V Insurance Against the Risk of Inability to Fulfil an Export Contract Annex No. 1 – Basic terms and conditions of insurance against the risk of impossibility to perform Export Contract "V"

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Annex No. 1
to application for insurance against the risk of impossibility to perform Export Contract – "V"
Basic terms and conditions of insurance against the risk
of impossibility to perform Export Contract "V"
  1. The share of value of supplies with the origin in the Czech Republic in the export value exceeds 50 %,
  2. trouble-free credit history1 of entities2,
  3. The entity2 has existed and executed the activity being the subject of export for no less than 2 years before submitting the application for insurance against the risk of impossibility to perform Export Contract or its activity follows up on the activity of its legal predecessor – a person that carried out the activity for no less than 2 years before submitting the application against the risk of impossibility to perform Export Contract
  4. reinsurance and security of receivables under the Export Contract
    • insurance with EGAP – B, Bf, C, Cf, D
    • insurance with a commercial insurer
    • letter of credit
    • 100% advance payment (at least 30% before commencement of production)

1 The trouble-free credit history shall be interpreted as absence of record on default payment for the entity (exporter, importer, guarantor) in the Central Credit Register maintained by the ČNB or another similar credit register or register of information in the term of no less than last 5 years.

2 persons involved in export – exporter

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