E Insurance of confirmed letter of credit Annex No. 1 – Basic terms and conditions of insurance of confirmed letter of credit "E"

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Annex No. 1
to application for insurance of confirmed letter of credit - "E"
Basic terms and conditions of insurance of confirmed letter of credit
insurance under the General insurance terms and conditions of type "E"

  • The share of value of supplies with the origin in the Czech Republic in the export value exceeds 50%,
  • trouble-free credit history1 of the issuing bank,
  • in negotiating the export credit, the exporter did not violate provisions of norms and practices of international law the Czech Republic is bound by, and legal regulations in the area of bribing were not violated,
  • the issuing bank has existed and executed the activity as a bank for no less than 2 years before submitting the application for insurance of confirmed letter of credit, or its activity follows up on the activity of its legal predecessor – a person that carried the activity for no less than 2 years before submitting the application for insurance of confirmed letter of credit,
  • it is an irrevocable letter of credit drawable and negotiable in the Czech Republic, issued based on an application of the mandator by the issuing bank with a clause "This documentary credit is subject to Uniform Customs and Practice for Documentary Credits ICC No. 600" with a validity of at most 24 months.

1 The trouble-free credit history shall be interpreted as absence of record on the issuing bank's default payment (of principal as well as accessories) in the register of credits for the term of no less than last 5 years. In the CR, it is the Central Credit Register maintained by the CNB (for legal entities having credits in banks or subsidiaries of foreign banks operating in CR's territory), a similar register exists abroad.

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