In contracts there will be a mandatory condition to replace the security of the contract in case of revocation of the license from the Bank that provided the guarantee

16 January 2019, Wednesday

From July 1 will start to operate a new requirement to the form of contract that will apply if in accordance with part 1 of article 96 of the Law N 44-FZ the contract stipulates the enforcement of the contract.

So, according to new item 30 of Art. 34 of the Law N 44-FZ in the specified case customers will include in the contract the obligation of the contractor to provide new security of performance of the contract in case of the response at the Bank which provided a Bank guarantee as security of performance of the contract, the license for banking operations.

The counterparty will have to provide new security no later than one month from the date of receipt of the relevant notification of the customer. At the same time, its amount of security can be reduced. And for each day of delay of performance of the specified obligation to the counterparty the penalty will be charged.

Document: Federal law of December 27, 2018 N 502-FZ "on amendments to the Federal law" on the contract system in the procurement of goods, works and services for state and municipal needs"

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