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Deed Of Release Of Guarantee

Deed Of Release Of Guarantee Template for Ireland

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Key Requirements PROMPT example:

Deed Of Release Of Guarantee

"I need a Deed of Release of Guarantee under Irish law to release ABC Manufacturing Ltd as guarantor from its €2.5 million corporate guarantee provided to First Irish Bank plc in relation to XYZ Trading Ltd's facility agreement dated 15 January 2025, with the release to take effect immediately."

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Document background
A Deed of Release of Guarantee is a crucial document in Irish commercial and financial practice, used when a party wishes to be formally discharged from their obligations under a guarantee. This document becomes necessary in various situations, such as when a guaranteed debt has been fully repaid, when there's a restructuring of security arrangements, or when a guarantor is being replaced. The deed must comply with Irish legal requirements for the execution of deeds and typically includes detailed information about the original guarantee, the scope of the release, and any conditions attached. It provides essential protection for both the guarantor being released and the beneficiary, ensuring clear documentation of the termination of the guarantee obligations. The document is particularly important in commercial lending, property transactions, and corporate finance where formal releases are required for risk management and compliance purposes.
Suggested Sections

1. Parties: Identifies all parties to the deed, including the guarantor being released, the beneficiary of the guarantee, and the principal debtor

2. Background: Recitals explaining the context of the original guarantee, its key terms, and the circumstances leading to this release

3. Definitions: Defines key terms used in the deed, including references to the original guarantee, relevant dates, and any specific terms requiring clarification

4. Release: The operative provision releasing the guarantor from their obligations under the guarantee

5. Acknowledgments: Statements acknowledging the status of any existing liabilities and confirming the effect of the release

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

7. Further Assurance: Obligation to execute any further documents necessary to give effect to the release

8. Governing Law and Jurisdiction: Specifies Irish law as governing law and Irish courts' jurisdiction

Optional Sections

1. Partial Release: Used when only certain obligations under the guarantee are being released while others remain in force

2. Consideration: Required if the release is given in exchange for payment or other consideration

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

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

5. Tax Provisions: Include when there are specific tax implications or requirements relating to the release

6. Other Guarantors: Required when there are multiple guarantors and only some are being released

Suggested Schedules

1. Schedule 1 - Original Guarantee: Copy or details of the original guarantee being released, including date and parties

2. Schedule 2 - Released Obligations: Detailed list of the specific obligations being released (particularly important for partial releases)

3. Schedule 3 - Execution Requirements: Specific execution formalities required under Irish law for the deed to be valid

4. Schedule 4 - Related Security Documents: List of any related security or guarantee documents affected by 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

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

Banking and Financial Services

Real Estate

Commercial Lending

Corporate Finance

Construction

Manufacturing

Retail

Professional Services

Infrastructure

Healthcare

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Corporate Secretarial

Credit Administration

Commercial Operations

Contract Administration

Banking Operations

Relevant Roles

Legal Counsel

Finance Director

Commercial Director

Risk Manager

Credit Manager

Company Secretary

Compliance Officer

Treasury Manager

Contract Manager

Corporate Lawyer

Banking Relationship Manager

Chief Financial Officer

Security Trustee

Loan Officer

Corporate Finance Manager

Industries
Land and Conveyancing Law Reform Act 2009: Sets out the formal requirements for the execution of deeds in Ireland, including witnessing requirements and validity conditions
Statute of Frauds (Ireland) 1695: Requires guarantees to be evidenced in writing and signed by the guarantor or their authorized representative
Consumer Credit Act 1995: Provides protection for consumer guarantors and sets out specific requirements for guarantees involving consumers
Central Bank Consumer Protection Code 2012: Contains provisions relating to guarantees in financial services contexts and requirements for financial institutions
Limitation Act 1957: Sets out time limits for enforcing guarantees and the period within which claims must be brought
Companies Act 2014: Contains provisions regarding corporate guarantees and requirements for company execution of deeds and releases
European Communities (Unfair Terms in Consumer Contracts) Regulations 1995: Implements EU law on unfair contract terms, which may affect guarantee terms and their release
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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