The Deed of Release of Guarantee is a crucial document in Malaysian commercial and financial transactions where a guarantor needs to be formally discharged from their guarantee obligations. This document is typically used when a guarantee is no longer required, perhaps due to the underlying debt being repaid, restructured, or when a guarantor is being replaced. The deed must comply with Malaysian legal requirements, including proper execution as a deed and payment of stamp duty. It should clearly identify the original guarantee being released, contain explicit release language, and specify any conditions precedent to the release taking effect. The document is particularly important in protecting the guarantor's interests by providing clear evidence that their obligations have been formally terminated and ensuring the creditor cannot make future claims under the original guarantee.
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1. Parties: Identifies all parties to the deed including the Guarantor being released, the Creditor/Beneficiary of the original guarantee, and the Principal Debtor
2. Background: Recitals describing the original guarantee, its date, the underlying obligation, and the circumstances leading to this release
3. Definitions: Defines key terms used in the deed, including reference to the Original Guarantee, Guaranteed Obligations, and Release Date
4. Release: The operative clause that releases the Guarantor from all obligations under the original guarantee
5. Effective Date: Specifies when the release takes effect
6. Acknowledgments: Confirmations from the Creditor regarding the release and that no further claims will be made
7. Return of Documents: Provisions for returning or canceling the original guarantee document
8. Governing Law: Confirms Malaysian law as the governing law of the deed
9. Execution: Formal execution blocks meeting the requirements for a valid deed under Malaysian law
1. Conditions Precedent: Include when the release is conditional upon certain events or payments being made
2. Partial Release: Include when only part of the guarantee obligations are being released
3. Reservation of Rights: Include when certain rights against other parties are being preserved
4. Confidentiality: Include when parties wish to keep the terms of the release confidential
5. Costs: Include when there are specific arrangements for legal or stamp duty costs
6. Further Assurance: Include when additional actions may be required to give effect to the release
1. Schedule 1 - Original Guarantee: Copy or details of the original guarantee being released
2. Schedule 2 - Released Obligations: Detailed list of the specific obligations being released (particularly important for partial releases)
3. Schedule 3 - Conditions Precedent: List of any conditions that must be satisfied before the release takes effect
4. Schedule 4 - Payment Details: Details of any final payments or settlements associated with the release
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