The Letter for Cancellation of Bank Guarantee is a crucial document in Indonesian business transactions where bank guarantees are used as security instruments. This document becomes necessary when a company needs to cancel a bank guarantee either due to the completion of the underlying business obligation, early termination of a contract, or when the guarantee is no longer required. Under Indonesian banking regulations, particularly those governed by the Financial Services Authority (OJK) and Bank Indonesia, a formal cancellation request is required to release the bank from its obligations and recover any collateral or deposits held against the guarantee. The letter must include specific details about the guarantee, confirmation of obligation fulfillment, and often requires the beneficiary's consent. This document is particularly important in sectors such as construction, international trade, and government procurement, where bank guarantees are commonly used as performance security or bid bonds.
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1. Letterhead and Date: Company letterhead with complete address and contact details, and current date
2. Bank Details: Full name and address of the bank branch where the guarantee was issued
3. Reference Information: Bank guarantee number, original issue date, and amount of the guarantee
4. Subject Line: Clear indication that this is a request for bank guarantee cancellation
5. Main Purpose: Clear statement requesting cancellation of the bank guarantee
6. Guarantee Details: Details of the original purpose of the guarantee and confirmation that the underlying obligation has been fulfilled
7. Return of Original Document: Statement about returning the original bank guarantee document (if applicable)
8. Authorization: Statement confirming the authority of the signatory to request the cancellation
9. Signature Block: Space for authorized signatory's name, title, and signature with company stamp
1. Beneficiary Consent: Include when the beneficiary's explicit consent is required for cancellation
2. Project Completion Details: Include when cancellation is due to project completion, providing relevant completion certificates or details
3. Early Termination Explanation: Include when the guarantee is being cancelled before its original expiry date
4. Claim Status Declaration: Include when there's a need to declare that no claims have been made against the guarantee
1. Original Bank Guarantee: Copy or original of the bank guarantee document being cancelled
2. Completion Certificate: If cancellation is due to project completion, attach relevant completion certificates
3. Authority Letter: Document proving the signatory's authority to request cancellation
4. Beneficiary's No-Objection Letter: If required, letter from beneficiary agreeing to the cancellation
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