Note 20

20. CONTINGENT LIABILITIES    
     
EUR 31 Dec 2016 31 Dec 2015
For Tieto's obligations    
Pledges - -
On behalf of Group companies    
Guarantees 14 104 509.71 22 524 864.37
On behalf of joint ventures - -
On behalf of other companies    
Guarantees -
Other Tieto obligations    
Rent commitments due in 2017 (2016) 13 958 854.00 17 944 666.00
Rent commitments due later 55 624 452.00 45 028 395.00
Lease commitments due in 2017 (2016) 312 727.41 338 916.43
Lease commitments due later 352 459.48 488 180.90
     
Lease commitments are principally three-year lease agreements that do not include buyout clauses.
     
In addition to the above mentioned contingent liabilities, the Parent company has provided security relating to certain major contracts, regarding IPR indemnity clauses. The maximum amount of these liabilities does not exceed EUR 15 million (15 million in 2015).
     
Tieto Great Britain Ltd is exempt from the requirements of the Companies Act relating to the audit by virtue of section 479C of the Companies Act. The parent company Tieto Oyj has given a parent undertaking guarantee for all the outstanding liabilities of Tieto Great Britain Ltd at the end of the financial year 2016.