The rights and obligations of the obligee are as following:
Rights of the obligee:
a) Request the guarantor, the guarantee-confirmation issuing party to fulfill guarantee obligations;
b) Request the guarantor, the guarantee-confirmation issuing party to fulfill obligations and liabilities agreed upon in the guarantee commitment;
c) File a lawsuit in accordance with laws if the guarantor or the guarantee-confirmation issuing party is in breach of their agreed-upon obligations;
d) Check the authenticity of the guarantee commitment;
dd) Transfer their rights and obligations to other entities under the agreement between involved parties in conformity with legal regulations;
e) Exempt the guarantor, the guarantee-confirmation issuing party from liability to fulfill guarantee obligations;
g) Exercise other rights under the agreement between parties in conformity with legal regulations.
Obligations of the obligee
a) Fulfill agreed-upon guarantee obligations and ensure conformity with terms and conditions set in the guarantee commitment;
b) Notify the guarantor, the guarantee-confirmation issuing party and other related parties of any sign or act of violation committed by the obligor;
c) Fulfill other obligations under the agreement between parties in conformity with legal regulations.
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In order to seek further advice, please contact us at ant@antlawyers.vn or call + 84 912 817 823. ANT Lawyers, your law firm in Vietnam.
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