The Economic Committee of the State Duma approved a bill on reducing the amount of bank guarantee when executing state contracts

The State Duma Committee on Economic Policy approved amendments to the law on the state contract system, allowing companies to reduce the amount of the bank guarantee as payment is received under the contract.

According to the current law on the contract system in the field of public procurement, it is impossible to change the size of the bank's obligations under the previously issued bank guarantee, even if the supplier partially fulfilled its obligations. For example, if the agreement provides for a phased implementation of the contract and a number of steps have already been completed.

The approved draft law provides for the possibility of reducing the mandatory reserves of the bank as it is released from its obligations under the bank guarantee. "This will entail a decrease in the bank's remuneration for the provided bank guarantee, as well as will free up additional financial resources for suppliers and direct them to the development of economic activity," the explanatory note to the bill says.

The bill provides that the amount of security for the performance of the contract decreases in proportion to the value of the work performed by the supplier until the contract is fully executed.

At the same time, the government of the Russian Federation should determine the list of cases for which the mechanism for reducing the amount of security for the performance of the contract provided for by the draft law does not apply.