The Guarantee Cancellation Letter to Bank is a crucial document used in Philippine banking practice when a company needs to formally request the cancellation of a bank guarantee that is no longer required. This typically occurs when the underlying obligation secured by the guarantee has been fulfilled, the contract period has expired, or the business relationship has concluded. The letter must be drafted in accordance with Philippine banking regulations, particularly the General Banking Law of 2000 and BSP circulars, and should include specific details such as the guarantee reference number, original amount, and issuance date. The document serves as an official record of the cancellation request and, when properly executed, helps ensure the release of any collateral or counter-guarantees provided for the original bank guarantee.
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1. Letter Header and Date: Bank's name, address, and current date
2. Reference Information: Subject line and reference numbers for the relevant guarantee(s)
3. Guarantee Identification: Specific details of the guarantee including guarantee number, amount, and issue date
4. Original Purpose Statement: Brief description of why the guarantee was originally issued
5. Cancellation Request: Clear statement requesting the cancellation of the guarantee
6. Justification: Explanation of why the guarantee is no longer required
7. Return of Original Documents: Statement regarding the return of original guarantee documents if applicable
8. Closing and Signature: Standard closing, authorized signature block, and company details
1. Multiple Guarantee Details: Additional section needed when requesting cancellation of multiple guarantees simultaneously
2. Partial Cancellation Terms: Required when requesting reduction rather than full cancellation of the guarantee
3. Indemnity Statement: Optional statement holding the bank harmless from any claims post-cancellation
4. Future Banking Relationship: Optional statement about continuing banking relationship and appreciation
5. Copy Recipients: CC list when other parties need to be informed of the cancellation
1. Original Guarantee Document: Copy or original of the bank guarantee to be cancelled
2. Completion Certificate: If applicable, certificate showing completion of the underlying obligation
3. Corporate Authorization: Board resolution or authorization letter for the signatory
4. Beneficiary's Consent: Written confirmation from the beneficiary agreeing to the cancellation
5. Project Completion Evidence: Any relevant documents proving the completion of the project or obligation that the guarantee was securing
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Real Estate
Manufacturing
International Trade
Infrastructure Development
Energy and Utilities
Telecommunications
Government and Public Sector
Mining and Resources
Retail and Commercial
Relevant Teams
Finance
Legal
Treasury
Corporate Secretariat
Risk Management
Compliance
Project Management
Corporate Affairs
Banking Relations
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Manager
Treasury Manager
Company Secretary
Legal Counsel
Contract Manager
Project Manager
Financial Controller
Banking Relations Manager
Corporate Affairs Director
Risk Manager
Compliance Officer
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