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
obligee; the obligor must take on their debt obligations and repay the
guarantor.
Guarantee commitment is the written document issued by
the guarantor or the counter-guarantee issuing party or the
guarantee-confirmation issuing party.
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).
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