The quality assurance period of cable and the payment method of quality bond

DATE: 2018-3-21 11:57:22 | HITS:22

At present, how long the product quality assurance period is in our country's domestic production and sale of wire and cable products, and the relevant laws and regulations have not been issued by the state. The quality assurance period is based on the design requirements of the design unit for the engineering project materials. After the completion of the project, the investment unit and the supply unit agree on a basic safe use period. During the period of safe use, the material suppliers make a commitment to the safe use of the product and provide a certain amount of funds or pledge as guarantee. The period of safe use of products with funds or pledge is the product quality assurance period.

The period of quality assurance is based on the time limit agreed upon by the two parties. Time ranges from 1 to 24 months. Different engineering projects require a different quality assurance period, a minimum of 30 days, and a maximum of 24 months.

During the quality assurance period, whether the quality of the product is up to standard and whether it can be used normally is restricted by the way of retaining a certain payment for goods as a quality bond. There are two ways of payment for the existing quality Bond.

First:  Keep the warranty in accordance with the proportion of the total amount of goods

In many cases, both parties will make an agreement on the quality assurance of the subject of the contract when they sign a purchase contract. The agreed contents include: The supplier provides quality assurance for the products sold in the contract, how long the quality assurance period is, and how much is the amount of the quality bond? The ratio of the quality of the quality bond to the wire and cable is usually 5% of the total amount of the contract.

Second kinds: bank guarantee letter

The bank's letter of guarantee is usually opened by the opening bank of the supply unit. The supplier  deposit a certain amount of money in the opening bank , the amount is higher than the quality bond;

When the contract buyer proposes to charge the quality bond, the supplier applies to the opening bank, and the bank opens the bank guarantee letter. At the same time, the bank will temporarily freeze the same amount of money for the applicant in accordance with the amount of the letter of guarantee so that the beneficiary of the letter of guarantee will apply for claim for the quality of the product. After the expiration of the quality assurance period, the bank guarantee letter is returned to the supplier by the buyer, then it is returned to the bank, and the bank unfrozen the fund at the same time. The quality assurance period is over, and the quality assurance agreement is automatically terminated.

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Writing: Mr. Lu ShaoShan

Release date: Tuesday, March 20, 2018

Add: cable quality performance bond;


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