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Warranty guarantees play an important role for businesses in construction projects. So what are the regulations on warranty guarantees at banks? See now!
In the construction field, warranty plays a key role in minimizing damage to complex and high-risk projects. So warranty regulations, how is it presented specifically in Vietnam? Please continue reading SeABank's article to find the answer!
According to Article 335 of the 2015 Civil Code, a guarantee is a third party that commits to performing/not performing the agreed obligations. A warranty is a commitment by the manufacturer or seller to repair or replace free components for the product or part of the product when it is defective within the prescribed time period.
Warranty guarantee is a service for organizations that need banks to ensure the full implementation of responsibilities related to product quality issues of the organization according to signed commitments.
Warranty helps businesses limit risks for projects.
Regulations related to warranty guarantees in construction contracts have been specifically presented in typical legal documents such as Decree No. 37/2015/ND-CP and Circular No. 09/2016/TT-BTC specifically as follows:
Warranty Guarantee Duty
Decree No. 37/2015/ND-CP stipulates that the responsibility for warranty guarantee under specific construction contracts:
Regulations on warranty guarantees are stated in legal documents.
Warranty level
For construction contracts, the fee will range from 2% - 10% of the contract value. In some cases, to reduce risks, the contract guarantee value can be increased but not exceeding 30% of the contract value and must be agreed by the individual with the authority to decide on the investment.
The warranty guarantee level is detailed depending on the specific case:
When is the warranty period for new construction calculated from?
According to Clause 5 and Clause 6 of Article 28 of Decree 06/2021/ND-CP, the warranty period for construction items and new construction/renovation/upgrade works is calculated from the time the investor accepts the work according to regulations but must ensure:
Warranty period is calculated from the date of project acceptance.
To minimize the potential damage to complex projects, businesses often use warranty guarantee services at banks. For this reason, SeABank always provides customers with the most prestigious and quality warranty guarantee products.
In particular, the warranty guarantee product package at SeABank has many outstanding features and is highly competitive in the market such as:
SeABank is proud to be a service provider service Warranty guaranteed by customers
The warranty guarantee process at SeABank is committed to providing customers with a convenient and quality service. Hopefully the article has provided all the useful information related to the topic.warranty regulations for readers. If you are looking for a reputable warranty package provider, please contact SeABank immediately via hotline 1900.599.952 for direct consultation.