The Guarantor Release Form is a crucial legal document used in Hong Kong when a party wishes to be discharged from their obligations as a guarantor, or when a creditor agrees to release a guarantor from their responsibilities. This document is commonly used in situations where the original debt has been satisfied, the primary debtor's circumstances have significantly improved, or as part of a broader restructuring of financial arrangements. The form must comply with Hong Kong's legal requirements and typically includes detailed information about the original guarantee, the scope of the release, and any conditions attached to it. It's essential for managing financial and legal risks while providing clarity and certainty to all parties involved in the guarantee arrangement.
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1. Parties: Identification of all relevant parties including the Creditor, Debtor, and Guarantor being released
2. Background: Recitals detailing the original guarantee agreement, its date, and key terms, and the circumstances leading to this release
3. Definitions: Key terms used in the document, including references to the Original Guarantee, Guaranteed Obligations, and Release Date
4. Release: The operative clause that formally releases the Guarantor from their obligations under the guarantee
5. Effective Date: Specification of when the release takes effect
6. Acknowledgment: Confirmation that no amounts are due from the Guarantor under the guarantee
7. Governing Law: Specification that Hong Kong law governs the release
8. Execution: Signature blocks for all parties
1. Partial Release: Used when the guarantor is only being released from part of their obligations
2. Continuing Obligations: Include when certain obligations of the guarantor survive the release
3. Representations and Warranties: Added when parties need to make specific confirmations about their authority or the status of the guarantee
4. Return of Documents: Include when original guarantee documents need to be returned or marked as cancelled
5. Confidentiality: Required when parties wish to keep the terms of the release confidential
6. Costs: Include when there are specific arrangements about who bears the costs of the release
1. Schedule 1 - Original Guarantee: Copy or details of the original guarantee agreement being released
2. Schedule 2 - Released Obligations: Detailed list of the specific obligations from which the guarantor is being released (particularly important for partial releases)
3. Schedule 3 - Conditions Precedent: List of any conditions that must be satisfied before the release becomes effective
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