Mandatory Contents in a Property Custody Agreement

Circular 02 stipulates that asset custody contracts must include the following contents:

- Names and addresses of the parties involved in the contract;- Identification card/passport numbers (for individuals); identification card/passport numbers of the legal representative of the legal entity; number, date of issue, and place of issue of the Establishment Decision, Investment Certificate, Business Registration Certificate, Enterprise Registration Certificate, or other documents proving legal status (for legal entities) of the parties involved in the contract;- In the case of receiving assets in the form of physical evidence: Asset name, document/serial number (excluding the serial number of cash or foreign currency in cash), quantity, weight, quality, size, condition, and related documents (if any) of the assets sent for custody;- In the case of receiving assets in the form of sealed items: Asset name, document/serial number (excluding the serial number of cash or foreign currency in cash), quantity of assets sent for custody;- Serial number of the bag/container/box for asset custody;- Agreement on the term as per regulations;- Level, form, and periodicity of asset custody fee payment; agreement on the fee level in case the customer does not reclaim the asset after the contractual term;- Preservation measures for assets requiring special custody;- Responsibilities of the parties in cases where the assets under custody are damaged or lost;- Agreement on the handling of assets in case the customer does not reclaim the asset after the contractual term;- Rights and obligations of the parties involved in the contract.

See details in Circular 02/2016/TT-NHNN effective from April 09, 2016.

-Thao Uyen-

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