A Release of Guarantee Agreement is essential in Australian business and financial transactions when a guarantor needs to be discharged from their obligations under an existing guarantee. This document is commonly used when refinancing arrangements are made, when a guarantor sells their interest in a business, or when the original debt has been substantially repaid or restructured. The agreement must comply with Australian contract law and state-specific legislation regarding guarantees and their release. It typically includes details of the original guarantee, the reasons for release, any conditions that must be met, and formal acknowledgments from all parties. This document type is crucial for risk management and provides legal certainty for both the guarantor being released and the creditor providing the release.
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1. Parties: Identifies all parties to the agreement including the creditor (beneficiary of the original guarantee), guarantor being released, and the principal debtor
2. Background: Recitals explaining the context of the original guarantee, its date, the underlying principal agreement, and the reason for the release
3. Definitions: Defines key terms used in the agreement, including 'Guarantee', 'Principal Agreement', 'Release Date', and other relevant terms
4. Release: The operative clause that formally releases the guarantor from their obligations under the guarantee
5. Acknowledgment: Acknowledgment by the creditor that no further claims will be made against the guarantor under the guarantee
6. Return of Documents: Provisions for returning or canceling the original guarantee document
7. Governing Law: Specifies that the agreement is governed by Australian law and identifies the jurisdiction for dispute resolution
8. Execution: Formal execution block for all parties to sign
1. Partial Release: Used when only certain obligations under the guarantee are being released while others remain in effect
2. Conditions Precedent: Include when the release is conditional upon certain events occurring or payments being made
3. Reservation of Rights: Used when rights against other guarantors or the principal debtor need to be preserved
4. Confidentiality: Include when parties wish to keep the terms of the release confidential
5. GST: Include when there are GST implications for any payments or considerations under the release
6. Costs: Include when there needs to be a specific agreement about who bears the costs of preparing and executing the release
7. Surviving Obligations: Used when certain obligations under the guarantee need to survive the release
1. Original Guarantee: Copy or details of the original guarantee being released
2. Security Documents: List and/or copies of any related security documents being discharged
3. Payment Details: If the release is conditional upon payment, schedule detailing payment terms and arrangements
4. Related Guarantees: Details of any related guarantees that remain in force
5. Corporate Authority: Where parties are corporations, evidence of corporate authority to execute the release
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Commercial Property
Construction
Manufacturing
Retail
Professional Services
Mining and Resources
Agriculture
Healthcare
Education
Hospitality
Relevant Teams
Legal
Finance
Risk Management
Compliance
Treasury
Credit Management
Corporate Affairs
Commercial Operations
Company Secretariat
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Risk Manager
Commercial Manager
Legal Counsel
Company Secretary
Compliance Officer
Banking Relationship Manager
Treasury Manager
Contract Administrator
Business Development Manager
Financial Controller
Managing Director
Chief Executive Officer
Corporate Lawyer
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