What Must Be Included in the Bank Guarantee Letter?

What Must Be Included in the Bank Guarantee Letter?

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;

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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 terminated;

e) Guarantee sum and currency;

g) Guarantee obligations;

h) Conditions for fulfillment of guarantee obligations;

i) Application for fulfillment of guarantee obligations;

k) How to check the authenticity of the guarantee commitment.

In Vietnam, there are banks whom only issue one original bank guarantee letter however the number of originals are not regulated in Vietnam laws. It is also important to ensure the person whom sign the bank guarantee letter is legal representative or the authorized person whom is legally authorized to sign the bank guarantee letter.