The Guarantee Cancellation Letter to Bank is a crucial document used in UAE business operations when a company needs to formally request the termination of a bank guarantee. This document becomes necessary when the underlying obligation secured by the guarantee has been fulfilled, expired, or is no longer required. Bank guarantees are widely used in the UAE for various purposes including tender submissions, performance securities, and advance payment guarantees. The cancellation letter must comply with UAE Central Bank regulations and local banking practices, requiring specific information such as guarantee references, original guarantee status, and authorized signatures. The letter serves as official documentation of the cancellation request and, when properly executed, initiates the process of releasing the guarantee obligations and any related collateral or blocked funds.
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1. Letter Header: Company letterhead, date, reference number, and bank's complete address
2. Subject Line: Clear indication that this is a guarantee cancellation request with reference to the specific guarantee number
3. Salutation: Formal greeting to the bank's appropriate department
4. Guarantee Details: Specific details of the guarantee including guarantee number, amount, beneficiary name, and issue date
5. Cancellation Request: Clear and explicit request for cancellation of the guarantee
6. Reason for Cancellation: Brief explanation of why the guarantee is being cancelled (e.g., completion of underlying obligation)
7. Return of Original Guarantee: Statement regarding the return of the original guarantee document if applicable
8. Authorization: Confirmation of authority to request the cancellation
9. Contact Information: Details of the contact person for any queries
10. Signature Block: Space for authorized signatory's name, title, and signature
1. Multiple Guarantee Details: Additional section when requesting cancellation of multiple guarantees simultaneously
2. Beneficiary Consent: Section indicating beneficiary's approval when required by the original guarantee terms
3. Special Instructions: Any specific requirements or conditions for the cancellation process
4. Bank Account Details: Required when requesting refund of guarantee margin or charges
5. Undertaking: Additional declarations or undertakings required by specific banks or for specific types of guarantees
1. Original Bank Guarantee: Copy or original of the bank guarantee to be cancelled
2. Completion Certificate: Document evidencing completion of the underlying obligation (if applicable)
3. Authorization Letter: Corporate authorization for the signatory to request the cancellation
4. Beneficiary No-Claim Letter: Letter from beneficiary confirming no claims against the guarantee (if required)
5. Company Trade License: Copy of valid trade license as per UAE requirements
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Real Estate
Trading and Import/Export
Manufacturing
Government and Public Sector
Oil and Gas
Infrastructure Development
Retail
Logistics and Transportation
Professional Services
Relevant Teams
Finance
Legal
Operations
Treasury
Procurement
Contract Administration
Banking Relations
Company Secretariat
Project Management
Commercial
Relevant Roles
Finance Manager
Treasury Manager
Chief Financial Officer
Financial Controller
Account Manager
Legal Counsel
Company Secretary
Operations Manager
Project Manager
Procurement Manager
Contract Administrator
Banking Relations Manager
Commercial Manager
General Manager
Managing Director
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