by the guarantee has been fulfilled, the contract period has expired, or the parties have mutually agreed to terminate the guarantee arrangement. The letter must be drafted in accordance with New Zealand banking regulations and practices, particularly considering the Reserve Bank of New Zealand Act 2021 and the Contract and Commercial Law Act 2017. It should clearly identify the guarantee being cancelled, include all relevant reference numbers and dates, and be accompanied by any required supporting documentation such as beneficiary consent or proof of obligation fulfillment. The document serves as a formal record of the cancellation request and helps protect all parties' interests in the guarantee termination process.
Suggested Sections

1. Letter Header: Bank's name, address, date, and reference number

2. Recipient Details: Full name and address of the bank branch/department handling the guarantee

3. Subject Line: Clear indication that this is a Bank Guarantee Cancellation request with the guarantee reference number

4. Guarantee Details: Specific details of the bank guarantee including reference number, issue date, amount, and beneficiary details

5. Cancellation Request: Clear statement requesting cancellation of the guarantee and the effective date

6. Return of Original Documents: Statement regarding the return of original guarantee documents if applicable

7. Authorization: Statement confirming the authority to request the cancellation

8. Closure: Standard letter closing with space for signature

9. Signatory Details: Name, title, and contact information of the authorized signatory

Optional Sections

1. Reason for Cancellation: Include when explanation for cancellation is required or would be helpful for processing

2. Underlying Contract Reference: Include when the guarantee was issued in relation to a specific contract that has been completed or terminated

3. Beneficiary's Consent: Include when the beneficiary's explicit consent is required for cancellation

4. Indemnity Statement: Include when the bank requires protection from future claims related to the cancelled guarantee

5. Outstanding Fees Declaration: Include when there needs to be confirmation that all fees related to the guarantee have been settled

Suggested Schedules

1. Original Bank Guarantee: Copy or original of the bank guarantee being cancelled

2. Beneficiary's No-Claim Declaration: Written confirmation from the beneficiary that they have no claims under the guarantee

3. Completion Certificate: If applicable, certificate confirming completion of the underlying contract or project

4. Authorization Documents: Documents proving the signatory's authority to request cancellation

5. Release Letter: Letter from the beneficiary agreeing to the cancellation of the 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
Relevant legal definitions




















Clauses















Relevant Industries

Banking and Financial Services

Construction and Infrastructure

International Trade

Real Estate Development

Manufacturing

Government and Public Sector

Mining and Resources

Telecommunications

Energy and Utilities

Transport and Logistics

Relevant Teams

Legal

Finance

Treasury

Procurement

Compliance

Risk Management

Corporate Banking

Contract Administration

Project Management

Company Secretariat

Relevant Roles

Chief Financial Officer

Finance Manager

Treasury Manager

Contract Manager

Company Secretary

Legal Counsel

Banking Relationship Manager

Financial Controller

Project Manager

Procurement Manager

Risk Manager

Compliance Officer

Account Manager

Corporate Banking Officer

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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