2 OUR PRODUCTS PALETTE I: you have turned commercial loan into financial loan: ARTEMIDA-DIJANA FACTORING - your debtor s discount bill of exchange ATENA-MINERVA FACTORING cession sale HESTIJA-VESTA FACTORING own bond discounting to meet obligations PALETTE II: you transform and differentiate commercial loan into particular factoring: HERA-JUNONA FACTORING exclusive account receivables financing; DEMETRA-CESRES FACTORING exclusive account receivables security; PERZEFONA-PROZERPINA FACTORING exclusive receivables management; PALETTE III: you use knowledge, experience and technological services and references of factoring as cash trader, financier and partner; AFRODITA-VENERA FACTORING financing, security and receivables management; ASTARTA-NINA FACTORING comprehensive and long-term defining of procurement and credit sale loan policies
3 JASMINKA d.o.o. Factoring Company Factoring is a system of cessions and assignations specialized in comprehensive and systematic management of procurement and credit sale loan policies with a maturity of one year maximum. Factoring is the guardian of your liquidity, meaning that it: cares about your company s ability to balance and, in the long run, stabilize short-term payment capacity with short-term liabilities; allows your company to meet its daily financial obligations in a timely manner and receive payments free of financial difficulties; allows you to participate in the bargaining system within the economic community; assures your creditworthiness (financial and/or commercial loans included) and capacity to convert your assets into cash (by cession, discounting, advance payments, stock sales, production financing by buyers/creditors, etc.). assures that your goods and their parts convertible into cash are sufficient for meeting your financial obligations and claims; allows you to take and forward available purchase power (creditworthiness, good standing), so you could borrow from your suppliers or lend to your buyers; allows you to establish your creditworthiness within the context of multiple opportunities on the goods-money-loan-trade market (suppliers, buyers, banks, capital market, etc.); enables you to continually deal with the unavoidable issue of optimal amount of working capital to avoid potential risks and panic, at the minimum cost; takes care of your liquidity (in Latin: liquidus) and/or cashing in of accounts receivable and liabilities, entirely or partially, fast and without any loss. PROCUREMENT AND SELLING MARKET FINANCIAL AND LOAN MARKET Image I: Good stranding and borrowing sovereignty
4 Image II: General liquidity Image III: Planning, monitoring and controlling liquidity
5 Factoring is always interesting to and used by: companies whose short-term receivables have not been assigned to a bank or third party companies already parties to loan agreements used for financing machinery, equipment and real property, or having bank as a party to the financing of their lease agreement; companies preparing an investment companied not granted a new short-term loan after cash flow analysis companies which have not been granted a loan by a bank, even though they have offered to provide quality, undue, short-term loans as a security companies aiming to stay sovereign in their relations with buyers in terms of prices companies entering dynamic foreign markets to face unknown competitors; factoring gives them free information on any buyer s good standing companies not employing experts in this field, because their have chosen factoring as a simpler, more professional, faster and cost-efficient solution Image IV: Sources of supply and demand of liquid assets within a company
6 Factoring offers the following advantages: supplier discounts loss reduction due to less uncollected payments reduced costs of gathering information on the clients and claim collection costs lower interest costs due to better and faster cash flow better discounts and purchase prices due to shorter payment terms you are willing to offer to your suppliers saving money on insurance premiums facilitates business activities, in country and abroad better credit rating no need for discounts for advance payments used to attract capital longer payment terms for your clients Image V: Liquid assets storage Image VI: Characteristics of liquid assets
7 CLAIM A Claim is an established or recognized right, by virtue of property-law rules or pursuant to another relationship, to demand from someone the payment of an asset which is due to claimant from that other party based on the supply of product or service performance. A claim is doubtful if there is a possibility that is will not be paid in full or in a timely manner. Disputable claim is when a dispute arises between the claimant and debtor. Long-term claim is a claim with a maturity of not less than one year. Short-term claim is a claim with a maturity of one year maximum. Claims originate due to variable dynamics in the business-law process. The phase of obligation creation and the phase of its fulfillment are not simultaneous, which means that there is a time gap between them. Business affairs wherein both creditor and debtor fulfill their obligations simultaneously are rare. DEFERRED PAYMENT (Credit Sale) Credit sale or deferred payment is the consequence of the time gap between the moment of selling and the moment of paying, which is entered in business books as seller s receivable and debtor s liability. Credit sale is not uniform or legally determined, but varies depending on multiple factors such as industry sector, negotiation skills of the parties to a contract, effectiveness of the collection mechanism, economic relations stability, target market, legislation, judicial system, ability to manage claims and establish efficient sales policy, etc. Company s payment discipline depends on short-term liquidity which differs among companies due to following reasons: different buyer structure, different way of repayment, activity, payment methods, approved deference of payment, etc.
9 INVOICE INVOICE (in German: Rechnung) is an itemized bill for goods sold or services provided, containing amounts and unit prices, and the sum the seller is charging buyer for delivered goods, with a detailed description of the applicable terms and conditions (way of payment) and payment due date (payment deadline). Invoice serves as: 1) payment request, 2) accounting document (proper, credible and sufficient for recording a business change) 3) evidence 4) an offer or acceptance (during negotiations) 5) contract renewal by virtue of seller s price specification 6) appropriate instrument for supplementing and specifying terms of contract MONEY Money is actually a claim which involves the payment of money; coins and notes appropriate for buying and selling. Modern functions of money: 1) Money serves as a means of exchange it is used in the exchange of goods and services, thus facilitating, accelerating and enabling trade, that is, the exchange of goods and services on the market. That is the circulation of money. 2) Money serves as a calculation unit to establish prices of goods and services. 3) It is a standard of deferred payment the consequence of the time gap between buying and selling. 4) It enables preserving value for future use.
10 CESSION CESSION (in German: Abtretung, Zassion) is an act by which a transferrable claim is transferred from one creditor (the cedent) to another creditor (the cessionary), whereas the debtor (the cesus) and the claim remain unchanged. Possible legal grounds for cession are contracts, laws and court decisions. Every cession is an accessory contract preceded by another, main contract, so the reasons for such transfer may vary. Cession may be contracted due to debt repayment, purchase, donation, lien, etc. Cession comprises three basic relationships and three parties are involved, even though cession is actually a bilateral relationship: 1) The cedent debtor relationship, wherein the original and the new creditor enter into a cession contract. The debtor does not need to consent to the transfer, but the cedent is obligated to notify him of the same. That notification, except for practical purposes, has legal consequences as well. Before receiving such notification, the debtor can fulfill his obligation only to the cedent, but after receiving it, the obligation can be fulfilled to the new creditor only. In case of multiple cessions (successive cession), if the cedent ceded the same claim to different parties, the priority of notification is crucial, that is, the debtor has to fulfill his obligation to the creditor of whom the cedent notified him first; 2) The cessionary debtor relationship, wherein the cessionary now has the same right, identical in scope and contents, the cedent had before the cession, and next to the main claim, all accessory rights are transferred as well. The debtor can, in addition to objections he can raise against the cessionary, raise all objections he could have raised against the cedent up until the moment of notification; 3) The cedent cessionary relationship depends on whether the cession is against-payment transaction or not, because in the one case the cedent is liable for the verity (trueness, existence) of the claim, that is, guarantees that the claim truly exists, and in the other case the cedent is liable only for its collectability. When cession is an against-payment transaction, the cedent is always liable for the verity, and for collectability when contracted explicitly, and if cession is free of payment he is not liable neither for verity nor for collectability, and cession described in Art. 1-3 is a regular cession (cessio regulare) and provisions prescribing the rules apply to other types of cession as well: cession instead of fulfillment, cession due to collecting and cession as a mean of security. 4) Cession is a civil law institute, and in English law the term assignment is often used to denote a cession.
11 ASSIGNMENT ASSIGNMENT is an instrument of transfer whereby one party authorizes the other party to do something to a third party, debiting first party s account, at the same time authorizing that third party to receive the same as a creditor. There are three parties involved: a person giving authorization (the assignor), the party authorized to do something (the assignment debtor) and the person authorized to receive (the assignee). Assignment is a unilateral act, because unilateral statement of the assignor is sufficient for it to come into effect. It is informal by nature, but, as other commercial agreements, it needs to be in written form. Since assignment has to be accepted by the assignment debtor and the assignee, the statements of all three parties can be set in a single act so, in that case, statements can be given in the form of an assignment contract. Assignment is a document whereby someone is given instruction and someone assigned a right, for it contains two authorizations: one given to the assignment debtor and the other to the assignee. Therefore, there are three legal relationships: 1) The assignor assignment debtor relationship; 2) The assignor assignee relationship; 3) The assignment debtor assignee relationship.
13 JASMINKA d.o.o. Factoring Company JASMINKA d.o.o. is a factoring company always there for its clients so do not hesitate to send us your inquiries about factoring or seek other financial advice.
14 GOJKO MRAOVIĆ o Mob.: o Tel.: o JASMINKA MILJKOVIĆ o Mob.: o Tel.: o .: SENAD MRAOVIĆ o Mob.: o Tel.: o .: MIRKO MRAOVIĆ o Mob.: o Tel.: o .: NENAD MRAOVIĆ o Mob.: o Tel.: o .: JELENA MILJKOVIĆ o Mob.: o Tel.: o .: DRAGANA ČIPIĆ o Mob.: o Tel.: o .: KRISTINA ZORIĆ o Mob.: o Tel.: o .:
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
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
Factoring and forfaiting 1 Factoring Factoring is a transaction where the exporter sells its receivables to an institution The factoring institution buys the receivables without recourse Due to increased
LAW ON PLEDGE OF MOVABLE ASSETS REGISTERED IN THE PLEDGE REGISTRY (Published in the Official Gazette of the Republic of Serbia No. 57/03, 61/05, 64/06) I. GENERAL PROVISIONS Subject Matter of the Law Art.
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
APPROVED by Resolution No. 11 of 27 October 2004 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS
United Nations Convention on the Assignment of Receivables in International Trade UNITED NATIONS UNITED NATIONS CONVENTION ON THE ASSIGNMENT OF RECEIVABLES IN INTERNATIONAL TRADE UNITED NATIONS New York,
Albanian legal framework on Factoring contract Anjeza Liçenji, MSc, PhD Candidate Faculty of Law, University of Tirana, Albania Kestrin Katro, Prof. As. Dr. Faculty of Law, University of Tirana, Albania
128 SU 3: Financial Accounting I 3.5 FINANCIAL ASSETS AND LIABILITIES Definitions 1. Financial assets include cash, equity instruments of other entities (e.g., preference shares), contract rights to receive
Accounts Receivable and Inventory Financing Glossary Accounts Payable - A current liability representing the amount owed by an individual or a business to a creditor for merchandise or services purchased
L A W ОN FOREIGN EXCHANGE OPERATIONS This Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers between residents and nonresidents in foreign means of payment and dinars;
ECON 4110: Sample Exam Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Economists define risk as A) the difference between the return on common
FACTORING LAW I. BASIC PROVISIONS Article 1 This Law governs the concept and subjects of factoring; parties to factoring; conditions and manner of providing factoring services; types of factoring; rights
LAW ON THE PROTECTION OF FINANCIAL SERVICES CONSUMERS Chapter I GENERAL PROVISIONS Subject matter Article 1 This Law shall regulate the rights of consumers of financial services provided by banks, financial
Accounting Fundamentals Lesson 5 5.0 Receivables & Investments Short-term investments (also known as marketable securities) are easily convertible to cash that a company plans to hold for a year or less.
(official gazette Narodne novine, No. 117/2001) NATIONAL PAYMENT SYSTEM ACT I GENERAL PROVISIONS Article 1 This Act shall regulate the functioning of the national payment system. Article 2 "Payment system"
Latvian Central Depository Regulation No. 15 On DVP settlement in foreign currencies APPROVED by Latvian Central Depository Supervisory Board Meeting on February 27, 2004 AMENDMENTS APPROVED On 29.05.2007.;
SCREENING CHAPTER 28 Country Session: LEGAL BASIS LAW NO. 4077 ON CONSUMER PROTECTION AMENDED BY LAW NO. 4822 (OG No: 25048, 14 March 2003) Came into force on 14 June 2003 BY-LAW ON RULES AND PROCEDURES
PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to December 2, 2015. It is intended for information and reference purposes only. This
Outstanding Loans Received From Abroad by Private Sector Definitions and Explanations Statistics Department Balance of Payments Division Contents I- Definitions... 3 II- Compilation Of The External Debt
UNOFFICIAL TRANSLATION Appendix to the Resolution No 446, of the Governor of the Bank of Mongolia, dated October 17, 2008 REGULATION ON MORTGAGE LENDING PROCESS CONTENTS One. GENERAL PROVISION 1. Purpose
1 Regional Bank Regional banks specialize in consumer and commercial products within one region of a country, such as a state or within a group of states. A regional bank is smaller than a bank that operates
MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default
List of Financial Services An Excerpt of the GST Act In accordance to the Fourth Schedule of the Goods and Services Tax (GST) Act, a supply of services shall be treated as an exempt supply where the services
Xynergy Commercial Capital LLC How Can Work For You The Problem Short of cash and must pay suppliers, lease, bills and salaries? No need for stress, get your payments in advance for your invoices and pay
CURRENT RECEIVABLES Receivables are the amount owed to the organization by its customers and/or others. Current receivables will be collected within one year or the current operating cycle which ever is
Where to Turn When Banks Say No? MGI Pagán-Ortiz & Co., CPA, PSC Factoring Definition FACTORING COMPANIES, typically buy a business's accounts receivable at a discount and collect the receivables themselves.
CREDIT CARD AGREEMENT AND DISCLOSURE STATEMENT THIS IS YOUR CREDIT CARD AGREEMENT AND IT INCLUDES NECESSARY FEDERAL TRUTH-IN- LENDING DISCLOSURE STATEMENTS, WORLD MASTERCARD, MASTERCARD PLATINUM, MASTERCARD
Dear Sir / Madam, Re Bridging Facilities Invoice Factoring, Debtors Discounting and Trade Finance are bridging facilities using your debtors, stock or movable assets to raise cash. A key element is that
FACTORING AND FORFEITING the faster way to get your money 3 CONTENTS FACTORING 4 DOMESTIC FACTORING 5 1. Supplier s factoring (Reverse factoring) 5 2. Selective factoring with right of recourse 6 3. Individual
Law on the Takeover of Joint Stock Companies CONSOLIDATED TEXT Law on the Takeover of Joint Stock Companies ("Official Gazette of the Republic of Macedonia" no.4/2002, 37/2002 and 36/2007) I. GENERAL PROVISIONS
Overview of Financial Solutions The Etra Advisory Group provides solutions to businesses for growth, expansion, cash flow, refinance and acquisition. We cover the world of business financing that banks
NATIONAL BANK OF SERBIA A GUIDE ON FINANCIAL LEASING I. INTRODUCTION The purpose of this Guide is to provide basic information on financial leasing as a way to finance purchase of equipment and other fixed
Chapter 7: Cash & Receivables L7 (pg 399 436) UNDERSTANDING CASH AND ACCOUNTS RECEIVABLE How Do Companies Manage and Control Cash? Cash flow budgets help anticipate cash needs and minimize borrowing requirements
Pursuant to Article 17, paragraph 1, point 2 of the Central Bank of Montenegro Law (OGRM 52/00, 47/01) and Article 157, paragraph 2 of the Banking Law (OGRM 17/08), the Council of the Central Bank of Montenegro,
Ipx!up!hfu!uif Dsfeju!zpv!Eftfswf Credit is the lifeblood of South Louisiana business, especially for the smaller firm. It helps the small business owner get started, obtain equipment, build inventory,
FINANCIAL INSTITUTIONS AND MARKETS T Chapter Summary Chapter Web he Web Chapter provides an overview of the various financial institutions and markets that serve managers of firms and investors who invest
UNIT 7 CASH AND FUNDS FLOW STATEMENTS MODULE - 2 UNIT 7 CASH AND FUNDS FLOW STATEMENTS Structure 7.0 Introduction 7.1 Unit Objectives 7.2 Meaning of Cash Flow Statement 7.3 Preparation of Cash Flow Statement
Law of the Republic of Kazakhstan dated April 22, 1998 220-I On limited liability companies and additional liability companies (with alterations and amendments as of 29.12.2014) CHAPTER I. General provisions
TITLE 5 BANKING 900 Regulations Governing Business of Banks and Trust Companies 1 905 Loan Limitations: Credit Exposure to Derivative Transactions 1.0 Purpose This regulation sets forth the rules for calculating
APPROVED by Resolution No. 1 of 18 December 2003 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 5 BUSINESS ACCOUNTING STANDARD CASH FLOW STATEMENT
SYNDICATE ACCOUNTING BYELAW Purpose The purpose of this byelaw is to set out the principal requirements in connection with the closing of years of account, accounting records, the form and content of syndicate
Credit Card Disclosure VISA Account Opening Disclosure Effective April 1, 2014 See below for a summary of the rates, fees and other costs of this credit offer. The Card Agreement sent with the card will
chp-14.qxd 10/18/05 12:48 PM Page 145 CHAPTER 14 Working Capital Management In the chapters on Planning an SSI Unit and Business Plan, a discussion was made on the fixed capital and the working capital.
Trade Insurance and Investment Act (Act No. 67 of March 31, 1950) Table of Contents Chapter I General Provisions (Article 1 and Article 2) Chapter II The Incorporated Administrative Agency Nippon Export
EDI LCCI IQ ON DEMAND AWARD IN BUSINESS FINANCE AND BANKING OPERATIONS SAMPLE LEVEL 4 MARKING SCHEME DISTINCTION MARK 75% CREDIT MARK 60% PASS MARK 50% TOTAL 100 MARKS QUESTION 1 (a) Inventory days Receivable
NOT FOR REPRINT Click to Print or Select 'Print' in your browser menu to print this document. Page printed from: Corporate Counsel From the Experts Trending In Bankruptcy: Quick Section 363 Sales Brian
Accounting Fundamentals Lesson 8 8.0 Liabilities Current liabilities - Obligations that are due within one year. Obligations due beyond that period of time are classified as long-term liabilities. Current
35 Loans and Advances 35.1 Introduction In the previous lesson you have learnt the meaning and types of depositaccounts including the procedure of opening and operating bank accounts. We have seen that
Chapter 12 Practice Problems 1. Bankers hold more liquid assets than most business firms. Why? The liabilities of business firms (money owed to others) is very rarely callable (meaning that it is required
FINANCING BOOKLET SERIES ON FINANCIAL LITERACY CONTENTS FINANCIAL CHECK LIST... 2 01 Definition of Financing... 4 02 Why Does Public Need Financing Services?... 6 03 When Does Public Need Financing Services?...
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;
FACTORING MODEL LAW PREPARED BY THE LEGAL COMMITTEE OF INTERNATIONAL FACTORS GROUP CHAIRMAN: MR. CORNELIU ROBU (MS MICHÈLE CARDOENS - DR ULRICH BRINK - MR PETER KLAUS, MR DIETER HARDT - MR ERIK TIMMERMANS)
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
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
Lecture Notes and Activities SECTION B Unit 4: The Content and Nature of the Lessee s Rights 1. Subletting Study pp. 99-101. W.E. Cooper in his textbook referred to under the heading LITERATURE describes
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.
IASB EMERGING ECONOMIES GROUP 8th MEETING December 11-12, 2014 ISSUES FOR DISCUSSON: OTHER NON-FINANSIAL ASSETS AND RELATED MATTERS National Organization for Financial Accounting and Reporting Standards
TREASURER S DIRECTIONS ACCOUNTING ASSETS Section A2.7 : Receivables STATEMENT OF INTENT Agency receivables require efficient and effective management as they represent future claims to cash. This Section
practical information hermes cover special Refinancing of officially supported export receivables march 2012 practical information hermes cover special Refinancing of officially supported export receivables
Borrowing from or lending money to a friend or colleague is a sensitive situation. A lender wants to be sure money is returned on a timely basis. A borrower wants enough time to repay the amounts and some
Accounting and Reporting Policy FRS 102 Staff Education Note 2 Debt instruments - Amortised cost Disclaimer This Education Note has been prepared by FRC staff for the convenience of users of FRS 102 The
ACCOUNTING AND AUDITING LAW I BASIC PROVISIONS Article 1 This Law shall govern the requirements for and manner of keeping books of account, preparing, presenting, submitting and disclosing financial statements,
Code of Practice - Disposal of Bank Assets The Code of Practice was first approved by the Minister of Finance on the 5 th July 2010, with this updated version approved by the Minister for Finance on the
FINANCE LEASE REGULATIONS FOR BANK-FINANCIAL INSTITUTIONS 1.0 INTRODUCTION Pursuant to its authority under Section 39 of the new Financial Institutions Act (FIA) of 1999, and in keeping with the Central
REAL ESTATE BASICS Affordability Analysis An analysis of a buyer s ability to afford the purchase of a home, reviews income, liabilities, and available funds, and considers the type of mortgage a buyer
IC 24-4.5-7 Chapter 7. Small Loans IC 24-4.5-7-101 Citation Sec. 101. This chapter shall be known and may be cited as Uniform Consumer Credit Code Small Loans. As added by P.L.38-2002, SEC.1. IC 24-4.5-7-102
Vinod Kothari & Company Legal Issues on factoring business in India Nidhi Bothra email@example.com Vinod Kothari & Company Credit Factoring or simply factoring is an asset backed means of financing
LESSON 13: FACTORING THEORETICAL FRAMEWORK Lesson Objectives To understand the Concept of Factoring. Methodology of Factoring and Forfeiting. Types of factoring. Introduction Receivables constitute a significant
3. Classification of Financial Instruments C lassification of financial instruments and identification of their nature is one of the most important phases for compilation and presentation of monetary statistics.
United Nations Convention On The Limitation Period In The International Sale Of Goods (New United Nations (UN) Copyright 1974 United Nations (UN) ii Contents Contents Preamble 1 PART I. Substantive Provisions
Cashflow Management This Fact File Information Sheet looks at the key elements of cashflow, and how effective cashflow management will help protect the financial security of a business. It outlines the
The translation of BiH legislation has no legal force and should be used solely for informational purposes. Only legislation published in the Official Gazettes in BiH is legally binding. LAW ON FOREIGN
Page 1 of 10 ABOUT EQUIFAX ALERTS NOTIFICATION USER GUIDE Equifax Canada Inc. Box 190 Jean Talon Station Montreal, Quebec H1S 2Z2 Equifax empowers businesses and consumers with information they can trust.
RS RS Official Gazette, Nos 87/2014 and 135/2014 Pursuant to Article 26, paragraph 3 of the Accounting Law (RS Official Gazette, No 62/2013) and Article 18, paragraph 1, item 3 of the Law on the National
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
Small and Medium Enterprises YOUR LOANS Small and Medium Enterprises Financing Products for Your Business A consumer education programme by: contents 1 Introduction 2 The right product for the right purpose