Who has the authority to sign guarantee issuance agreement and guarantee commitment in Vietnam? What is the validity period of guarantee commitment and guarantee issuance agreement in Vietnam?
Who has the authority to sign guarantee issuance agreement and guarantee commitment in Vietnam?
According to the provisions of Clause 1, Article 17 of Circular No. 11/2022/TT-NHNN on the authority to sign sign guarantee issuance agreement and guarantee commitment as follows:
Authority to sign guarantee issuance agreement and guarantee commitment
1. The guarantee issuance agreement and the guarantee commitment must be signed by the lawful representative of the relevant credit institution or foreign bank branch in conformity with regulations of law and internal regulations of that credit institution or foreign bank branch.
2. Use of electronic signatures and authorization to sign guarantee issuance agreements and guarantee commitments shall comply with regulations of law.
Thus, according to the above provisions, the guarantee issuance agreement and the guarantee commitment must be signed by the lawful representative of the relevant credit institution or foreign bank branch.
Who has the authority to sign guarantee issuance agreement and guarantee commitment in Vietnam? What is the validity period of guarantee commitment and guarantee issuance agreement in Vietnam? (Image from the Internet)
What is the validity period of guarantee commitment and guarantee issuance agreement in Vietnam?
According to the provisions of Article 20 of Circular No. 11/2022/TT-NHNN on the validity period of guarantee commitment and guarantee issuance agreement as follows:
Validity period of guarantee commitment and guarantee issuance agreement
1. The validity period of a guarantee commitment shall last from or after the issue date of the guarantee commitment as agreed upon between the parties until the guarantee obligations are terminated as prescribed in Article 23 of this Circular.
2. The validity period of a guarantee issuance agreement shall be agreed upon by the parties but shall not be shorter than that of the guarantee commitment.
3. If the expiry date of a guarantee commitment or guarantee issuance agreement falls on weekly days-off or public holidays, it shall be extended to the following working day.
4. The extension of the validity period of a guarantee commitment or guarantee issuance agreement shall be agreed upon by the parties in conformity with regulations of law.
Thus:
- The validity period of a guarantee commitment shall last from or after the issue date of the guarantee commitment as agreed upon between the parties until the guarantee obligations are terminated.
- The validity period of a guarantee issuance agreement shall be agreed upon by the parties but shall not be shorter than that of the guarantee commitment.
When is the application for fulfillment of guarantee obligations considered valid?
According to the provisions of Clause 2, Article 22 of Circular No. 11/2022/TT-NHNN on the guarantee issuance agreement as follows:
Fulfillment of guarantee obligations
1. In order to request fulfillment of guarantee obligations, the obligee shall submit an application for fulfillment of guarantee obligations which is made according to Point i Clause 1 Article 16 of this Circular to the guarantor. The guarantor shall check the received application for fulfillment of guarantee obligations, compare it with terms and conditions of the guarantee commitment for fulfilling guarantee obligations as prescribed in Clause 3 of this Article if the application is valid. If the application for fulfillment of guarantee obligations is invalid, the guarantor refuses to fulfill guarantee obligations as prescribed in Clause 4 of this Article.
2. An application for fulfillment of guarantee obligations is considered valid if:
a) The guarantor has received the application comprising adequate documents as required within the validity period of the guarantee commitment. To be specific:
(i) In case of direct submission, the application must be received within working hours of the guarantor;
(ii) In case the application is submitted in the form of a registered mail by post, the application receipt date is the date on which the receipt of that registered mail is confirmed;
(iii) In case the application is submitted electronically, the application receipt date is the date on which the guarantor receives messages in accordance with regulations of law on electronic transactions.
b) Conditions for fulfillment of guarantee obligations specified in the guarantee commitment have been satisfied.
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Thus, an application for fulfillment of guarantee obligations is considered valid if:
- The guarantor has received the application comprising adequate documents as required within the validity period of the guarantee commitment. To be specific:
+ In case of direct submission, the application must be received within working hours of the guarantor;
+ In case the application is submitted in the form of a registered mail by post, the application receipt date is the date on which the receipt of that registered mail is confirmed;
+ In case the application is submitted electronically, the application receipt date is the date on which the guarantor receives messages in accordance with regulations of law on electronic transactions.
- Conditions for fulfillment of guarantee obligations specified in the guarantee commitment have been satisfied.
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