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Release Of Guaranty Form for Hong Kong

Release Of Guaranty Form Template for Hong Kong

A Release of Guaranty Form under Hong Kong law is a formal legal document that effectively terminates a guarantor's obligations under an existing guarantee agreement. This document, governed by Hong Kong's common law system and relevant ordinances, provides a clear and legally binding release of the guarantor from their responsibilities and obligations under the original guarantee. It includes specific details about the original guarantee, the parties involved, any consideration provided for the release, and explicit release language that complies with Hong Kong legal requirements for the discharge of guarantee obligations.

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What is a Release Of Guaranty Form?

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.

What sections should be included in a Release Of Guaranty Form?

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

What sections are optional to include in a Release Of Guaranty Form?

1. Consideration: Required if there is payment or other consideration for the release

2. Partial Release Terms: Used when only part of the guarantee obligations are being released

3. Reservation of Rights: Used when certain rights against other parties or under other documents are being preserved

4. Conditions Precedent: Include when the release is conditional upon certain events or actions

5. Confirmations: Additional confirmations or warranties from the releasing party regarding the release

What schedules should be included in a Release Of Guaranty Form?

1. Original Guarantee: Copy or details of the original guarantee being released

2. Payment Details: If the release is granted in consideration of payment, schedule showing payment details

3. Related Security Documents: List of any related security or guarantee documents affected by the release

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Hong Kong

Publisher

Ƶ

Document Type

Authorization Form

Cost

Free to use
Relevant legal definitions




















Clauses



















Relevant Industries

Banking and Financial Services

Real Estate

Commercial Lending

Corporate Finance

Investment

Construction

Manufacturing

Import/Export

Retail

Professional Services

Relevant Teams

Legal

Finance

Treasury

Credit Control

Risk Management

Corporate Secretarial

Compliance

Commercial Operations

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Company Secretary

Credit Manager

Risk Manager

Commercial Director

Treasury Manager

Contracts Manager

Corporate Lawyer

Banking Manager

Financial Controller

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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