What are regulations on bank guarantee issuance agreement in Vietnam?
What are regulations on bank guarantee issuance agreement in Vietnam? What are regulations on bank guarantee commitment in Vietnam? What are regulations on authority to sign bank guarantee issuance agreement and bank guarantee commitment in Vietnam?
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What are regulations on bank guarantee issuance agreement in Vietnam?
Pursuant to Article 15 of the Circular 11/2022/TT-NHNN (takes effect from 01/04/2023) stipulating bank guarantee issuance agreement in Vietnam as follows:
1. In order to issue guarantee to a customer, the credit institution or FBB and the customer are required to enter into a guarantee issuance agreement. If the guarantee is issued on the basis of a counter guarantee, the guarantor shall not be obliged to enter into the guarantee issuance agreement with the counter-guarantor.
2. A guarantee issuance agreement shall have the following contents:
a) Applicable laws. Where no applicable laws is specified, this means that the parties have agreed to apply the law of Vietnam;
b) Information about the parties of the guarantee relationship;
c) Guaranteed obligations;
d) Guarantee sum and currency;
dd) Form of guarantee commitment issuance;
e) Conditions for fulfillment of guarantee obligations;
g) Rights and obligations of the parties;
h) Guarantee service fee;
i) Agreement on debt incurrence, interest rate charged on the sum paid and obligation to repay the debt when guarantee obligations are required to be fulfilled;
k) Reference number, signing date and validity period of the guarantee issuance agreement;
l) Dispute settlement;
m) Other contents which must not be contrary to regulations of law.
3. Any modification or annulment of contents of the guarantee issuance agreement shall be agreed upon and decided by relevant parties in compliance with regulations of law.
What are regulations on bank guarantee commitment in Vietnam?
Pursuant to Article 16 of the Circular 11/2022/TT-NHNN (takes effect from 01/04/2023) stipulating bank guarantee commitment in Vietnam as follows:
1. Based on the guarantee issuance agreement, the guarantor or guarantee-confirmation giver shall issue the guarantee commitment to the obligee. Such guarantee commitment shall include the following contents:
a) Applicable laws. Where no applicable laws is specified, this means that the parties have agreed to apply the law of Vietnam;
b) Reference number of the guarantee commitment;
c) Information about the parties of the guarantee relationship;
d) Issue date and validity start date of the guarantee and/or cases in which the guarantee validity starts;
dd) Expiry date and/or cases in which the guarantee validity is terminated;
e) Guarantee sum and currency;
g) Guarantee obligations;
h) Conditions for fulfillment of guarantee obligations;
i) Application for fulfillment of guarantee obligations (including the application form and required documents);
k) Method for checking the authenticity of the guarantee commitment;
l) Other contents which must not be contrary to regulations of law.
2. Any modification or annulment of contents of the guarantee commitment shall be subjected to the agreement between relevant parties in conformity with the guarantee issuance agreement, and must comply with regulations of law.
3. With regard to guarantee commitments issued through the international communication network, credit institutions and FBBs shall comply with contents and procedures for issuance of guarantee commitment of the international communication network. Credit institutions and FBBs shall adopt procedures for monitoring and management of guarantee issuance operations in these cases in order to ensure safety and efficiency.
What are regulations on authority to sign bank guarantee issuance agreement and bank guarantee commitment in Vietnam?
Pursuant to Article 17 of the Circular 11/2022/TT-NHNN (takes effect from 01/04/2023) stipulating authority to sign bank guarantee issuance agreement and bank guarantee commitment in Vietnam as follows:
1. The guarantee issuance agreement and the guarantee commitment must be signed by the lawful representative of the relevant credit institution or FBB in conformity with regulations of law and internal regulations of that credit institution or FBB.
2. Use of electronic signatures and authorization to sign guarantee issuance agreements and guarantee commitments shall comply with regulations of law.
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