Z - SMEs - Annex No. 1 - Basic Conditions of Insurance

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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 - Z - SMEs

Basic Conditions of Insurance Z - SMEs

  • 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' 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
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.
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