National Paying Agency under the Ministry of Agriculture of the Republic of Lithuania

Foreign trade administration

Securities

The Community Regulations which introduced licences and certificates provide that the purpose of lodging a security is to guarantee that the undertaking to import or export will be fulfilled during the period of their validity. A security is an assurance that a sum of money will be paid or forfeited if a particular obligation is not met.
 
Securities forms:
 
  • ash deposit to the National Payment Agencies account – stock company „Siauliu bankas“, account No. LT75 7180 3000 0034 5113, bank code 71803.
  • bank or insurer company security (available in Lithuanian only)
  • cheque
 
No security is required when the security on a licence or certificate comes to EUR 100 or less, or where the licence or certificate is drawn up in the name of an intervention agency.
 
Release of a security
 
A security is released when all requirements have been fulfilled, for which the applicant must submit proofs (e.g.: original import or export licences, T5 documents, or other proofs)
 
 
Forfeiture of securities
 
The Community Regulations which introduced the licences and certificates concerned provide that the security is to be forfeited in whole or in part if import or export is not carried out, or only partly carried out, during the period of validity of the licence or certificate.
 
A security is forfeited in full when a primary requirement has not been met (the obligation in the licence has not been met) or when the relevant proofs are not submitted within the time limit set for the submission of proofs except in cases of force majeure, however, the total sum forfeited does not exceed 100 % of the sum secured. 
 
A partial release of the security is made when the applicant submits proofs within the specified period and the obligations stated in the license have been met; however, a secondary requirement has been breached (proofs submitted too late), while the rest of the sum secured is forfeited. 
 
A security shall upon request be released in part where the applicant submits relevant proofs in relation to the quantity of a product, provided that the quantity is not less than any minimum quantity for which the security is required.
 
Last updated: 2014-03-06 17:02