Short Term Export Credit Insurance - Comprehensive Policy
Chapter One Scope of Policy
Article I.
Exports insurable under the Policy are the exports conducted by the entities incorporated under the law and registered within the territory of the People’s Republic of China (hereinafter refers to as “China”) who are licend to handle import-export business provided the following terms and conditions are satisfied.
1.Goods are exported from China,
2.The Sales Contract, which specifies the transaction esntials including the name, quality standard, specification, quantity, price of the goods as well as the time limit for performance, is issued in written form and come into effect before the export,
3.The payment term includes documents against payment (D/P), documents against羊肉大葱饺子 acceptance (DA) and open account (OA), etc and the period of payment under which is not exceeding 180文件夹同步 days.
Chapter Two Coverage
Article II.
The Insurer shall indemnify the Insured, and subject to the payment of premium by the Insured in accordance with the夏目友人帐语录 terms and conditions of Article Five, against direct loss resulting from the following event occurring after the exports pursuant to the sales contracts.
1.Commercial risk:
a. Buyer’s Insolvency and/or Inability to pay the debt due, namely the buyer is declared to be bankrupt or loo the capability of paying debt;
b. Protracted default, which occurs when the buyer has received the goods whilst the debt remains unpaid in whole or in part after expiration of the due date due to the non-compliance of its contractual duty by the Buyer;
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c. Buyer’s Refusal to take delivery of the goods, namely the Buyer fails to obrve its duties under the sales contract and refus to take delivery of the arrived goods.
2.Political risk
a.The operation of any laws, regulations, orders, rules or administrative measures of the buyer’s country or region which prevents or restricts the transfer of payments due in the currency designated in the invoice or in any other freely convertible currency.
b.The imposition of any laws, regulations, orders, rules or administrative measures by the buyer’s country or region which restrains the import of the goods ordered by the buyer.
c.The imposition of any laws, regulations, orders, rules or administrative measures by the
buyer’s country or region which revokes the buyer’s previous import licen or prevents the extension of it’s validity;
d.A general moratorium decreed by the buyer’s country or by a third country through which the payment must be effected;
e.The occurrence of war, civil commotion, insurrection, revolution or rebellion, which prevents the buyer from performing its contractual duty;
f.Unless otherwi provided by the Policy, the occurrence of any other events deemed to be political risks by the Insurer, which prevents the buyer from performing its contractual duties.
Chapter Three郑州103中学 Exclusions
Article III
Notwithstanding other provisions contained in the Policy, the Insurer shall not be liable for any loss arising from the following events:
1. Wear and tear, damage, spoilage, loss or destruction of the goods occurred during the transportation and/or the storage period and/or the 二次函数求根公式loss which has been insured or can be insured at the time of export in the customary way by cargo insurance or other similar class of insurance;
2. Exchange rate fluctuations;
3. A breach of any duties under the sales contract or any competent law by the Insured or its agent;
4. Insolvency, any breach of contract, fraud, violation of law and any similar acts on the part of the buyer’s agent;
5Commercial risks due from export to any Affiliated Company视频卡顿;
6 The frustration of the Sales Contract due to the failure of timely obtaining of any necessary import or export licen, approval or authorizations by the Insured or the buyer;
7. The Insured waives its rights to rescind or suspend the contract and carry on to relea the goods despite the fact that risks listed in Article II of Chapter Two and/or the material breach and/or anticipating breach to the sales contract by the defaulting buyers has occurred and the occurrence of which has come into the Insured’s knowledge before the export;
8. The export to the buyer when at the time of shipment the buyer’s Credit Limit approved by the insurer is “Zero” or when the Credit Limit has been withdrawn, void or when the Discretionary数轴是什么图形 Credit Limit has no apply;
