When is Bank Guarantee Obligations Terminated?

Bank guarantee obligations shall be terminated under the following circumstances:

a) The obligor’s obligations are discharged.

b) The guarantee obligations have been fulfilled in accordance with the guarantee commitment.

c) The guarantee is cancelled or replaced by other guarantee measures.

d) The guarantee commitment has ended its validity.

e) The obligee has been exempted from liability to fulfill guarantee obligations to the guarantor.

f) Parties agree to terminate.

g) The contract which obligations is guaranteed and that part or whole contract are not executed is invalid or void.

h) Guarantee obligations shall be terminated under other circumstances in accordance with legal regulations.

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