Guarantees under the 2015 Civil Code: a view from practice
Guarantees are the most common type of personal security recognized by the general law of security. Security is notably used in the context of corporate financing. Civil Code No. 91/2015/QH13 dated November 24, 2015 contains various new rules on this security interest. This article is confined to an overview of guarantees from practice, dealing with suretyship guarantee which denotes a guarantee triggered by default on the part of the principal debtor, by way of contrast to (first) demand guarantee which denotes an independent undertaking to pay as widely used in international commerce.