THE INVESTOR MUST PAY A MINIMUM WARRANTY OF 03-05% VALUE OF THE IT INVESTMENT PROJECT
On September 05, 2019, the Government issues the Decree No. 73/2019/ND-CP on regulations on managing the investment on IT application using the State budget source.
Based on the importance and scale, projects are classified into national important projects, Group A projects, Group B projects and Group C projects according to the criteria prescribed by the Law on Public Investment.
The minimum warranty period of a project products is counted from the date the investor signs the minutes on acceptance, hand-over, putting the project's product or work item into exploitation, use and is prescribed as follows:
- 24 months warranty for products of national important projects, Group A projects; - 12 months warranty for products of Group B, C projects.
The minimum warranty amount is calculated as a percentage (%) of the project's product value and is prescribed as follows:
- For 24 month warranty period products, is 03%;
- For 12 month warranty period products, is 05%.
The contractors shall submit a letter of guarantee of a bank of equivalent value to the investor or other forms of guarantee accepted by the investors. The contractors will only return the guarantee after the warranty period has expired and the investor has confirmed that the warranty has been completed.
This Decree takes effect on January 01, 2020.
