Article 48-1. Guaranteed Purchase Contracts of the Industrial Policy Act

Home / RLA / Article 48-1. Guaranteed Purchase Contracts of the Industrial Policy Act

1. Under guaranteed purchase agreements, a manufacturing company undertakes to ensure the supply of a guaranteed volume of goods on a long-term basis in accordance with the terms of the concluded guaranteed purchase agreement.

The concluded guaranteed purchase agreements can be used as collateral in financial institutions, including second-tier banks and the Development Bank of Kazakhstan.

2. Amendments to the concluded guaranteed purchase agreement are carried out by agreement of a major customer and a manufacturing company.

3. The term of the guaranteed purchase agreement is determined by the agreement, but may not be less than one year. The maximum term of the guaranteed purchase agreement may not exceed ten years.

4. The guaranteed purchase agreement must contain:

names of goods with indication of their detailed technical characteristics, physical and (or) chemical properties, configuration;

the volume of deliveries for the entire term of the contract;

liability of the parties to the agreement for non-fulfillment and improper fulfillment of obligations under the agreement;

other conditions as agreed by the parties.

This Law establishes the fundamental principles of industrial policy and regulates public relations that arise during the formation and implementation of industrial policy.

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases