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(AdoptedbytheJudicialCommitteeoftheSupremePeople'sCourtatitsNo.1133ConferenceonSeptember29,2000)ForthepurposeofensuringthecorrectapplicationoftheGuaranteeLawofthePeople'sRepublicofChina(hereinafterreferredtoastheGuaranteeLaw),basedonthejudicialpracticeandexperience,thefollowinginterpretationshavebeenmadeconcerningtheapplicationoflawswhilethepeople'scourtsarehandlingtheguaranteedisputes.PartIInterpretationofGeneralPrinciplesArticle1Aguaranteecreatedbythepartiesforthecreditor'srightsarisingfromcivilrelationsmaybeconsideredvalidifitconformstotheformsstipulatedintheGuaranteelawanddoesnotviolateanycompulsoryprovisioninlawsandregulations.Article2Counter-guaranteeprovidermaybethedebtororsomeotherparties.Theformofcounter-guaranteemaybemortgageorpledgeofferedbythedebtor,orguarantee,mortgageorpledgeofferedbysomeotherparties.Article3Whereanystateorganoranyinstitution,socialorganizationforthepublicgoodviolateslawstoprovideguarantee,theguaranteecontractshallbeinvalid.AnditshallbepunishedpursuanttoArticle5(2)oftheGuaranteeLawifanylossiscausedtothecreditors.Article4WhereanydirectorormanagerviolatesArticle60oftheCompanyLawofthePeople'sRepublicofChinatoprovideguaranteeforthedebtofthecompany'sshareholdersorotherpersons,theguaranteecontractshallbeinvalid.Thedebtorandtheguaranteeprovidershallbearjointcompensationliabilityforcreditor'slossunlessthecreditorknowsorshouldknowaboutthefact.Article5Whereaguaranteeiscreatedwiththepropertythatisprohibitedbylawsandregulationsfromcirculating,orisnottransferable,theguaranteecontractshallbeinvalid.Whereaguaranteeiscreatedwiththepropertyrestrictedbylawsandregulationsfromcirculating,thepeople'scourtshalldisposeofthepropertytorealizethecreditor'srightsinaccordancewithrelevantlawsandregulations.Article6Theforeignguaranteecontractshallbeinvalidunderanyofthefollowingcircumstances:1.aforeignguaranteeisprovidedwithouttheapprovalorregistrationbyrelevantcompetentdepartments;2.theguaranteeisprovidedtodomesticcreditorsforoverseaorganswithoutapprovalorregistrationbyrelevantcompetentdepartments;3.theguaranteeisofferedtosecuretheregisteredcapitalofaforeign-investedenterpriseortheforeignparty'sexternaldebtofitsinvestmentinaforeign-investedenterprise;4.aforeignexchangeguaranteeisprovidedbyafinancialorganwhosebusinessscopedoesnotincludeforeignexchangeguarantees,orbyanon-financialenterpriselegalpersonwithoutforeignexchangeincome;5.theguaranteeproviderwillnotbearanyresponsibilityiftheprincipalcontractisalteredorthecreditortransferstherightofaforeignguaranteecontractwithoutconsentoftheguaranteeproviderorapprovalofrelevantcompetentdepartments,unlessitisotherwiseprovidedbyinlawsandregulations.Article7Theguaranteeproviderandthedebtorshallassumejointcompensationliabilityforthecreditor'slossontheconditionthattheprincipalcontractisvalidwhiletheguaranteecontractisinvalidandthecreditorisnotinfault.Ifthecreditorandtheguaranteeproviderarebothinfault,thecivilliabilitythattheguaranteeprovidershouldassumeshallnotexceedhalfofthatthatthedebtorcan'tpayoff.Article8Iftheguaranteecontractisinvalidduetotheinvalidityoftheprincipalcontractandtheguaranteeproviderisnotinfault,heshallnotassumeanycivilobligation.Iftheguaranteeproviderisinfault,heshallbearnotmorethanonethirdoftheobligationthatcan'tbefulfilledbythedebtor.Article9Theguaranteeprovidermayhaverecourseagainstthedebtorafterassumingcompensationliabilitytothecreditorinthecaseofinvalidguaranteecontract.Theguaranteeprovidermayalsorequirethecounter-guaranteeproviderinfaulttobeartheliabilitywithinthecompensationscope.Theguaranteeprovidermaybringalawsuitagainstthedebtororthecounter-guaranteeprovideronthebasisofthefactthatthecompensationhasbeenmade.Article10Afterterminationoftheprincipalcontract,theguaranteeprovidershallstillbeliabletothedebtorforthelatter'scivilobligationunlessitisotherwisestipulatedbytheguaranteecontract.Article11Theactofconcludingaguaranteecontractbythelegalrepresentativeorpersoninchargeofajudicialpersonorotherorganizationsbeyondtheirpurviewofauthorizationshallbevalid,exceptwhenthecounterpartyknowsorshouldknowaboutsuchfact.Article12Theperiodofguaranteeagreeduponbythepartiesorrequiredbyregistrationdepartmentsshallnothavelegalbindingforceonthecontinuityoftheguarantee.Withintwoyearsafterthelimitationofactionforacreditor'ssecuredrightexpires,thepeople'scourtshallsupportthecreditor'sexerciseofhisguaranteeright.PartIIInterpretationofGuaranteeArticle13Whereaguaranteecontractreadsthattheguaranteeprovidershallfulfillthenon-monetaryobligationandtheguaranteeproviderfailstodosoactually,heshallcompensatethecreditorfortheconsequentloss.Article14Whereanylegalperson,anyotherorganizationornaturalpersonwithoutcompletesolvencyconcludesanyguaranteecontractasaguaranteeprovider,andthenpleadstobeexemptedfromguaranteeliabilityfortheirlackofsolvency,suchpleadingsshallnotbesupportedbythepeople'scourt.Article15OtherorganizationsprovidedinArticle7ofGuaranteelawmainlyinclude:1.independently-investedandpartnershipenterprises,whichhavelegallyregisteredanddrawnbusinesslicenses;2.jointly-operatede