What are the relevant provisions for creditors to waive their claims?

If the creditor waives the creditor's rights, the creditor can issue a handwritten statement of waiver of the creditor's rights and hand it to the debtor.

Legal analysis: The creditor's waiver of the creditor's right is irrevocable, that is, it will take legal effect after it is served to the debtor. The creditor must have the power to dispose of the creditor's right, and the incapacitated person or the person with limited capacity shall not be exempted from the act without obtaining the consent of the legal person.

Legal basis: Civil Code of the People's Republic of China

Article 541:The right of revocation shall be exercised within one year from the date on which the creditor knows or should know the reasons for revocation. If the right of avoidance is not exercised within five years from the date of the debtor's act, the right of avoidance shall be extinguished.

Article 542:Where the debtor's act affecting the realization of the creditor's creditor's rights is revoked, it shall not be legally binding from the beginning.

Article 570 Where a creditor forgives part or all of the debtor's debts, part or all of the creditor's rights and debts shall be terminated, except where the debtor refuses within a reasonable period of time.

Circumstances in which a creditor waives its claims include: the creditor partially forgives the debtor's debts; Full discharge of the debtor's debts. In this case, if the debtor does not refuse, the creditor's rights and debts shall be terminated in part or in full. The circumstances of termination of creditor's rights and debts also include:

1. The debt has been fulfilled prudently;

2. Debts offset each other;

3. The debtor shall deposit the subject matter in accordance with the law.

Legal basisArticle 557 of the Civil Code.

In any of the following circumstances, the creditor's rights and debts shall be terminated:

a) the debt has been fulfilled;

2) Debts are set off against each other;

3) the debtor deposits the subject matter in accordance with law;

4) Creditors forgive debts;

5) Creditor's rights and debts are attributed to the same person;

6) Other circumstances provided for by law or agreed upon by the parties to terminate.

If the contract is terminated, the rights and obligations of the contract shall be terminated.

Article 575.

If the creditor forgives part or all of the debtor's debts, the creditor's rights and debts are partially or fully terminated, except where the debtor refuses to do so within a reasonable period of time.

Legal Analysis: The creditor must have the following provisions to be prepared for the release of the creditor's rights

Clause. 1. The release must be an expression of the creditor's intention and may be oral or written.

Clause. 2. The discharge must be directed at the debtor.

Clause. 3. The creditor's waiver of the creditor's right is irrevocable, that is, it takes legal effect after it is served on the debtor.

Clause. 4. The creditor must have the power to dispose of the creditor's right, and the incapacitated person or the person with limited capacity shall not be exempted from the act without the consent of the legal person.

Legal basis: Article 575 of the Civil Code of the People's Republic of China Where a creditor forgives part or all of the debtor's debts, the creditor's rights and debts shall be partially or completely terminated, unless the debtor refuses within a reasonable period of time.

If the debtor waives its due creditor's rights or transfers its property free of charge, causing damage to the creditor, the creditor may request the people's court to revoke the debtor's act. If the debtor transfers the property at an obviously unreasonable low price, causing damage to the creditor, and the assignee is aware of the situation, the creditor may also request the people's court to revoke the debtor's act.

Legal basis] Article 559 of the Civil Code, when the creditor's right is terminated, the subordinate right of the creditor's right shall be extinguished at the same time, unless otherwise provided by law or otherwise agreed by the letter of the party.