The Release of Guarantee Agreement is a crucial document in Philippine commercial practice, used when a party wishes to formally discharge a guarantor from their obligations under an existing guarantee. This document becomes necessary in various situations, such as when the underlying debt has been fully repaid, when there's a restructuring of security arrangements, or when the parties agree to terminate the guarantee relationship. The agreement must comply with the Civil Code of the Philippines, particularly Articles 2047-2084 governing guarantees, and includes essential details such as the original guarantee's particulars, the scope of release, and any conditions attached to the release. This document provides legal certainty and protection for all parties involved, especially the guarantor who seeks to be discharged from future liability.
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1. Parties: Identifies the Guarantor being released, the Beneficiary providing the release, and the Principal Debtor whose obligations were guaranteed
2. Background: Recitals explaining the original guarantee, its date, purpose, and the reason for its release
3. Definitions: Defines key terms used throughout the agreement, including 'Original Guarantee', 'Guaranteed Obligations', and 'Release Date'
4. Release of Guarantee: The operative clause that explicitly releases the Guarantor from all obligations under the original guarantee
5. Effect of Release: Details the scope and consequences of the release, including any surviving obligations
6. Representations and Warranties: Statements by the parties confirming their authority to enter into the agreement and the absence of defaults
7. Return of Documents: Provisions for returning or canceling the original guarantee documentation
8. Governing Law and Jurisdiction: Specifies Philippine law as governing law and designates jurisdiction for disputes
9. Execution: Signature blocks and execution formalities
1. Partial Release Provisions: Used when only part of the guarantee is being released while other parts remain in effect
2. Consideration: Required if there is payment or other consideration for the release
3. Conditions Precedent: Include when the release is conditional upon certain events or actions
4. Confidentiality: Added when parties wish to keep the terms of the release confidential
5. Tax Provisions: Required when there are tax implications from the release that need to be addressed
6. Further Assurance: Include when additional actions may be needed to give full effect to the release
7. Indemnification: Added when specific indemnities are required as part of the release arrangement
1. Schedule 1 - Original Guarantee: Copy or details of the guarantee being released
2. Schedule 2 - Related Security Documents: List of any related security or collateral documents affected by the release
3. Schedule 3 - Corporate Authorizations: Copies of relevant corporate approvals and resolutions authorizing the release
4. Schedule 4 - Payment Details: If applicable, details of any consideration or payment arrangements
5. Appendix A - Form of Notice: Template for notifying relevant third parties of the release
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Legal
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