36. A financial guarantee provided in the form of a security or an irrevocable letter of credit must have a term of not less than 12 months. A proof of its renewal or a new guarantee must be provided to the Minister at least 60 days before the guarantee expires.
The guarantee must contain a clause setting at not less than 12 months after its expiry or rescission the time available to the Minister to file a claim with the legal person who issued the guarantee.
The guarantee must also provide that its modification or rescission may take effect only if prior notice of at least 60 days is sent by registered mail to the Minister.
Subject to the law applicable in Québec, a guarantee provided in the form of an irrevocable letter of credit must comply with the rules of the International Chamber of Commerce related to stand-by letters of credit as the rules read on the day the guarantee is issued.