Article 331. Grounds and form of guarantee and surety of the Civil Code of the Republic of Kazakhstan
1. Guarantees and sureties arise on the basis of sureties or guarantees. The application of the guarantee may be established by law.
2. Guarantee or surety agreements must be concluded in writing. Failure to comply with the written form entails the nullity of the guarantee or surety agreement.
3. The written form of the guarantee or surety agreements shall be deemed to have been complied with if the guarantor or surety has notified the creditor in writing of his responsibility for the debtor's performance of the obligation, and the creditor has not refused the proposals of the guarantor or surety within the time normally required for this.
4. Second-tier banks may issue bank guarantees and sureties on the basis of a license from an authorized body in accordance with this Code and subject to regulatory legal acts of the authorized body regulating the procedure for conducting these operations.
The issuance of bank guarantees and sureties by second-tier banks without observing the norms of this Code and taking into account the requirements of regulatory legal acts of the authorized body shall entail their invalidity.
The Civil Code, the Code of Criminal Procedure, the Criminal Code, Comments on the Code of Criminal Procedure, the Normative resolution of the Supreme Court, Criminal legislation, Regulatory legal acts of the Republic of Kazakhstan
