What should be the term of the Bank guarantee to ensure the guarantee obligations under the state contract

21 April 2020, Tuesday

If the customer sets requirements for warranty obligations in the purchase documentation, the supplier (contractor, performer) must fulfill them and provide security. To do this, it can also provide a Bank guarantee, the validity of which is determined by the Bank itself.

The Ministry of Finance pointed out that in this case, the same rules of Law N 44-FZ apply to the validity of the Bank guarantee as for ensuring the performance of the contract. It must exceed the warranty period by at least a month. There are no other requirements for the deadline.

Document: Letter of the Ministry of Finance of the Russian Federation dated 06.12.2019 N 24-03-07 / 95102