FACTORS CONTRIBUTING TO EXTROVERSION

Save this PDF as:

Size: px
Start display at page:

Download "FACTORS CONTRIBUTING TO EXTROVERSION"

Transcription

1 1

2 FACTORS CONTRIBUTING TO EXTROVERSION The increase in extroversion may be achieved by the following: Promotion of exports of goods and services, Construction works abroad undertaken by Greek Companies, Direct investments abroad, undertaken by Greek investors. RISKS: Commercial and political risks of non-payment may arise abroad, due to the economic and political instability still persisting in many developing countries which constitute the destination of many Greek products, construction works and direct investments. 2

3 ECIO s PROFILE The Export Credit Insurance Organization (E.C.I.O.) was established in 1988 by Law 1796/1988 (Greek Gazette: 152 A / ). It is an autonomous, non-profit Organization, operating under the supervision of the Minister of Development and Competi-tiveness. It offers export credit insurance (for non-marketable risks) with the Guarantees of the Greek State. It is a Public Entity in Private Law. It is governed by a 9-member Board of Directors which is appointed by the Supervising Minister. Its State Guarantee Capital amounts to EUR 1.47 billion. 3

4 ECIO s ORGANIZATIONAL STRUCTURE BOARD OF DIRECTORS CHAIRMAN GENERAL MANAGER SECRETERIAT & PUBLIC RELATIONS LEGAL AFFAIRS COMPUTING & STATISTICS SALES & CUSTOMER SERVICES ΤΜΗΜΑ ΕΜΠΟΡΙΚΩΝ ΠΛΗΡΟΦΟΡΙΩΝ & ΑΝΑΛΗΨΗΣ ΚΙΝΔΥΝΩΝ ΤΜΗΜΑ ΜΕΣΟ- ΜΑΚΡΟΠΡΟΘΕΣΜΩΝ ΠΙΣΤΩΣΕΩΝ & ΕΙΔΙΚΩΝ ΣΥΜΒΟΛΑΙΩΝ ΤΜΗΜΑ ΑΠΟΖΗΜΙΩΣΕΩΝ & ΕΙΣΠΡΑΞΗΣ ΑΠΑΙΤΗΣΕΩΝ ΤΜΗΜΑ ΔΙΕΘΝΩΝ ΣΧΕΣΕΩΝ & ΑΝΑΛΥΣΗΣ ΚΙΝΔΥΝΟΥ ΧΩΡΑΣ ΤΜΗΜΑ ΣΤΡΑΤΗΓΙΚΗΣ ΠΩΛΗΣΕΩΝ (MARKETING) ΤΜΗΜΑ ΟΙΚΟΝΟΜΙΚΩΝ ΥΠΗΡΕΣΙΩΝ ΑΘΗΝΑ ΘΕΣΣΑΛΟΝΙΚΗ 4

5 ECIO DOES NOT FINANCE EXPORTS, BUT IT INDIRECTLY SUPPORTS EXPORTERS FOR THEIR FINANCING BY COMMERCIAL BANKS ECIO indirectly supports the financing of export companies, by allowing its insured clients-exporters to transfer their right for indemnification to the financing Commercial Banks or Factoring Companies, as a collateral. 5

6 EXPORT CREDIT INSURANCE PROGRAMS 1. Insurance Programs for Short-Term Export Credits for exports of consumer goods. 2. Insurance Programs for Medium-Long Term Export Credits for exports of capital goods or construction works abroad due to be paid in 2-5 years or more Insurance Programs for «Supplier Credits» Insurance Programs for «Buyer Credits». 3. Insurance Programs for Direct Investments Abroad. 6

7 MAXIMUM REPAYMENT PERIODS FOR EXPORT CREDITS ACCORDING TO THE CATEGORIES OF PRODUCTS AND SERVICES According to EU and OECD rules, as well as the International Practice, the maximum repayment period for short-term export credits is 2 years, for medium-term export credits is 2-5 years, and for longterm export credits is over 5 years. The export credits with a repayment period over 2 years are defined as Medium-Long Term. According to certain rules of the Berne Union (International Union of Credits & Investment Insurers), which are applied by all OECD Member-Countries, and not only by them, for the maximum repayment periods of the insured export credits, we have the following: (i) Consumer Goods and Raw Materials : 180 Days (ii) Intermediate and Durable Consumer Goods : Up to 2 Years (iii) Capital Goods : 2-5 Years (iv) Turn-Key Projects : Over 5 Years 7

8 INSURANCE PROGRAM FOR SHORT-TERM EXPORT CREDITS 8

9 RISKS COVERED BY ECIO COMMERCIAL RISKS: a. INSOLVENCY for the payment (bankruptcy) b. PROTRACTED DEFAULT for the payment (In case the debtor delays the payment for more than 60 days). c. ARBITRARY WITHDRAWAL OR REFUSAL, amendment, or default of the Contract by a buyer or project owner (i.e. decision of the buyer to arbitrarily refuse the execution of the commercial contract, or the delivery of the ordered goods or services). Usually, the insured exporters request such coverage in cases the terms of payment are CAD (Cash Against Payment). 9

10 RISKS COVERED BY ECIO POLITICAL RISKS a. BREACH OF CONTRACT. Governmental measures impeding the execution of the commercial or loan contract. b. MORATORIUM. General Moratorium decreed by the Government of the foreign country. c. TRANSFER RISK. Currency bans. d. EXPROPRIATION, NATIONALIZATION. Foreign Administration acts or omissions hindering the export contract performance or the operation of the investment. e. INVALIDATION OF IMPORT OR EXPORT LICENCES. Export bans, invalidation of import or export licenses, etc., by the Domestic or Foreign Public Authorities. f. ACTS OF GOD (FORCE MAJEURE). War, civil war, revolution, riots, civil disturbance, political strikes, natural disasters. 10

11 PROCEDURE OF EXPORT CREDIT INSURANCE Submission of Application Management of the Insurance Contract Evaluation of Application Approval and formation of the Insurance Contract 11

12 FOLLOW-UP OF THE DEVELOPMENT OF SHIPMENTS Submission of Documents after each Shipment Payment of the Premium Notification of Payments 12 Notification of Claim

13 PROCEDURE OF INDEMNIFICATION Notification of Pending Claim Submission of Documents Proving the Occurrence of Risk and the Existence of Loss Verification of the Occurrence of Risk 13 Approval or Rejection of Indemnification

14 1. INSURANCE PROGRAM FOR SHORT-TERM EXPORT CREDITS (Cases not covered by ECIO) The Short-Term Export Credits not covered by ECIO are those related to the following cases: Shipment of Samples. Export Credits without a specific repayment period (Open Account). Export Credits related to Shipments En Consignation. 14

15 1. INSURANCE PROGRAM FOR SHORT-TERM EXPORT CREDITS (Terms of Payment covered by ECIO In case we have payment arrangements with a Prepayment or with an Irrevocable and Confirmed Letter of Credit (ILC), or Cash Against Documents, there is no need for export credit insurance since these are secured terms of payment. But usually, the agreed terms of payment are more risky like: Documents Against Acceptance, Bills of Exchange, Promissory Notes, Checks (Guaranteed or not), with a repayment period of up to 180 days. All the above terms of payment should be covered by an Export Credit Insurance Contract. 15

16 1. INSURANCE PROGRAM FOR SHORT-TERM EXPORT CREDITS (Insurance Program for Individual Shipments) Specific Shipment (one, unique shipment) Certain Shipments (partial shipments during one year, to certain foreign buyers and countries). 16

17 1. INSURANCE PROGRAM FOR SHORT-TERM EXPORT CREDITS (Insurance Program GLOBAL ) Insurance for one (1) year, of all shipments to all foreign customers, to all countries. The exporter is covered by ECIO for his total annual exports, i.e. his shipments to all his customers abroad, independently of the risks to be covered. The exporter is obliged to submit for insurance all his invoices, up to the credit limit for each one of his foreign customers, except the invoices to be paid by prepayment or an ILC. 17

18 1. INSURANCE PROGRAM FOR SHORT-TERM EXPORT CREDITS Insurance Terms (I) CREDIT LIMIT The credit limit is defined as a maximum amount up to which the exporter can grant credits to his foreign customer at any time. In fact, the credit limit indicates the credit-worthiness of each foreign customer. By evaluating each foreign buyer s Credit Report, the Underwriters of ECIO are convinced that the specific foreign buyer is in a position to repay the granted credit in the specific period of time set by the terms of payment. 18

19 1. INSURANCE PROGRAM FOR SHORT-TERM EXPORT CREDITS Insurance Terms (IΙ) CREDIT LIMIT: It refers to a specific foreign buyer. It decreases with every shipment to the specific foreign buyer. It comes back with every repayment for past shipments, i.e. it is revolving. 19

20 1. INSURANCE PROGRAM FOR SHORT-TERM EXPORT CREDITS Insurance Terms (IΙΙ) PERCENTAGE OF COVER The level of the insurance coverage is estimated as a percentage of the invoice value and is applied on the specific credit limit. In fact, the percentage of cover applied to the credit limit represents the amount of indemnification to be paid to the insured exporter in case of non-payment by a foreign buyer. According to ECIO s Statute Law, the percentage of cover may be set up to 95%, but the specific percentage of cover to be set for each insurance policy depends on the information about the credit-worthiness of the foreign buyer as well as the economic and political situation in the country of destination (country risk). 20

21 1. INSURANCE PROGRAM FOR SHORT-TERM EXPORT CREDITS Insurance Terms (IV) PREMIUM It is set as a percentage of the invoice value of shipments and up to the credit limit granted for the specific foreign buyer. It depends on certain factors, such as the number of risks to be covered, the terms of payment, the credit-worthiness of the foreign buyer, etc. It is paid upfront, in case of a unique shipment, or in monthly installments in case of multiple shipments. The premiums for GLOBAL Insurance Policies are set at much lower levels than the premiums for Individual Shipments Insurance Policies. 21

22 1. INSURANCE PROGRAM FOR SHORT-TERM EXPORT CREDITS Insurance Terms (V) MAXIMUM AMOUNT OF INDEMNIFICATION The maximum aggregate amount of indemnifications which can be paid to an insured exporter during an underwriting year is equal to the 20fold of the total premium payments made by the insured exporter during the same underwriting year. For example, if in a certain underwriting year an export company was insured for its total shipments amounting to 2,000,000 and paid total premiums amounting to 16,000 (with a premium 0.80%), then this company has the right to receive total indemnifications amounting up to 320,

23 1. INSURANCE PROGRAM FOR SHORT-TERM EXPORT CREDITS Insurance Terms (VΙ) MINIMUM ANNUAL PREMIUM (MAP) ECIO may apply a Minimum Annual Premium (MAP), whose level depends on the approved credit limits and the annual turn-over of the export shipments as declared by the insured exporter. The (MAP) will have to be paid upfront, in case the Insurance Policy covers the shipments to only one buyer, or in two installments, in case the Insurance Policy covers more than one foreign buyers. During the period of shipments, no premium will have to be paid until the moment the already paid (MAP) corresponds to the shipments already made. In case the shipments continue, the exporter will have to pay the agreed premium for the extra shipments. In case the shipments made during the underwriting year are not enough to absorb the whole (MAP) already paid, then the remaining (MAP) neither is returned to the insured exporter, nor is balanced with the premium to be paid in the framework of the renewed Insurance Policy for the next underwriting year. 23

24 1. INSURANCE PROGRAM FOR SHORT-TERM EXPORT CREDITS Insurance Terms (VII) COST OF RESEARCH PROCEDURE This cost is defined as the exporter s contribution to the required expenses for the collection and evaluation of credit information about the credit-worthiness of foreign buyers, as well as the setting of a maximum credit limit for each foreign buyer. For the «GLOBAL» Insurance Policies it is 40,00 per foreign buyer. For the «Individual Shipments» Insurance Policies it is geographically differentiated as follows per foreign buyer: E.U Countries: 60,00 Central & Eastern European Countries: 100,00 Rest of the World: 70,00 24

25 INSURANCE PROGRAMS FOR MEDIUM-LONG TERM EXPORT CREDITS RELATED TO EXPORTS OF CAPITAL GOODS AND CONSTRUCTION WORKS ABROAD 25

26 2. INSURANCE PROGRAMS FOR MEDIUM-LONG TERM EXPORT CREDITS Exports of Goods or Services with a Medium-Term (2-5 years) or with a Long-Term (over 5 years) Repayment Period. Construction Works Abroad, also with a Mediou- Term or a Long-Term Repayment Period. FORMS OF FINANCING & INSURANCE PROCEDURES «Supplier Credit» «Buyer Credit» 26

27 SUPPLIER CREDIT EXPORTER (SUPPLIER) 1 2 IMPORTER (BUYER) 3 1. Delivery of Goods. ECIO. 2. Payment on «credit terms». 3. Insurance of «Supplier s Credit» by ECIO against commercial and political risks. 27

28 BUYER CREDIT EXPORTER 2 ECIO 1. Supply Contract Premium Agreement. 3. Insurance Contract. 4. Loan Agreement. BUYER 28 4 BANK

29 BUYER CREDIT EXPORTER α ECIO α. The Exporter pays the premium to ECIO. β γ ε β. The Buyer pays the down-payment to the Exporter. γ. The Bank makes disbursements of the loan by paying the exporter. δ. The Buyer repays the bank loan. ε. ECIO indemnifies the bank in case there is no repayment by the buyer. BUYER δ BANK 29

30 2. INSURANCE PROGRAMS FOR MEDIUM-LONG TERM EXPORT CREDITS (I) COMMERCIAL RISKS: a. INSOLVENCY for the payment (bankruptcy) b. PROTRACTED DEFAULT for the payment (In case the debtor delays the payment for more than 60 days). c. ARBITRARY WITHDRAWAL OR REFUSAL, amendment, or default of the Contract by a buyer or project owner (i.e. decision of the buyer to arbitrarily refuse the execution of the commercial contract, or the delivery of the ordered goods or services). Usually, the insured exporters request such coverage in cases the terms of payment are CAD (Cash Against Documents). 30

31 31 2. INSURANCE PROGRAMS FOR MEDIUM-LONG TERM EXPORT CREDITS (II) POLITICAL RISKS: a. BREACH OF CONTRACT. In case of DFIs, arbitrary revocation of a Concession Agreement by the host country. b. MORATORIUM. General Moratorium decreed by the Government of the destination country, or the host country. c. TRANSFER RISK. Currency bans. d. EXPROPRIATION, NATIONALIZATION. Foreign Administration Acts or Omissions hindering the export contract performance or the operation of the investment. e. INVALIDATION OF IMPORT OR EXPORT LICENCES by the Domestic or Foreign Public Authorities. f. ACTS OF GOD (FORCE MAJEUR). War, civil war, revolution, riots, civil disturbance, political strikes, natural disasters.

32 2. INSURANCE PROGRAMS FOR MEDIUM-LONG TERM EXPORT CREDITS (III) Procedures for Insurance and Indemnification: The prerequisites and rules are more or less the same as those holding for Insurance Programs for Short-Term Export Credits. Additionally: a. The Insurance Policies are not as standardized as those for Short-term Export Credits, since in the case of MLT Export Credits, the Insurance Policies are directly related to the Supply Contracts. b. Coverage is offered for commercial risks, or political risks, or a combination of both (it depends to the country of destination). ECIO is obliged to apply certain rules, as they hold according to the OECD Agreement Arrangement on Officially Supported Export Credits. In the framework of OECD this is a Gentlemen s Agreement, but in the framework of EU, the same text constitutes a Council Decision. 32

33 2. INSURANCE PROGRAMS FOR MEDIUM-LONG TERM EXPORT CREDITS (IV) The main provisions of the Arrangement on Officially Supported Export Credits are the following: Minimum Down-payment: 15% on the value of the export contract. Maximum Repayment Period: 5 years for the destination countries of category I and 10 years for the destination countries of category II (as classified by the World Bank, according to their income per capita). Minimum Premium Rates (MPRs): They are based on the credit period and the category indicating the political risk in the country of the debtor (Categories: 0,1,2, 3,...7) according to the CRAM (Country Risk Assessment Model) of the OECD. The MPRs indicated in the relevant confidential table cover the whole package of political risks, i.e. the sovereign risk plus the country risks. 33

34 2. INSURANCE PROGRAMS FOR MEDIUM-LONG TERM EXPORT CREDITS (V) The premiums have to be paid upfront, or in installments, but they have to be paid entirely until the Starting Point of Credit (SPOC), that is immediately after the delivery of goods or the delivery of the final phase of the project. In other words, the total premium have to paid entirely when the credit risk starts. The Repayment must be made in semiannual installments of capital and interest, while a grace period of 6 months is allowed. Environmental Protection. Each application for the export credit insurance of a project is evaluated for the possible negative effects of the project on the environment. The relevant procedures have been defined in the OECD Recommendation on Common Approaches to the Environment and Officially Supported Export Credits. Bribery. During the application process and the management of the the Insurance Policy, certain rules and provisions are applied according to the OECD Recommendation on Bribery and Officially Supported Export Credits. These provisions aim at combating the bribery of High Officials of a Government, in order to win a commercial contract. 34

35 2. INSURANCE PROGRAMS FOR MEDIUM-LONG TERM EXPORT CREDITS (VI) EXAMPLES OF MINIMUM PREMIUM RATES (MPRs) FOR THE COVERAGE OF POLITICAL RISKS, ACCORDING TO THE OECD ARRANGEMENT ON OFFICIALLY SUPPORTED EXPORT CREDITS. Let us assume that we have 7 applications for the credit insurance of 7 projects against political risks, to be undertaken in 7 countries. The value of each project is the same, the construction period is 24 months and the repayment period is 5 years (in 10 semiannual installments). The Minimum Premium Rate (MPR) for each case will be as follows: HONG ΚΟΝG (category of political risk 1): MPR 0,95%. CHINA (category of political risk 2): MPR 1,67%. BRAZIL (category of political risk 3): MPR 2,73%. TURKEY (category of political risk 4): MPR 4,00%. FYROM (category of political risk 5): MPR 5,48%. ALBANIA (category of political risk 6): MPR 6,90%. MOLDOVA (category of political risk 7): MPR 8,52%. 35

36 INSURANCE PROGRAM FOR DIRECT FOREIGN INVESTMENTS 36

37 3. INSURANCE PROGRAM FOR DIRECT INVESTMENTS ABROAD POLITICAL RISKS 1. BREACH OF CONTRACT. Revocation of Concession Agreements by the Government of the host country. 2. TRANSFER RISK. Inability for transfer of foreign exchange for capital amortization and export of profits. 3. EXPROPRIATION, NATIONALIZATION. Any other equivalent measures hindering the operation of the investment or make it non viable. 4. ACTS OF GOD (FORCE MAJEUR). War, civil war, riots, civil disturbance, political strikes, natural disasters. 37

38 3. INSURANCE PROGRAM FOR DIRECT INVESTMENTS ABROAD INSURANCE PREREQUISITES (I) Kinds of Investments (Capital for a new investment or for the purchase of shares of an existing investment, Equipment, Machinery, Pieces of Land, Buildings, Services). New investment or extension of an existing investment. Coverage of the (%) of the Greek participation only (in case of joint venture). Coverage of political risks only (the Greek investor is responsible for the commercial viability of the investment). The Investment Insurance Policy has a minimum duration of 3 years and it may be renewed for up to 20 years by annual renewals with the updated current value of the investment.. The Investment Insurance Policy includes the maximum and the current insured values of the investment. The current value is formed by the partial exports of capital. In 2001 a Memorandum of Understanding (MoU) was signed between ECIO and MIGA (Multilateral Investment Guarantee Agency Subsidiary of the World Bank Group) by which ECIO is reinsured by MIGA for investment insurance. 38

39 3. INSURANCE PROGRAM FOR DIRECT INVESTMENTS ABROAD INSURANCE PREREQUISITES (II) Direct or indirect benefit for the Greek Economy, i.e. through imports of raw materials or intermediate products from Greece, or transfer of amortization capital and profits to Greece, etc. Approval by the host country, i.e. the Authorities of the host country will have to approve the specific investment. Existence of Legal Framework for the protection of foreign capital in the host country. Existence of an «Agreement for the Mutual Protection of Investments between Greece and the Host Country. This does not mean that in case such an Agreement does not exist, the relevant application will not be examined by ECIO. On the other hand, it goes without saying that in case such an Agreement exists, this will be positively taken into account in the framework of the evaluation of the relevant insurance application by ECIO s Board of Directors. 39

40 40 3. INSURANCE PROGRAM FOR DIRECT INVESTMENTS ABROAD INSURANCE TERMS The Insurance Policies are not standardized since they are directly related to the specific investment. The maximum percentage of cover is 95%, while it is differentiated according to the host country, with a minimum level of 75%. The annual premium varies between 0,35% and 0,45% per political risk and it is paid at the beginning of the insurance period, as well as at the beginning of each annual renewal of the insurance policy, according to the current value of the investment, which can be changed according to the amortization of the invested capital and the invested profits. Together with the annual premium, each year the standby premium has to be paid. The level of the standby premium is about 50% of the annual premium which depends on the number of political risks that have been chosen by the insured investor. The standby premium is applied on the amount which constitutes the difference between the maximum and the current insured values.

41 3. INSURANCE PROGRAM FOR DFIs Insurance Procedures Submission of application for the Υποβολή preliminary Εγγράφου approval Αιτήματος by ECIO s για κατ αρχήν έγκριση Board από of το Directors Δ.Σ. ΤΟΥ ΟΑΕΠ Submission of Feasibility Study of the Υποβολή Μελέτης Βιωσιμότητας της investment, and in case it is required, Επένδυσης, και αν απαιτείται submission of environmental study Περιβαλλοντική Μελέτη Final approval by ECIO s Board of Οριστική Έγκριση από Δ.Σ., Directors, Notification of the insurance Γνωστοποίηση Όρων Ασφάλισης και terms and signing of the Insurance Policy Σύνταξη Ασφαλ. Συμβολαίου 41 Payment of the annual premiums during Καταβολή Ασφαλίστρων κατά τη Διάρκεια the insurance period της Ασφαλιστικής Περιόδου

42 3. INSURANCE PROGRAM FOR DFIs Indemnification Procedures Notification of Claim Submission of documents proving the occurrence of risk/risks Evaluation of documents by ECIO s Legal Service 42 Procedure for the payment of indemnification

43 WE THANK YOU In case you are interested for more information about ECIO s Insurance Programs, you may visit our site: 43

Export Import Bank Financing Programs

Export Import Bank Financing Programs Export Import Bank Financing Programs The Export Import Bank of the United States (Ex Im Bank) is the official export credit agency of the United States. Ex Im Bank assists in financing the export of U.S.

More information

product information revolving buyer credit cover march 2012

product information revolving buyer credit cover march 2012 product information revolving buyer credit cover march 2012 product information revolving buyer credit cover With revolving buyer credit cover, a bank insures repayments due under a loan with a maximum

More information

information foreign customers

information foreign customers information foreign customers imports from germany march 2012 information foreign customers imports from germany Do you import goods and services from Germany? In this case the Export Credit Guarantees

More information

GENERAL INSURANCE CONDITIONS D

GENERAL INSURANCE CONDITIONS D EXPORTNÍ GARANČNÍ A POJIŠŤOVACÍ SPOLEČNOST, a.s. GENERAL INSURANCE CONDITIONS D For Insurance of an Export Buyer Credit Against the Risk of Non Payment Obchodní strategie Exportní garanční a pojišťovací

More information

Solutions Guide for Financial Institutions

Solutions Guide for Financial Institutions SOLUTIONS GUIDE Solutions Guide for Financial Institutions Say yes to your customers more often If you want to enhance the lending value of your customer s assets or use our guarantees as security, consider

More information

General Terms and Conditions for Supplier Credit Insurance GTC S

General Terms and Conditions for Supplier Credit Insurance GTC S General Terms and Conditions for Supplier Credit Insurance GTC S Valid from 31 March 2012 (Version 2.2/2012) Table of Contents 1 Object and Scope of the Insurance 3 2 Liability Period 3 3 Insured Risks

More information

PROJECT FUNDING AND EXPORT FINANCE. EXPORT-IMPORT BANK of

PROJECT FUNDING AND EXPORT FINANCE. EXPORT-IMPORT BANK of PROJECT FUNDING AND EXPORT FINANCE EXPORT-IMPORT BANK of the UNITED STATES Agenda Who is US Exim-Bank Pre-Export Financing Post-Export Financing Recent success Cases in Colombia Who is the US Eximbank

More information

How to Finance Export Receivables. By Michael D. Farstad Export Finance Lender

How to Finance Export Receivables. By Michael D. Farstad Export Finance Lender How to Finance Export Receivables By Michael D. Farstad Export Finance Lender Table of Contents New Products Working Capital Supply Chain Finance Guarantee Program Global Credit Express Loan Guarantee

More information

Customer financing in Brazil Guide for a Finnish SME exporter

Customer financing in Brazil Guide for a Finnish SME exporter Customer financing in Brazil Guide for a Finnish SME exporter Contents Financial markets 2 Know your customer 3 Prepayments received from the buyer 4 Granting payment terms with invoice 5 Bills of exchange

More information

Tom Bolt, Performance Management Director

Tom Bolt, Performance Management Director market bulletin Ref: Y4396 Title Purpose Type From Financial Guarantee Insurance, Contract Frustration, Trade Credit and related classes To update Lloyd s requirements in respect of Contract Frustration

More information

MANAGING CREDIT RISK IN A VOLATILE MARKETPLACE

MANAGING CREDIT RISK IN A VOLATILE MARKETPLACE Export Forum 2015 October 14, 2015 MANAGING CREDIT RISK IN A VOLATILE MARKETPLACE Presented by: George Babeu, President One Source Risk Management and Funding, Inc. WHAT WE WILL DISCUSS Today s volatile

More information

General Terms and Conditions for Pre-shipment Risk Insurance GTC P

General Terms and Conditions for Pre-shipment Risk Insurance GTC P General Terms and Conditions for Pre-shipment Risk Insurance GTC P Valid from 31 March 2012 (Version 2.2/2012) Table of Contents 1 Object and Scope of the Insurance 3 2 Liability Period 4 3 Insured Risks

More information

General Terms and Conditions for Multi-buyer Insurance GTC MB

General Terms and Conditions for Multi-buyer Insurance GTC MB General Terms and Conditions for Multi-buyer Insurance GTC MB Valid from 1 October 2012 (Version 2.2/2012) Swiss Export Risk Insurance, Zeltweg 63, 8032 Zurich P +41 58 551 55 55, F +41 58 551 55 00, info@serv-ch.com,

More information

SINOSURE to Serve CAREC Transport & Trade Facilitation Overview of Export Credit Insurance Service. September 3 rd, 2014

SINOSURE to Serve CAREC Transport & Trade Facilitation Overview of Export Credit Insurance Service. September 3 rd, 2014 SINOSURE to Serve CAREC Transport & Trade Facilitation Overview of Export Credit Insurance Service September 3 rd, 2014 Table of Contents 1. Overview of SINOSURE 2. Short-term export credit insurance 3.

More information

Credit Risk Insurance. We protect Africa s Trade & Investments

Credit Risk Insurance. We protect Africa s Trade & Investments Credit Risk Insurance We protect Africa s Trade & Investments About ATI What is Credit Insurance? Benefits of Credit Insurance Export Credit Insurance Our Partners & Credit Rating ATI s Relationship with

More information

DUIF S FLORIST ARTICLES B.V.

DUIF S FLORIST ARTICLES B.V. General Terms and Conditions of Sale and Delivery of DUIF S FLORIST ARTICLES B.V. having its registered office in Aalsmeer, the Netherlands, and principal place of business at Legmeerdijk 281 in (1432

More information

Finnvera s export financing

Finnvera s export financing Finnvera s export financing Diverse export financing services for export companies and financiers The official Finnish Export Credit Agency Finnvera promotes exports by providing companies and banks with

More information

Annual Report 2009-2010

Annual Report 2009-2010 Annual Report 2009-2010 CANADA ACCOUNT CANADA ACCOUNT ANNUAL REPORT FOR THE GOVERNMENT OF CANADA YEAR ENDING MARCH 31, 2010 Table of Contents Overview 1 Authority 1 Risk Management 1 Management 2 Eligibility

More information

Act No. 9267 date 29.07.2004. On the Activity of Insurance, Reinsurance and Intermediation in Insurance and Reinsurance

Act No. 9267 date 29.07.2004. On the Activity of Insurance, Reinsurance and Intermediation in Insurance and Reinsurance Act No. 9267 date 29.07.2004 On the Activity of Insurance, Reinsurance and Intermediation in Insurance and Reinsurance In reliance to articles 78, and 83 part 1 of the Constitution, upon the proposal of

More information

Transport Insurance for International trade

Transport Insurance for International trade Transport Insurance for International trade 1) International trade insurance indemnifies importers and exporters against various types of losses, including damage to goods in transit, products injuring

More information

EXIM Bank EXIM Bank Trade Financing Solutions for Export Success!

EXIM Bank EXIM Bank Trade Financing Solutions for Export Success! EXIM Bank EXIM Bank Trade Financing Solutions for Export Success! Products: Risk Protection International sales are challenging enough without the added risk of not receiving payment for your goods or

More information

Index. call options 102 cap and floor options 103 capital goods 125 capital markets 145 capital risk 111 cargo insurance 16

Index. call options 102 cap and floor options 103 capital goods 125 capital markets 145 capital risk 111 cargo insurance 16 Index acceptance 50 accessory obligation 71 Act of God 24 advance payment 35 advance payment guarantee 77 adverse business risks 20 advising bank 48, 73 air waybill 43 amendments 55 annuities 150 anti-corruption

More information

SBA EXPORT LOAN PROGRAMS

SBA EXPORT LOAN PROGRAMS SBA EXPORT LOAN PROGRAMS Patrick Hayes, Regional Manager SBA Export Solutions Group U.S. Export Assistance Center 600 Superior Avenue, Suite 700 Cleveland, OH 44114-216-522-4731 patrick.hayes@sba.gov SBA

More information

A GUIDE TO YOUR ACCOUNTS RECEIVABLE INSURANCE POLICY

A GUIDE TO YOUR ACCOUNTS RECEIVABLE INSURANCE POLICY A GUIDE TO YOUR ACCOUNTS RECEIVABLE INSURANCE POLICY Realize a World of Opportunity WELCOME Thank you for insuring your accounts receivable with EDC. With this insurance, you can extend credit to your

More information

Annual Report 2008-2009 CANADA ACCOUNT

Annual Report 2008-2009 CANADA ACCOUNT Annual Report 2008-2009 CANADA ACCOUNT CANADA ACCOUNT ANNUAL REPORT FOR THE GOVERNMENT OF CANADA YEAR ENDING MARCH 31, 2009 Table of Contents Overview 1 Authority 1 Risk Management 1 Management 2 Eligibility

More information

Financial Instruments

Financial Instruments There are two basic forms of Letters of Credit: Standby (SBLC) and Documentary (DLC). Financial Instruments Documentary Letters of Credit can be either Revocable or Irrevocable, although the first is extremely

More information

Atradius Presents: Financing and Business Insurance Part 2: Introduction to Credit Insurance. Brett Halsey President

Atradius Presents: Financing and Business Insurance Part 2: Introduction to Credit Insurance. Brett Halsey President Atradius Presents: Financing and Business Insurance Part 2: Brett Halsey President Introduction to Credit Insurance Atradius Presents Introduction to Credit Insurance What is Credit Insurance? Definition

More information

Small Investment PROGRAM

Small Investment PROGRAM Small Investment PROGRAM Multilateral Investment Guarantee Agency World Bank Group MIGA: Bringing Clients Unique Strengths The Multilateral Investment Guarantee Agency s (MIGA) mission is to promote foreign

More information

United States of America. Presentation of financial resources available to US investors in Afghanistan; Financial Tools

United States of America. Presentation of financial resources available to US investors in Afghanistan; Financial Tools United States of America Presentation of financial resources available to US investors in Afghanistan; Financial Tools Kabul, February 2007 Research categories for all countries Finance Categories 1. Equity

More information

07 MAKING A PAYMENT 08 MANAGING OVERDUE ACCOUNTS 11 PARTNERING WITH YOUR BANK 12 CONTACTS

07 MAKING A PAYMENT 08 MANAGING OVERDUE ACCOUNTS 11 PARTNERING WITH YOUR BANK 12 CONTACTS A GUIDE TO YOUR ACCOUNTS RECEIVABLE INSURANCE POLICY Thank you for insuring your accounts receivable with EDC. With this insurance, you can extend credit to your customers while protecting your company

More information

Your Partner in International Trade, Investment & Structured Finance. Aon Trade Credit Asia

Your Partner in International Trade, Investment & Structured Finance. Aon Trade Credit Asia Your Partner in International Trade, Investment & Structured Finance The ever-changing financial and political landscape makes it impossible to predict the future. Our culture encourages us to aggressively

More information

General Terms and Conditions for Contract Bond Insurance GTC CB

General Terms and Conditions for Contract Bond Insurance GTC CB General Terms and Conditions for Contract Bond Insurance GTC CB Valid from 31 March 2012 (Version 2.2/2012) Table of Contents 1 Object and Scope of the Insurance 3 2 Liability Period 3 3 Insured Risks

More information

Trade Finance and Payment Terms

Trade Finance and Payment Terms Trade Finance and Payment Terms June 22, 2010 11:00 am EDT You should be able to listen to this presentation through the speakers of your computer. A copy of the slides of this presentation will be available

More information

GIEK in 2010: Records, risk and limited resources. Wenche Nistad

GIEK in 2010: Records, risk and limited resources. Wenche Nistad The year 10 GIEK in 2010: Records, risk and limited resources «GIEK s revenues from premiums and fees passed NOK 1 billion in 2010. This proves that there is a great need for our services, and that GIEK

More information

GENERAL CONDITIONS OF SALE 1/6

GENERAL CONDITIONS OF SALE 1/6 , 43044 Collecchio (PR) GENERAL CONDITIONS OF SALE 1/6 1. OFFERS 1.1. Offers are not binding for the Seller, unless expressly derogated in writing, and in any case only for the period of time mentioned.

More information

Credit insurance. Protection against non-payment/

Credit insurance. Protection against non-payment/ Credit insurance Protection against non-payment/ Trust is often not enough/ Every unpaid invoice harbors the risk of a financial loss. Things can be fine for a long while, but suddenly your customer is

More information

Trade Credit Insurance An invaluable aid to successful Domestic and International Business

Trade Credit Insurance An invaluable aid to successful Domestic and International Business Trade Credit Insurance An invaluable aid to successful Domestic and International Business Presented by Business Credit Solutions, Inc. Facilitating Business to Business Commerce Worldwide Jerry Glickman,

More information

General Terms and Conditions for Working Capital Insurance for Loans to Sub-Contractors GTC WC-SC

General Terms and Conditions for Working Capital Insurance for Loans to Sub-Contractors GTC WC-SC General Terms and Conditions for Working Capital Insurance for Loans to Sub-Contractors GTC WC-SC Valid from 31 March 2012 (Version 2.2/2012) Table of Contents 1 Object and Scope of the Insurance 3 2 Liability

More information

7 MAKING A PAYMENT 8 MANAGING OVERDUE ACCOUNTS 11 PARTNERING WITH YOUR BANK 12 CONTACTS

7 MAKING A PAYMENT 8 MANAGING OVERDUE ACCOUNTS 11 PARTNERING WITH YOUR BANK 12 CONTACTS A GUIDE TO YOUR SMALL BUSINESS ARI POLICY Thank you for insuring your accounts receivable with EDC. You can now extend credit to your customers while protecting your company against a variety of commercial

More information

I Benefits of MSI Credit Insurance

I Benefits of MSI Credit Insurance Credit Insurance of Mitsui Sumitomo Insurance I Benefits of MSI Credit Insurance Payment condition is usually a critical key for international trade competition. Advance Payment or Letters of Credit (L/C)

More information

Presentation to the KZN Exporter Week

Presentation to the KZN Exporter Week Presentation to the KZN Exporter Week Chris Thirion Stakeholder Management & Marketing 17 November 2014 ECIC Environment Self-sustained state-owned public entity registered as a Schedule 3 (b) business

More information

NATIONAL BANK OF ROMANIA. REGULATION No.17/2012 regarding certain conditions on granting loans

NATIONAL BANK OF ROMANIA. REGULATION No.17/2012 regarding certain conditions on granting loans NATIONAL BANK OF ROMANIA REGULATION No.17/2012 regarding certain conditions on granting loans Having regard to the provisions of art.4 Para. (1), art.45 Para. (1), art.61, art.173 4, let. b) and art.235

More information

practical information

practical information practical information hermes cover special Leasing Cover february 2014 practical information hermes cover special Leasing Cover what leasing business is eligible for federal government cover? Leasing cover

More information

FORFAITING A USER'S GUIDE WHAT IT IS, WHO USES IT AND WHY?

FORFAITING A USER'S GUIDE WHAT IT IS, WHO USES IT AND WHY? FORFAITING A USER'S GUIDE WHAT IT IS, WHO USES IT AND WHY? By: John F Moran, Jr. Abstract Italian and West German exporters have long been familiar with Forfaiting and still provide the bulk of the market.

More information

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS LAW ON FOREIGN CURRENCY TRANSACTIONS ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) The present Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers

More information

FINANCING THE FUTURE. New government help for exporters. Tahir Ahmed. emita presentation Loughborough 17 May 2011

FINANCING THE FUTURE. New government help for exporters. Tahir Ahmed. emita presentation Loughborough 17 May 2011 FINANCING THE FUTURE New government help for exporters Tahir Ahmed emita presentation Loughborough 17 May 2011 1 New government help for exporters Chancellor announced in Budget - more support for exporters

More information

EXPORT IMPORT BANK OF TRINIDAD AND TOBAGO

EXPORT IMPORT BANK OF TRINIDAD AND TOBAGO EXPORT IMPORT BANK OF TRINIDAD AND TOBAGO Evolution EXCICO 1973 EXIMBANK 1997 Vision To be the premier trade finance and credit insurance institution facilitating the national export thrust as the country

More information

b) General Sales Conditions: these general sales and delivery conditions;

b) General Sales Conditions: these general sales and delivery conditions; GENERAL SALES AND DELIVERY CONDITIONS OF LABORI INTERNATIONAL B.V. 1. DEFINITIONS 1.1 In these general sales and delivery conditions the following terms have the following meaning: a) Buyer: the person

More information

REGULATION ON THE REGISTTRATION, SUPERVISION AND ACTIVITIES OF NON-BANKING FINANCIAL INSTITUTIONS CHAPTER I GENERAL PROVISIONS

REGULATION ON THE REGISTTRATION, SUPERVISION AND ACTIVITIES OF NON-BANKING FINANCIAL INSTITUTIONS CHAPTER I GENERAL PROVISIONS Pursuant to Article 35, paragraph 1, sub-paragraph 1.1 of the Law No. 03/L-209 on the Central Bank of the Republic of Kosovo (Official Gazette of the Republic of Kosovo, no.77/16, August 2010), Article

More information

Canadian Pharmaceutical Distribution Network Certificate Authority Services Agreement. In this document:

Canadian Pharmaceutical Distribution Network Certificate Authority Services Agreement. In this document: Canadian Pharmaceutical Distribution Network Certificate Authority Services Agreement In this document: Company refers to the hospital, hospital group, or other entity that has been pre- registered by

More information

The 2003 ISDA Credit Derivatives Definitions

The 2003 ISDA Credit Derivatives Definitions The 2003 ISDA Credit Derivatives Definitions Edmund Parker, Mayer Brown www.practicallaw.com/0-380-8160 This note provides an overview of the 2003 ISDA Credit Derivatives Definitions (the 2003 Definitions).

More information

THE EUF GLOSSARY ON FACTORING AND COMMERCIAL FINANCE

THE EUF GLOSSARY ON FACTORING AND COMMERCIAL FINANCE Nom T THE EUF GLOSSARY ON FACTORING AND COMMERCIAL FINANCE Version 1.0 June 2012 A Common Terminology for the Industry The EUF Glossary on Factoring and Commercial Finance wishes to contribute to the establishment

More information

Credit Insurance Policy For The Sale Of Merchandise And Services In The Local Market (Israel) And Exported Abroad

Credit Insurance Policy For The Sale Of Merchandise And Services In The Local Market (Israel) And Exported Abroad Credit Insurance Policy For The Sale Of Merchandise And Services In The Local Market (Israel) And Exported Abroad Page Definitions 3 What Is An Insurance Event 5 Exceptions 5 Duty To Offer Insurance Coverage

More information

Purchase Order Terms and Conditions

Purchase Order Terms and Conditions Purchase Order Terms and Conditions "Avanade" means Avanade Asia Pte Ltd (Company Registration No.: 20005969E), a company incorporated in Singapore, having its offices at 238A Thomson Road, #25-01 Novena

More information

uide Trade Finance Guide A Guide and Overview to Export Financing

uide Trade Finance Guide A Guide and Overview to Export Financing uide Trade Finance Guide A Guide and Overview to Export Financing TRADE FINANCE GROUP 2 Table of Contents 5 INTRODUCTION 6 METHODS OF PAYMENT IN INTERNATIONAL TRADE 8 CASH-IN-ADVANCE 9 LETTERS OF CREDIT

More information

General Terms of Delivery and Payment

General Terms of Delivery and Payment General Terms of Delivery and Payment 1. Scope, Deviating Agreements The following terms of delivery and payment exclusively apply to all orders we have accepted. If separate terms are agreed for certain

More information

Benjamin Mugisha Resident Underwriter African Trade Insurance Agency (ATI) Central, East & Southern Africa

Benjamin Mugisha Resident Underwriter African Trade Insurance Agency (ATI) Central, East & Southern Africa Benjamin Mugisha Resident Underwriter African Trade Insurance Agency (ATI) Central, East & Southern Africa Place your company logo here (i.e. replace the Spintelligent logo with your company s logo). NB:

More information

Contents. Why is export finance needed? What types of export finance are available? Which currencies can be borrowed? How are risks managed?

Contents. Why is export finance needed? What types of export finance are available? Which currencies can be borrowed? How are risks managed? Contents Why is export finance needed? What types of export finance are available? Which currencies can be borrowed? How are risks managed? What terms of interest apply? Is state-supported financing a

More information

Trade Finance Guide. A guide and overview to Export Financing. Trade Finance Guide 1

Trade Finance Guide. A guide and overview to Export Financing. Trade Finance Guide 1 Trade Finance Guide A guide and overview to Export Trade Finance Guide 1 TABLE OF CONTENTS...3...4...7...10...13...16 Bank Working Capital Program...21...24...27...29...32...19 For more information, please

More information

IMPLEMENTING GUIDELINES FOR THE GUARANTY PROGRAM FOR ABANDONED/UNFINISHED BUILDINGS

IMPLEMENTING GUIDELINES FOR THE GUARANTY PROGRAM FOR ABANDONED/UNFINISHED BUILDINGS IMPLEMENTING GUIDELINES FOR THE GUARANTY PROGRAM FOR ABANDONED/UNFINISHED BUILDINGS I. Concept The guaranty program for abandoned/unfinished buildings is intended to encourage banks to extend construction

More information

Export credit insurance on behalf of the Dutch Government

Export credit insurance on behalf of the Dutch Government Export credit insurance on behalf of the Dutch Government Credit insurance for capital goods exports and construction projects abroad Contents 1. Export Credit Insurance (ECI): cooperation between Atradius

More information

Guidelines on Short-term export-credit insurance 1

Guidelines on Short-term export-credit insurance 1 Page 1 PART V: SPECIFIC AID INSTRUMENTS 1. Introduction Guidelines on Short-term export-credit insurance 1 (1) Export subsidies can adversely affect competition in the marketplace among potential rival

More information

Azerbaijan Law on Mortgage (adopted on 3 July, 1998; entered into force on 19 August 1998)

Azerbaijan Law on Mortgage (adopted on 3 July, 1998; entered into force on 19 August 1998) Azerbaijan Law on Mortgage (adopted on 3 July, 1998; entered into force on 19 August 1998) This English Translation has been generously provided by VneshExpertService. VneshExpertService Important Disclaimer

More information

Online Services Agreement. This License Agreement is entered into by and between

Online Services Agreement. This License Agreement is entered into by and between Online Services Agreement This License Agreement is entered into by and between 1 The International Monetary Fund (IMF), an international organization with headquarters at 700 19th Street, N.W. Washington,

More information

Financial Guarantee Insurance Amendments to Requirements

Financial Guarantee Insurance Amendments to Requirements market bulletin Ref: Y4755 Title Purpose Type From Financial Guarantee Insurance Amendments to Requirements To update Lloyd s requirements for the underwriting of Contract Frustration and Trade Credit

More information

2. An agreement will be concluded at the moment of express acceptance of the order by the Seller in a manner that is customary in the sector.

2. An agreement will be concluded at the moment of express acceptance of the order by the Seller in a manner that is customary in the sector. General Terms and Conditions for the Wholesale Trade in Floricultural Products drawn up by the Association of Wholesalers in Floricultural Products (VGB) and filed with the Amsterdam Chamber of Commerce

More information

SunTrust Bank Global Trade Solutions. Exporter Financing Strategy to Increase & Protect Sales. Propel your way to Export Success

SunTrust Bank Global Trade Solutions. Exporter Financing Strategy to Increase & Protect Sales. Propel your way to Export Success SunTrust Bank Global Trade Solutions Exporter Financing Strategy to Increase & Protect Sales Propel your way to Export Success Global Banking Landscape U.S. Exporters, think about - Buyers with access

More information

How to guarantee collections and payments

How to guarantee collections and payments DOCS How to guarantee collections and payments 01 Introduction 02 Factoring 03 Confirming 04 Forfeiting 05 06 Credit insurance Conclusions and More information Barcelona Activa SAU SPM, 1998-2009 01. Introduction

More information

1. Whatis Export Credit Insurance? 2. Structured Trade Credit Solutions for the Value Chain. 4. Benefits to Exporters

1. Whatis Export Credit Insurance? 2. Structured Trade Credit Solutions for the Value Chain. 4. Benefits to Exporters Export credit risk solutions Re-defining the way exporters trade successfully 1. Whatis Export Credit Insurance? 2. Structured Trade Credit Solutions for the Value Chain 3. Products & Services available

More information

Trade Finance Guide. A Quick Reference for U.S. Exporters

Trade Finance Guide. A Quick Reference for U.S. Exporters Trade Finance Guide A Quick Reference for U.S. Exporters Table of Contents Introduction...1 Chapter 1: Methods of Payment in International Trade... 3 Chapter 2: Cash-in-Advance... 5 Chapter 3: Letters

More information

CHAPTER I. GENERAL PROVISIONS

CHAPTER I. GENERAL PROVISIONS Disclaimer: The following English version of the Trade Insurance Act is for reference purposes only. The Korean language version shall be binding and enforceable on all parties at all times. In no event

More information

ACT OF LEGISLATIVE CONTENT:

ACT OF LEGISLATIVE CONTENT: ACT OF LEGISLATIVE CONTENT: Emergency regulations regarding restrictions on cash withdrawals and capital transfers (Government Gazette Α 84, 18.7.2015), as amended (Government Gazette Β 1561/24.7.2015)

More information

Terms and Techniques to Manage Receivables, Protect Assets and Enhance Working Capital

Terms and Techniques to Manage Receivables, Protect Assets and Enhance Working Capital Terms and Techniques to Manage Receivables, Protect Assets and Enhance Working Capital TERM / TECHNIQUE DEFINITION APPLICATIONS ADVANTAGES DISADVANTAGES Open Account Terms Seller makes shipment and awaits

More information

Introduction to Export Credit Business. SACE SRV - Economic analysis Milan, February 17 th, 2014

Introduction to Export Credit Business. SACE SRV - Economic analysis Milan, February 17 th, 2014 Introduction to Export Credit Business SACE SRV - Economic analysis Milan, February 17 th, 2014 1 Introduction to Export Credit Business Credit Insurance: storyline and market ECAs over the years ECAs

More information

LAW. No. 8788, dated May 7, 2001 ON NON-PROFIT ORGANIZATIONS

LAW. No. 8788, dated May 7, 2001 ON NON-PROFIT ORGANIZATIONS LAW No. 8788, dated May 7, 2001 ON NON-PROFIT ORGANIZATIONS In reliance on articles 78 and 83 point 1 of the Constitution, on the proposal of Council of the Ministers, THE ASSEMBLY OF THE REPUBLIC OF ALBANIA

More information

LAW ON FOREIGN EXCHANGE OPERATIONS

LAW ON FOREIGN EXCHANGE OPERATIONS LAW ON FOREIGN EXCHANGE OPERATIONS This Law shall govern: (Consolidated) 1 I. BASIC PROVISIONS Article 1 1) payments, collections and transfers between residents and non-residents in foreign means of payment

More information

Kingdom of the Netherlands

Kingdom of the Netherlands Kingdom of the Netherlands GENERAL GOVERNMENT PURCHASING CONDITIONS 2014 (ARIV 2014) Adopted by order of the Prime Minister, Minister of General Affairs, of 26 March 2014, no. 3132081 I General Article

More information

LAW ON FOREIGN EXCHANGE OPERATIONS

LAW ON FOREIGN EXCHANGE OPERATIONS LAW ON FOREIGN EXCHANGE OPERATIONS This Law shall govern: (CONSOLIDATED) 1 I. BASIC PROVISIONS Article 1 1) payments, collections and transfers between residents and non-residents in foreign means of payment

More information

Trade Credit Insurance

Trade Credit Insurance Trade Credit Insurance credit insurance What it is:... An insurance coverage that protects the business against the risk of non-payment or protracted default of products or services. Coverage can be contracted

More information

General Terms and Conditions of NEC Tokin Europe GmbH

General Terms and Conditions of NEC Tokin Europe GmbH General Terms and Conditions of NEC Tokin Europe GmbH 1 Scope 1.1 These terms and conditions shall apply exclusively to all deliveries, services and quotations from NEC Tokin Europe GmbH hereafter referred

More information

16 LC 37 2118ER A BILL TO BE ENTITLED AN ACT BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

16 LC 37 2118ER A BILL TO BE ENTITLED AN ACT BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: Senate Bill 347 By: Senator Bethel of the 54th A BILL TO BE ENTITLED AN ACT 1 2 3 4 5 6 To amend Title 33 of the Official Code of Georgia Annotated, relating to insurance, so as to provide for extensive

More information

MyNetCard Visa Card Terms and Conditions

MyNetCard Visa Card Terms and Conditions MyNetCard Visa Card Terms and Conditions MYNETCARD VISA CARD TERMS AND CONDITIONS OF USE Please read these terms and conditions (the "Terms and Conditions") carefully and keep a copy for your records.

More information

GENERAL CONDITIONS OF SALE AND DELIVERY LAURA METAAL HOLDING BV LAURA METAAL EYGELSHOVEN BV LAURA STAALCENTER MAASTRICHT BV

GENERAL CONDITIONS OF SALE AND DELIVERY LAURA METAAL HOLDING BV LAURA METAAL EYGELSHOVEN BV LAURA STAALCENTER MAASTRICHT BV GENERAL CONDITIONS OF SALE AND DELIVERY OF LAURA METAAL HOLDING BV LAURA METAAL EYGELSHOVEN BV LAURA STAALCENTER MAASTRICHT BV Clause 1 - Applicability 1.1. These General Conditions of Sale and Delivery

More information

General Contract Terms (GCT)

General Contract Terms (GCT) General Contract Terms (GCT) Effectiveness Duration of the General Contract Terms 1. The provisions of the present General Contract Terms (hereinafter referred to as GCT) shall be applied to all products

More information

General Conditions of Purchase (as of March 2002) Abbr.: AEB 03-2002 of the Salzgitter Bauelemente GmbH, Salzgitter

General Conditions of Purchase (as of March 2002) Abbr.: AEB 03-2002 of the Salzgitter Bauelemente GmbH, Salzgitter General Conditions of Purchase (as of March 2002) Abbr.: AEB 03-2002 of the Salzgitter Bauelemente GmbH, Salzgitter 1. Area of validity (1) The present conditions shall apply to all supplies and services

More information

Factoring. To explain nature, function and types of factoring. To dilate upon modus operandi of factoring.

Factoring. To explain nature, function and types of factoring. To dilate upon modus operandi of factoring. Learning Objectives: Factoring To explain nature, function and types of factoring. To dilate upon modus operandi of factoring. To bring out potentiality of factoring as a source of finance. To highlight

More information

THE CONTRACT FOR SINO-FOREIGN EQUITY JOINT VENTURE

THE CONTRACT FOR SINO-FOREIGN EQUITY JOINT VENTURE THE CONTRACT FOR SINO-FOREIGN EQUITY JOINT VENTURE Chapter 1 General Provisions In accordance with the Law of the People s Republic of China on Joint Ventures Using Chinese and Foreign Investment (the

More information

First column=preferred terms. Bold and italics signifies other defined terms. Bold signifies alternate terms used.

First column=preferred terms. Bold and italics signifies other defined terms. Bold signifies alternate terms used. First column=preferred terms. Bold and italics signifies other defined terms. Bold signifies alternate terms used. 1= Governance; 2=Facilities and Products; 3 Charges; 4 Legal terms and security arrangements;

More information

General Terms and Conditions of Sale and Delivery BruggemannChemical U.S., Inc. Date: January 1, 2012. I. General

General Terms and Conditions of Sale and Delivery BruggemannChemical U.S., Inc. Date: January 1, 2012. I. General General Terms and Conditions of Sale and Delivery BruggemannChemical U.S., Inc. Date: January 1, 2012 I. General 1.1 The following general terms and conditions of sale and delivery (hereinafter General

More information

ct A Insolvency Act Insolvency ISBN 978-80-7357-681-3

ct A Insolvency Act Insolvency ISBN 978-80-7357-681-3 Insolvency Act Insolvency Act Insolvency Act Example of quotation: Insolvency Act. Prague : Wolters Kluwer ČR, a. s., 2011, p. 216. Legal state of the publication as of 31 th August 2011. Updated version

More information

(1) Our offers are subject to change, unless they are explicitly designated as

(1) Our offers are subject to change, unless they are explicitly designated as General Terms of Sales and Service of MBA Design & Display Produkt GmbH (Status: May 2015) 1 The scope of application (1) Our General Terms and Conditions (GTC) apply exclusively and without further formal

More information

Trade Credit Insurance: A Strategic Tool In Times of Economic Instability & Uncertainty

Trade Credit Insurance: A Strategic Tool In Times of Economic Instability & Uncertainty Trade Credit Insurance: A Strategic Tool In Times of Economic Instability & Uncertainty David Dienesch Euler Hermes Canada Andrew Leonard Marsh Canada Limited ECONOMIC UPDATE Uncertain economic environment

More information

UNICREDIT BANK HUNGARY ZRT.

UNICREDIT BANK HUNGARY ZRT. UNICREDIT BANK HUNGARY ZRT. GENERAL TERMS AND CONDITIONS ( FACTORING) RELATIONSHIP WITHOUT RECOURSE TABLE OF CONTENTS 1. Definitions... 3 2. Scope of the utilization of the General Contracting Terms...

More information

practical information

practical information practical information hermes cover special Permissible payment terms in connection with the granting of export credit cover march 2012 practical information hermes cover special Permissible payment terms

More information

R e a d i n g a n d U n d e r s t a n d i n g a Mortgage Contract

R e a d i n g a n d U n d e r s t a n d i n g a Mortgage Contract s m a r t m o n e y R e a d i n g a n d U n d e r s t a n d i n g a Mortgage Contract Since buying a house or an apartment is one of the most important financial decisons you will ever make, you need to

More information

SCHEDULE 18D INTERNATIONAL MONEY ORDER SERVICE TERMS AND CONDITIONS

SCHEDULE 18D INTERNATIONAL MONEY ORDER SERVICE TERMS AND CONDITIONS SCHEDULE 18D INTERNATIONAL MONEY ORDER SERVICE TERMS AND CONDITIONS 1 Introduction 1.1 These special service terms and conditions are supplementary to the Australia Post Terms and Conditions and to the

More information

Receivables insurance Protection against the biggest unidentified exposure facing Canadian business

Receivables insurance Protection against the biggest unidentified exposure facing Canadian business Receivables insurance Protection against the biggest unidentified exposure facing Canadian business Presentation to: Alberta Trade Contractors Coalition By: Ian Miller Receivables Insurance Association

More information

GENERAL TERMS AND CONDITIONS OF SALE OF DSM

GENERAL TERMS AND CONDITIONS OF SALE OF DSM 1. GENERAL 1.1 These General Terms and Conditions of Sale ( Conditions ) govern the offering, sale and delivery of all goods and/or services (the goods and services herein both separately and jointly referred

More information

Act on Insurance. The National Council of the Slovak Republic has adopted the following Act: SECTION I PART ONE GENERAL PROVISIONS

Act on Insurance. The National Council of the Slovak Republic has adopted the following Act: SECTION I PART ONE GENERAL PROVISIONS Act on Insurance Full wording of Act No 8/2008 Coll. of 28 November 2007 on Insurance and on amendments and supplements to certain laws, as amended by Act No 270/2008 Coll., Act No 552/2008 Coll., Act

More information

ACT ON LIABILITY FOR NUCLEAR DAMAGE

ACT ON LIABILITY FOR NUCLEAR DAMAGE ACT ON LIABILITY FOR NUCLEAR DAMAGE Published in the Official Gazette of the Republic of Slovenia - International Treaties, No. 77/2010 UNOFFICIAL TRANSLATION I. GENERAL PROVISIONS Article 1 (Contents)

More information