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Deed Of Release Of Guarantee

Deed Of Release Of Guarantee Template for United Arab Emirates

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Key Requirements PROMPT example:

Deed Of Release Of Guarantee

"I need a Deed of Release of Guarantee to discharge ABC Trading LLC as guarantor from their AED 5 million corporate guarantee provided to Emirates Bank in support of XYZ Developments LLC's construction loan, with the release to take effect from March 15, 2025."

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Document background
The Deed of Release of Guarantee is a crucial document in UAE commercial and financial transactions, used when a party wishes to formally discharge a guarantor from their obligations under an existing guarantee. This document becomes necessary when the underlying debt has been satisfied, when there's a commercial agreement to release the guarantee, or when the guaranteed obligations have been restructured. The deed must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and related commercial legislation, and typically requires formal execution, potentially including notarization. It should clearly identify the original guarantee, specify the scope of release (whether partial or full), and include necessary corporate authorizations when parties are corporate entities. As a formal deed rather than a simple contract, it carries specific execution requirements under UAE law.
Suggested Sections

1. Parties: Identifies all relevant parties: (1) the beneficiary of the original guarantee, (2) the guarantor being released, and (3) the principal debtor

2. Background: Recites the history of the original guarantee, its date, purpose, and any relevant events leading to its release

3. Definitions: Defines key terms including 'Guarantee', 'Released Obligations', 'Effective Date', and any other relevant terms

4. Release: The operative clause that formally releases the guarantor from their obligations under the guarantee

5. Acknowledgment of Discharge: Confirmation that all obligations under the guarantee have been fulfilled or waived

6. Return of Documents: Provisions regarding the return or cancellation of the original guarantee document

7. Governing Law and Jurisdiction: Specifies UAE law as governing law and establishes jurisdiction for disputes

8. Execution: Formal execution block meeting UAE requirements for deeds, including witness requirements

Optional Sections

1. Consideration: Include when there is specific consideration being provided for the release

2. Partial Release: Include when only certain obligations under the guarantee are being released while others remain

3. Confidentiality: Include when parties wish to keep the terms of the release confidential

4. Further Assurance: Include when additional actions may be needed to give effect to the release

5. Representations and Warranties: Include when specific confirmations are required about the status of the guarantee or underlying obligations

6. Release of Security: Include when associated security interests also need to be released

7. Survival of Rights: Include when certain rights need to survive the release

Suggested Schedules

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

2. Payment Confirmation: If release is contingent on payment, evidence of such payment

3. Related Security Documents: List and details of any related security documents being released

4. Corporate Authorizations: Where parties are corporate entities, relevant board resolutions or powers of attorney

5. Property Details: If the guarantee related to property, relevant property details and documentation

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking & Financial Services

Real Estate & Construction

Commercial Trading

Manufacturing

Retail

Hospitality

Infrastructure

Energy & Resources

Professional Services

Transportation & Logistics

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Corporate Secretariat

Credit Management

Commercial Operations

Senior Management

Relevant Roles

Legal Counsel

Chief Financial Officer

Finance Director

Corporate Secretary

Risk Manager

Treasury Manager

Commercial Director

Compliance Officer

Credit Manager

General Manager

Managing Director

Contract Manager

Company Director

Industries
UAE Civil Code (Federal Law No. 5 of 1985): Contains fundamental provisions regarding contracts, obligations, and guarantees (Articles 1092-1123 specifically deal with guarantees and their termination)
UAE Commercial Transactions Law (Federal Law No. 18 of 1993): Governs commercial guarantees and securities in business transactions, including their release and termination
UAE Commercial Companies Law (Federal Law No. 2 of 2015): Relevant for corporate guarantees and release of corporate securities, especially if the guarantee was provided in a corporate context
Federal Law No. 4 of 2013 on Notary Public: Sets out requirements for notarization of legal documents, which may be necessary for the deed of release
Dubai Law No. 7 of 2006 concerning Real Property Registration: Relevant if the guarantee was related to real property or registered with the Dubai Land Department
UAE Central Bank Regulations: Applicable if the guarantee involves banking institutions or financial securities
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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