Release Of Debt Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Release Of Debt Agreement

"I need a Release of Debt Agreement for a corporate debt of 5 million AED owed by our manufacturing company to Emirates Bank, with the release to be effective from March 15, 2025, conditional upon an initial payment of 1 million AED and including the release of two corporate guarantors."

Document background

A Release of Debt Agreement is a crucial legal instrument used in the United Arab Emirates when a creditor wishes to formally and legally discharge a debtor from their obligation to pay a debt, whether in full or in part. This document type is particularly relevant in debt restructuring, settlement negotiations, or situations where debt forgiveness is appropriate for commercial or practical reasons. The agreement must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and related regulations, including the New Civil Transactions Law (Federal Law No. 14 of 2022). It should clearly identify the debt being released, document the creditor's irrevocable intention to release the debt, and address any related security or guarantee arrangements. The agreement is commonly used in both corporate and individual contexts, requiring careful attention to local legal requirements and documentation standards to ensure enforceability.

Suggested Sections

1. Parties: Identification of the creditor and debtor, including full legal names, addresses, and registration details if companies

2. Background: Recitals explaining the origin of the debt, its current status, and the parties' intention to release it

3. Definitions: Definitions of key terms used in the agreement, including 'Debt', 'Release Date', and any security or guarantee-related terms

4. Acknowledgment of Debt: Clear statement of the existing debt amount and its components (principal, interest, charges if any)

5. Release: Express statement of the creditor's release of the debt and the debtor's discharge from obligations

6. Effective Date: Specification of when the release becomes effective and any conditions precedent

7. Representations and Warranties: Statements by both parties confirming their authority to enter into the agreement and the accuracy of information provided

8. General Provisions: Standard clauses including governing law, jurisdiction, entire agreement, and amendments

9. Execution: Signature blocks and execution formalities compliant with UAE law

Optional Sections

1. Partial Release: Used when only a portion of the debt is being released, specifying the released and retained amounts

2. Release of Security: Required when there are security interests or collateral to be released along with the debt

3. Release of Guarantors: Included when guarantors are involved and need to be released from their obligations

4. Conditions Subsequent: Any actions required after the release becomes effective

5. Confidentiality: Terms regarding the confidentiality of the release and its terms

6. Tax Implications: Statements regarding the tax treatment of the debt release and responsibility for any tax liabilities

7. Further Assurance: Obligation to execute additional documents or take further actions if needed to give effect to the release

Suggested Schedules

1. Schedule 1 - Debt Details: Detailed breakdown of the debt being released, including principal, interest, and other charges

2. Schedule 2 - Original Debt Documentation: List and copies of the original debt agreements or instruments being released

3. Schedule 3 - Security Documents: List of security documents to be released or modified (if applicable)

4. Schedule 4 - Guarantee Documents: List of guarantee documents to be released or modified (if applicable)

5. Schedule 5 - Release Conditions: Detailed list of any conditions that must be satisfied for the release to take effect

6. Appendix A - Form of Release Notice: Template for any formal notices required to effect the release

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking & Financial Services

Real Estate

Construction

Manufacturing

Retail

Professional Services

Healthcare

Technology

Energy

Telecommunications

Transportation & Logistics

Hospitality

Education

Relevant Teams

Legal

Finance

Treasury

Credit Control

Risk Management

Compliance

Corporate Secretariat

Debt Recovery

Account Management

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Debt Recovery Manager

Credit Manager

Financial Controller

Treasury Manager

Risk Manager

Compliance Officer

Corporate Secretary

Account Manager

Restructuring Officer

Collections Manager

Business Development Manager

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A UAE law-governed agreement that enables parties to mutually release each other from claims related to a previous purchase and sale transaction.

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Authors

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