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Release Of Guarantee Agreement

Release Of Guarantee Agreement Template for Ireland

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Key Requirements PROMPT example:

Release Of Guarantee Agreement

"I need a Release of Guarantee Agreement to discharge ABC Manufacturing Limited as guarantor from their obligations under a €2M facility agreement dated January 15, 2025, as all underlying debts have been fully repaid to Irish Commercial Bank plc."

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Document background
The Release Of Guarantee Agreement is a crucial document used when a guarantor needs to be formally discharged from their guarantee obligations under Irish law. This typically occurs when the underlying debt has been repaid, when refinancing takes place, when there's a change in security structure, or when business relationships are restructured. The document ensures legal certainty by clearly documenting the release, protecting both the guarantor from future claims and the creditor from allegations of informal or implied releases. It must comply with Irish statutory requirements, particularly the Statute of Frauds (Ireland) 1695 which requires guarantees (and by extension, their releases) to be in writing. The agreement includes specific details about the original guarantee, confirmation of satisfied obligations, and any conditions attached to the release.
Suggested Sections

1. Parties: Identifies all parties to the agreement including the Guarantor(s), the Creditor/Beneficiary, and the Principal Debtor

2. Background: Recitals explaining the context of the original guarantee, the reason for the release, and any relevant background information

3. Definitions: Defines key terms used in the agreement, including references to the original guarantee and related documents

4. Release and Discharge: The operative clause that releases and discharges the Guarantor from their obligations under the original guarantee

5. Confirmation of No Outstanding Amounts: Acknowledgment that no amounts are due under the guarantee and all secured obligations have been satisfied

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

7. Representations and Warranties: Standard representations about authority to enter into the release and validity of 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 part of the guarantee is being released while other parts remain in effect

2. Surviving Obligations: Included when certain obligations or indemnities are intended to survive the release

3. Release of Security: Required when associated security interests need to be released alongside the guarantee

4. Conditions Precedent: Included when the release is conditional upon certain events or actions

5. Further Assurance: Optional clause requiring parties to execute additional documents if needed to give effect to the release

6. Costs and Expenses: Added when there's a need to specify who bears the costs of preparing and executing the release

Suggested Schedules

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

2. Related Security Documents: List and/or copies of any related security documents being released

3. Payment Confirmation: Evidence of satisfaction of the underlying debt or obligations

4. Corporate Authorizations: Copies of relevant corporate approvals or board resolutions authorizing 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

Construction

Manufacturing

Retail

Professional Services

Technology

Healthcare

Energy

Infrastructure

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Corporate Secretariat

Commercial

Credit Control

Business Development

Relevant Roles

Legal Counsel

Finance Director

Chief Financial Officer

Corporate Secretary

Risk Manager

Credit Manager

Commercial Director

Treasury Manager

Compliance Officer

Contract Manager

Business Development Director

Company Director

Industries
Statute of Frauds (Ireland) 1695: Requires guarantees to be in writing and signed to be enforceable. This is fundamental for the validity of both the original guarantee and its release.
Land and Conveyancing Law Reform Act 2009: Relevant when the guarantee involves property or real estate. Contains provisions about the enforcement and release of guarantees related to property transactions.
Central Bank Act 1997: Regulates financial institutions and may affect the release of guarantees involving regulated entities.
Consumer Credit Act 1995: Provides protection for individual guarantors and specifies requirements for releasing consumer guarantees.
European Communities (Unfair Terms in Consumer Contracts) Regulations 1995: Ensures that terms in guarantee releases are fair and transparent when dealing with consumers.
Companies Act 2014: Contains provisions relevant to corporate guarantees and their release, particularly important when the guarantor is a company.
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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