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PPP Law of Vietnam Admits Letter of Guarantee (L/G) Issued by Insurer2020-07-07

“Letter of Guarantee (L/G) Issued by Insurer” is newly added to the Law on Public-Private Partnership Investment (PPP)

 

  

 

 1. Tender Guarantee means an investor implements one of the measures of paying a deposit, escrow deposit or lodging a letter of guarantee from a credit institution, foreign bank branch or insurer lawfully operating in Vietnam prior to the time of tender closing in order to guarantee the responsibilities of the investor participating in the tendering. 

 

 1. Contract performance guarantee means the selected investor provides a deposit or escrow deposit or lodges a letter of guarantee from a credit institution, foreign bank branch or insurer lawfully operating in Vietnam to ensure discharge of the responsibility of the investor to perform the contract.

Article: "National Assembly passes Law on PPP Investment", June 18, 2020 

https://en.nhandan.org.vn/politics/item/8782802-national-assembly-passes-law-on-ppp-investment.html

What`s New - PPP Law.pdf