A Bank Guarantee Discharge Letter is essential when parties wish to formally terminate a bank guarantee before its natural expiry date or after fulfillment of the underlying obligations. This document is commonly used in the United States when the purpose of the original guarantee has been satisfied, when parties mutually agree to terminate the guarantee, or when the underlying transaction has been completed. The letter must comply with US banking regulations and typically includes specific reference to the original guarantee, clear discharge language, and effective date of release.
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1. Bank Details: Full details of the issuing bank and branch including name, address, and relevant reference numbers
2. Original Guarantee Reference: Complete details of the original bank guarantee including reference number, date of issuance, and amount
3. Beneficiary Details: Full details of the beneficiary of the original guarantee including name, address, and contact information
4. Discharge Declaration: Clear and unambiguous statement declaring the discharge and release of the bank guarantee obligations
5. Effective Date: Specific date from which the discharge takes effect and termination of bank's obligations
1. Partial Discharge: Required when only a portion of the guarantee amount is being discharged, specifying the exact amount being released
2. Claims Status: Statement confirming whether there are any pending claims or all claims have been settled under the guarantee
3. Return of Original Documents: Confirmation regarding the return or cancellation of original guarantee documents
1. Original Bank Guarantee: Copy of the original bank guarantee document being discharged
2. Authorization Letter: Letter confirming authority of the signatory if discharge is being executed by an authorized representative
3. Settlement Confirmation: Documentation confirming settlement of obligations if discharge is pursuant to a settlement agreement
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction
International Trade
Real Estate
Relevant Teams
Treasury
Finance
Legal
Compliance
Relevant Roles
Chief Financial Officer
Treasury Manager
Banking Relationship Manager
Finance Director
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