The Cancellation Of Bank Guarantee Letter is a crucial document in Canadian banking operations, used when parties wish to terminate a bank guarantee before its original expiry date or confirm its termination upon expiry. This document is essential in situations where the underlying obligation has been fulfilled, the business transaction has concluded, or the guarantee is no longer required. Operating under Canadian federal banking regulations and provincial contract laws, it provides formal confirmation of the guarantee's cancellation, releases the bank from its obligations, and typically requires the return or invalidation of the original guarantee document. The letter includes specific references to the original guarantee, confirmation of authorization, and may contain conditions for the cancellation to take effect.
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1. Letter Header: Bank's letterhead, date, reference number, and addressing details of the beneficiary
2. Subject Line: Clear indication that this is a Cancellation of Bank Guarantee with reference to the original guarantee number
3. Original Guarantee Details: Reference to the original bank guarantee including issue date, amount, purpose, and parties involved
4. Cancellation Statement: Clear and unambiguous statement of the cancellation request and effective date
5. Return of Original Guarantee: Request for return of the original guarantee document if applicable
6. Authorization Statement: Confirmation that the cancellation is properly authorized
7. Contact Information: Details of the responsible bank officer for any queries
8. Signature Block: Space for authorized bank signatory and official stamp
1. Partial Cancellation Details: Required when only a portion of the guarantee amount is being cancelled
2. Conditional Release Statement: Needed when the cancellation is subject to specific conditions being met
3. Outstanding Claims Declaration: Statement regarding any pending claims against the guarantee
4. Beneficiary Acknowledgment: Space for beneficiary to acknowledge and accept the cancellation
5. Release of Obligations: Detailed statement releasing the bank from future obligations
6. Security Release: Details of release of any associated security or collateral
1. Original Bank Guarantee: Copy of the original bank guarantee being cancelled
2. Cancellation Request: Copy of the formal request received from the applicant
3. Authorization Documents: Corporate resolutions or power of attorney authorizing the cancellation
4. Beneficiary's Consent: Written consent from the beneficiary if required
5. Release Certificate: Certificate confirming completion of underlying obligations if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Real Estate
International Trade
Manufacturing
Infrastructure Development
Energy and Utilities
Telecommunications
Government and Public Sector
Mining and Resources
Retail and Commercial
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Banking Operations
Trade Finance
Corporate Banking
Credit Administration
Document Control
Relevant Roles
Bank Manager
Corporate Finance Manager
Treasury Manager
Financial Controller
Credit Officer
Legal Counsel
Compliance Officer
Risk Manager
Trade Finance Officer
Account Relationship Manager
Banking Operations Manager
Chief Financial Officer
Company Secretary
Contract Administrator
Finance Director
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