A Bank Guarantee Discharge Letter is essential when a bank guarantee is no longer required or has served its purpose under Singapore law. This document is commonly used when a project is completed, a contract obligation is fulfilled, or when the underlying transaction has concluded. The letter must comply with Singapore's Banking Act and MAS regulations, providing clear evidence of the discharge and protecting all parties' interests. It typically includes details of the original guarantee, parties involved, and explicit release language.
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1. Bank Details: Full name and registered address of the bank that issued the guarantee
2. Guarantee Reference: Original bank guarantee number, issuance date, and amount
3. Beneficiary Details: Full name and address of the party in whose favor the guarantee was issued
4. Discharge Declaration: Formal statement releasing the bank from all obligations under the guarantee
5. Original Guarantee Return: Statement confirming return of original guarantee document and its cancellation
1. Partial Discharge: Section specifying details of partial release when only a portion of the guarantee amount is being discharged
2. Claims Statement: Declaration confirming no claims have been made or are pending against the guarantee
3. Consideration Statement: Statement acknowledging receipt of consideration (if any) for the discharge
1. Original Bank Guarantee: Copy or details of the original bank guarantee being discharged
2. Authorization Evidence: Documents evidencing the authority of the signatory to discharge the guarantee
3. Supporting Documents: Any additional documents required to support the discharge (e.g., board resolutions, power of attorney)
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