Z Insurance of a Bank Guarantee Issued in Relation to Fulfilment of Conditions for Winning or Performing an Export Contract Annex No. 1 – Basic terms and conditions of insurance of the bank guarantee “Z”

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Annex No. 1
to the application for Insurance of a Bank Guarantee Issued in Relation to Fulfilment
of Conditions for Winning or Performing an Export Contract
GIC type Z

Basic terms and conditions of insurance of the bank guarantee “Z”

  • The share of value of supplies with the origin in the Czech Republic in the total export value exceeds 50 %,
  • in case of advance payment guarantee exceeding CZK 50 mil. the purposefulness of drawing advance payment will be checked at cost of insured bank by an independent inspection company determined by the bank (for a lower value of guarantee, this inspection will take place upon EGAP's request)
  • trouble-free credit history1 of guarantee mandator
  • unambiguous mandator's duty to assure for beneficiary a guarantee as per the conditions of the export contract or conditions of competition
  • the guarantee is not in contradiction with international commercial usage for bank guarantees
  • the guarantee value does not exceed the percentage share of the total export value usual for individual types of guarantees based on international commercial usage
  • Subject2 has existed and executed the activity being the subject of export, minimally for 2 years before submitting the application for insurance of bank guarantee or its activity follows up his legal predecessor's activity, carried out minimally for 2 years before submitting the application for insurance of bank guarantee.

1 The trouble-free credit history shall be interpreted as absence of record on Subject's default payment (of principal as well as accessories) in the credits register for the term of minimally last 5 years. In the CR, it is the Central Credit Register maintained by ČNB (for legal entities, having the credits in banks or subsidiaries of foreign banks operating on CR's territory), a similar register exists abroad. The "bank and non-bank register of client information" and "Solus" exists for natural persons being in the role of sponsor or guarantor entities participating in the investment and its financing - bank (except for a bank with registered office in the CR – as per the Bank Act), investor, the foreign company and guarantor

2 bank (except for a bank with registered office in the CR– as per the Bank Act), producer (if different from mandator), mandator, or also guarantor

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