In the process of performing civil transactions, there is a need to bind the performance of obligations of the parties hence secured transaction is needed and guarantee is one of the commonly used methods to secure the performance of obligations in business and commercial activities. The party that provides guarantee is normally a commercial bank … Read More
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 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
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