The Letter for Cancellation of Bank Guarantee is a crucial document used in Saudi Arabian banking operations when a company or individual needs to formally request the termination of a bank guarantee that is no longer required. This document is typically needed when the underlying obligation has been fulfilled, the contract period has expired, or the original purpose of the guarantee has been satisfied. The letter must comply with Saudi Central Bank (SAMA) regulations and local banking practices, including specific requirements for documentation and declarations. It's commonly used in construction projects, government contracts, and international trade transactions where the original bank guarantee's purpose has been served. The document needs to include specific references to the original guarantee, clear reasoning for cancellation, and necessary indemnities to protect the bank's interests, all while adhering to Saudi Arabian banking and commercial laws.
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1. Letter Header: Bank's name and address, date, reference numbers
2. Subject Line: Clear indication that this is a request for cancellation of bank guarantee
3. Bank Guarantee Details: Original guarantee number, amount, issue date, and purpose
4. Cancellation Request: Formal request for cancellation with clear reasoning
5. Original Document Status: Statement regarding the original guarantee document (whether returned or lost)
6. Indemnity Statement: Declaration that the bank will be held harmless from any claims
7. Authorization: Confirmation of authority to request the cancellation
8. Signature Block: Space for authorized signatory details and signature
1. Beneficiary's Consent: Written consent from the beneficiary for cancellation, if required by the original guarantee terms
2. Project Completion Reference: For project-related guarantees, details of project completion or contract fulfillment
3. Lost Document Declaration: Required only if the original guarantee document has been lost or misplaced
4. Alternative Instructions: Any special instructions for handling the cancellation or return of related documents
1. Copy of Original Guarantee: Attachment of the original bank guarantee document for reference
2. Authorization Documents: Proof of signatory's authority to request cancellation
3. Beneficiary's No-Objection Letter: If required, formal consent from the beneficiary agreeing to the cancellation
4. Project Completion Certificate: For project-related guarantees, documentation proving completion of obligations
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Engineering
International Trade
Government and Public Sector
Manufacturing
Oil and Gas
Real Estate Development
Infrastructure Development
Telecommunications
Defense Contracting
Relevant Teams
Finance
Treasury
Legal
Compliance
Operations
Risk Management
Contract Administration
Project Management
Procurement
Corporate Secretariat
Relevant Roles
Finance Manager
Treasury Manager
Contract Manager
Project Manager
Chief Financial Officer
Banking Relationship Manager
Compliance Officer
Legal Counsel
Company Secretary
Procurement Manager
Financial Controller
Account Manager
Risk Manager
Operations Manager
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