The Return of Original Bank Guarantee is a crucial document used when a bank guarantee is no longer required or has served its purpose. This document is particularly important in the United States banking system as it provides legal certainty that the original guarantee has been returned and cancelled. It typically becomes necessary when the underlying obligation has been fulfilled, the guarantee has expired, or the business relationship has concluded. The document includes essential details such as the original guarantee reference, issuing bank information, and explicit statements confirming the return and cancellation of the guarantee. It serves as protection for all parties by clearly documenting the termination of the guarantee relationship.
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1. Bank Details: Information about the issuing bank and guarantee reference
2. Guarantee Identification: Specific details of the original bank guarantee including reference number, date of issuance, amount, and beneficiary details
3. Confirmation of Return: Express statement confirming the physical return of the original guarantee document
4. Cancellation Statement: Formal declaration that the guarantee is null and void upon return
5. Release of Obligations: Statement releasing the bank from all further obligations under the guarantee
1. Indemnification: Optional clause providing protection against future claims related to the returned guarantee
2. Acknowledgment of Receipt: Section for recipient to formally acknowledge receipt of the original guarantee
3. Governing Law: Specification of jurisdiction and applicable laws governing the return process
1. Schedule A - Copy of Original Guarantee: Reference copy of the bank guarantee being returned
2. Schedule B - Authorization Letter: Letter authorizing representative to handle the return process if applicable
3. Schedule C - Bank Authorization: Internal bank documentation authorizing the return of the guarantee
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction
Real Estate
Manufacturing
Relevant Teams
Treasury
Finance
Legal
Compliance
Operations
Relevant Roles
Treasury Manager
Banking Operations Manager
Financial Controller
Trade Finance Manager
Compliance Officer
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