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A Release Of Guaranty Form is used when a creditor wishes to formally discharge a guarantor from their obligations under an existing guarantee agreement. This document is particularly important in Hong Kong's business environment, where guarantees are commonly used in various commercial transactions. The form should be used when the original guaranteed obligations have been satisfied, when there's a commercial agreement to release the guarantor, or when restructuring financial arrangements. The document must comply with Hong Kong's contract law principles and relevant ordinances, including the Contract Ordinance (Cap. 26) and the Conveyancing and Property Ordinance (Cap. 219). It typically includes identification of all parties, details of the original guarantee, clear release language, and proper execution formalities as required under Hong Kong law.

1. Date and Parties: Identifies the date of the release and all relevant parties including the creditor (releasing party), the guarantor being released, and the principal debtor

2. Recitals: References the original guarantee including its date, parties, and any relevant amendments or variations

3. Acknowledgment of Obligations: Confirms the current status of the guaranteed obligations and any payments or settlements made

4. Release Statement: The operative part containing clear and unequivocal language releasing the guarantor from all obligations under the guarantee

5. Governing Law: Specifies Hong Kong law as the governing law of the release

6. Execution Block: Space for signatures, witness details, and execution formalities