AGREEMENT OF STATE MEMBERS OF COMMONWEALTH OF INDEPENDENT STATES

of August 29, 2023

About mutual recognition of bank guarantees when implementing the public (municipal) procurements

The state members of the Eurasian Economic Union which further are referred to as with state members

based on provisions of the Agreement on the Eurasian Economic Union of May 29, 2014 (further - the Agreement),

expressing interest in strengthening of cooperation in the field of the public (municipal) procurements on long-term and stable basis,

sharing the aspiration to provide easy access to the potential suppliers and suppliers registered in the territory of one state member to participation in the public (municipal) procurements which are carried out in other state member

relying on the principles of equality and mutual advantage taking into account economic interests of state members,

in view of need of proper protection of the rights of customers when implementing the public (municipal) procurements,

agreed as follows:

Article 1

For the purposes of this agreement concepts which mean the following are used:

"bank guarantee" - guarantee (independent guarantee) issued by the guarantor registered in the territory of state member of principal for providing obligations, stipulated by the legislation state member of the beneficiary in the field of the public (municipal) procurements;

"beneficiary" - the customer for benefit of whom the bank guarantee is issued;

"principal" - the potential supplier or the supplier to whom the bank guarantee is provided;

"the register of bank guarantees" - the register of state member of the beneficiary containing stipulated by the legislation state member of the beneficiary in the field of the public (municipal) procurements information on the issued bank guarantees.

Other concepts used in this agreement are applied in the values defined by the Agreement and international treaties within the Eurasian Economic Union.

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