The guarantee commitment must include the following contents: a) Applicable regulations; b) Serial numbers and guarantee commitment form; c) Information about parties in the guarantee relationship; d) Date of guarantee issuance, guarantee validity commencement and/or cases in which the guarantee validity begins; dd) Date of validity termination and/or cases in which the guarantee validity is … Read More
According to Vietnam Law on Credit Institution, and Circular 07/2015/TT-NHNN, the application dossiers for bank guarantee are: a) Written request for guarantee;b) Materials related to customers;c) Materials on guaranteed obligations;d) Materials on security (if any);dd) Materials related to other parties (if any). How ANT Lawyers Could Help Your Business? The changes of laws will be … Read More
The rights and obligations of the obligee are as following: Rights of the obligee: a) Request the guarantor, the guarantee-confirmation issuing party to fulfill guarantee obligations; b) Request the guarantor, the guarantee-confirmation issuing party to fulfill obligations and liabilities agreed upon in the guarantee commitment; c) File a lawsuit in accordance with laws if the … Read More
According to Vietnam Law on Credit Institution, and Circular 07/2015/TT-NHNN on bank guarantee, bank guarantee refers to a type of credit whereby the guarantor undertakes to act on behalf of the obligor to fulfill their financial obligations to the obligee in the event the obligor fails to fulfill or insufficiently fulfill their agreed-upon obligations to the … Read More
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 … Read More
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