Download Export Credit Insurance and Guarantees: A Practitioner’s by Zlatko Salcic (auth.) PDF
By Zlatko Salcic (auth.)
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Extra info for Export Credit Insurance and Guarantees: A Practitioner’s Guide
ECAs are aware that such events may occur in third countries and these events are usually included in their cover for transferring risks. 4 COUNTRY OF IMPORT STOP COUNTRY OF EXPORT payment of credit Prevention or delay in transfer of payment FOREIGN BUYER 22 Export Credit Insurance and Guarantees The definition above excludes decisions and legislative measures taken by the ECA country that may prevent or delay the transfer of payment made by a foreign buyer. This means that an ECA will not indemnify the insured exporter or bank for a loss caused in this way; this is important to remember.
Short-term cover is usually issued to cover political and commercial risks, but some exporters may be interested in obtaining this type of cover for political risks only. This depends on the situation in the foreign buyer’s country and possible difficulties transferring the foreign buyer’s payment out of its country. The percentage of the ECA cover for short-term transactions is usually the same as the cover for medium- to long-term credit risks. 4 Short-term cover and international regulations Credits with the maximum duration of less than two years are classified as short-term credits according to the criteria provided in the Arrangement.
The problem with repudiation is that it may be unjustified. An unjustified or arbitrary repudiation arises when a party, in this case a foreign buyer, mistakenly believes that the exporter does not intend to perform its contractual obligation and repudiates the contract on the grounds of that mistaken belief. An arbitrary repudiation is wrongful because the foreign buyer that treats itself as innocent does not have justification for repudiation. The definition above applies only when the foreign buyer arbitrarily repudiates a commercial contract.