Legal news 5- Rules of first-loss default surety
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Legal news 5- Rules of first-loss default surety
The new Civil Code entering into force on 15 March 2014 will result in modifications in the rules of first-loss default guarantee.
By way of the surety contract, the surety undertakes to be liable if the obligor fails to meet his obligations towards the beneficiary. According to the current regulation, surety can only be undertaken in writing. Such precondition under sureties will not amend in the future.
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