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0% found this document useful (0 votes)
19 views6 pagesExports Turnover Policy Bond
Policy bond
Uploaded by
tttiuCopyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF or read online on Scribd
/ 6
wpe a FH. of 104
FORM NO.: ETP 101
ee ee La aac d
oredta Frafe wet
md frre fa.
EXPORT CREDIT GUARANTEE
‘CORPORATION OF INDIA LTD.
(A Government of inca Ener)
‘ete erate: cree cia, 10 afr,
>)
Registered Ofice : Express Towers, 10h Floor,
Nariman Point, Mumba = 400 021, india
We, Export Credit Guarantee Corporation of India Limited have issued this POLICY to you the INSURED named in the
‘Schedule to this POLICY ("the Schedule?)
"You have completed a Proposal in writing and applied tous for indemnity in respect ofthe whole of your export
trade with buyers in the countries spocfed in the Schedule (Schedule of Countries) save and except those that are speciied as
‘excluded in this POLICY and we have agreed to give you such Indemnity subject to all the terme and conditions contained in the
POLICY including the payment of premium and other charges specified inthe Schedule "Premium Schedule")
We agree that:
(@) We wil indemnity you up to the Insured Percentage
‘of the INSURED LOSS specified in the Schedule or upto the
amount of the relevant Credit Limit available on the INSURED
BUYER whichevor of the two amounts is losser if any
INSURED BUYER fails to pay you ary INSURED DEBT by
reason of any ofthe following INSURED PERILS (Buyer
Fisk), namely, —
() PROTRACTED DEFAULT
(i) INSOLVENCY or
(il) CONTRACT REPUDIATION,
(©) And wo willindomnity you upto the Insured
Percentage of the INSURED LOSS if any INSURED BUYER,
is prevented from paying to you any INSURED DEBT or part
thereot by reason of any of the INSURED PERILS (Poitical
Fisk), namoly-
()_INCONVERTIBILITY
(¥) CONTRACT FRUSTRATION
(v) CONTRACT CANCELLATION
(vil) IMPORT RESTRICTION or
(vil) SHIPMENT DIVERSION
Note for interpretation:
Headings in the POLICY are used for ease of reference
‘only and are fo be disregarded in construing the POLICY.
Definitions of the tems in upper case type are given atthe
‘end of the POLICY.
In the POLICY the singular includes the plural and vice
vorsa.
‘The words "the INSURED" and "the Corporation” when used
in the Schedule or in any Endorsements forming part ofthe
POLICY shall have the same meaning as references in the
POLICY (other than in the Schedule or such Endorsements) 10
"you" of “your and "we" or “us” or “our” respectively
‘TERMS AND CONDITIONS
The POLICY is subject tothe folowing terms and
‘conditions and ary failura.or nagligence on your part to comply
vith any of them may discharge us from our obligation to
indemnity you.
1.YOUR PROPOSAL
Both you and we have épecfically accepted your
Proposal as being the basis of the contract contained in the
POLICY and thatthe said Proposal forms part ofthe POLICY.
By signing the Proposal form and accepting the POLICY you
warrant that the statements made inthe Proposal were true
atthe date ofthe Proposal and at the date when we agreed
to issue the POLICY.
‘You also warrant that you will immediatly notify us of
‘any material chango tothe information supplied in the
Proposal form or of any other material fact affecting the
POLICY.
‘These warrantios do not limit any legal obligation or duty
(at common law or otherwise) on you to disclose to us all
material facts and circumstances and to act with the utmost
‘900d faith a all times.
At the time of any amendment, change, variation and/ or
addition to the POLICY you must disciose to us all material
facts and circumstances. and your failure to do so wil render
the amendment, change, variation and/or addition void ab
inito,
2.YOUR OBLIGATIONS
(@) Its your duty to exercise reasonable care and prudence
Jn granting credit to an INSURED BUYER.
(b) You wil take all practicable measures avaiable to you to
prevent any loss arising (fo you and/or us) and should any
loss arise to minimize it
(©) After we have made a claim payment to you in respect of
fan INSURED BUYER you will continue to take all practicable
‘measures to collect or realize INSURED DEBT and if required
by us you will assign the relovant INSURED DEBT to us and
\We shall account to you for any uninsured proportion of any
3, NOTIFICATION AND CONSULTATION
{a) If ou have reason to bolieve that an INSURED BUYER is
tunable to ori likely 19 be unable to perform or comply with
hig obligations to you under any contract of sale which shall
include non-payment ofa bill of exchange on due date you
‘must noiy us immediately ether in writing or electronically
(with our approval but in any case not later than 30 days
fafter you become aware of one oF more ofthe crcumsiances:
‘mentioned above (®) If as on the last day of a month an INSURED DEBT is
Femaining unpaid for 90 days or more after its DUE DATE of
‘payment. you must by not later than tha 15% day of the next
‘month notify us full details of all uch overdue payments in
‘ur prescribed form.
(6) In the event of the occurrence of any INSURED PERIL,
Yyou must notity us in writing immediately but in any case not
lator than 20 days after such occurrence,
(d) Inall the cases explained in (b) and (c) above you must —
() continue to notify us monthly in the format required
by us until —
‘INSOLVENCY has occured: or
‘#4 claim has boon submitted to us; or
the INSURED DEBT has been paid/ realized
whichovor isthe earlier.
{W) provide usin wrting without delay with any information
which we may request following our receipt of notation in
‘accordance with (a), (b) or (c) above;
(ii) take all practicable measures available to you to
prevent or minimize any loss in respect of the INSURED
BUYER;
(tv) Continuo to tako al prudent and reasonable stops
which we may require, including institution of legal
‘proceedings, in connection with any loss which you may have
Incurred or may be likely to incur. If requested by us to do so
you shall execute such documents and take such actions as
‘we may raquire of you to enable us to intervene directly in
‘any proceedings relating to the INSURED DEBT.
Your strict compliance with the terms of Condition is a
‘condition precedent to our lablty.
4. EXTENDING DUE DATE OF PAYMENT
‘You must not agree to a postponement of the original
‘due date for payment of any INSURED DEBT either in the
‘contract of sale or otherwise except when —
() the contractually agreed terms of payment are not
‘cash against presentation of shipping documents through a
bank oF, payment secured by documentary bill of exchange
payable at sight (CADY OP terms), and
(il) the need for such extonsion arises prior to the DUE
DATE of payment and is being considered by you on an
application trom the INSURED BUYER received prior to such
DUE DATE, and
il) extension of due date isnot being implicitly accepted
by you after the failure of an INSURED BUYER to pay on the
‘due date, and
(lv) the extended cradit period isin conformity with all
the relevant and applicable regulatory requirements, and
(v) you have obtained our written approval before
‘ranting such extension.
We will bo entitled to dectine to indemnity you of any
{osses unless the extension in due date of payment granted
‘by you is in compliance with all of the above conditions,
5. LOSSES WHICH ARE NOT INSURED UNDER THE
POLICY
‘The following sums are not insured under the POLICY
‘and itis warranted that those sums are not insured under
‘any other policy and romain at your own risk —
() s0 much of any INSURED LOSS as exceeds the
isured Percentage and
(Gi) s0 much of any INSURED LOSS occasioned by any
of the Buyer Risks, namely, PROTRACTED DEFAULT,
INSOLVENCY or CONTRACT REPUDIATION, as exceeds
the Credit Limit for that buyer.
6. ASSIGNMENT OF YOUR RIGHTS UNDER THE POLICY
(8) You shall not assign tho POLICY or any benefits under
the POLICY except with our written consent and complying
with any requirements we may make.
(©) It you assign the POLICY without first obtaining our
‘congent then the POLICY will be void from the date of such
assignment.
(6)! you assign any benefits undr the POLICY without
first obtaining our consent then we shall not be bound by
Such assignment in respect of payment of any claim under
the POLICY.
7. REDUCTION, VARIATION OR CANCELLATION OF
YOUR COVER
We may at any time at our sole dscration by giving you
notice in writing —
‘© Reduce the Credit Limit fora INSURED BUYER andor
'* Cancel or vary the cover granted in respect of any
INSURED BUYER or country, or
© Modity the classification of the countries spectiog in
the Schedule.
‘Any such reduction, variation or cancellation shall apply
to any DESPATCH of goods made after you have received
the written notice.
8. GIVING NOTICE
Any notice which we may give to you under the POLICY
including any notice relating to a Credit Limit, country
Classification and/or the reduction or cancellation of cover
‘may be given =
‘by ordinary post or by recorded delivery through a
reputed private courier service to your address as stated in
the Schedule orto any other address of which we have boen
‘otitied by you for this purpose; ot
‘by facsimile or, by agreement, electronically
‘Any notice sent by ordinary post or by courier service
shall be deemad to be served on the third working day after
Posting or handing over to the courier or on your receipt, if
earier. For the purpose ofthis condition a working day means
‘any day other than a Saturday or Sunday or a day that is a
Public holiday in the place to which the notice is addressed.
‘Any notice sent electronically, including by facsimile, shall,
bbe daemed to be served on viewing by you oF on the first
working day atter transmission, whichever isthe ear
8. CURRENCIES
(2) The currency of the POLICY is Indian rupees.
(©) The Credit Limit are rupee limits and any amounts
payable under the POLICY are payable in rpoes,
(c) When you make a contract with an INSURED BUYER
that provided for payment in a currency other than rupee the
invoice value ofthe goods DESPATCHED shallbe converted
Into rupee for declaration purposes at the rate of exche
ruling in the local foreign exchange market as at the close of
business on the date on which you DESPATCHED the goods.
‘The rate of exchange for each DESPATCH of goods shall be
recorded in your records and @ total of the rupee items shall
be declarod,
(@) The same rate of exchange as that used for
declaration purpose shall be used for the purpose of
calculating our liability if aciaim arses oxcopt that any amount
collected or realized in a foreign currency and applicable
towards reducing the INSURED DEBT shall be converted into rupee immeciately and applied to arive at the INSURED
LOSS and thatthe currency in which the buyer has to make
Payment is devalued botore the claim is paid, the emount
payable will be atved on the basis ofthe devalued rate
10, POLICY PERIOD, PREMIUMS AND CHARGES
(@) Ths is a continuous POLICY, which uniess otherwise
agreed, shall continue for consacutve periods of 12 months
‘Ath end ofthe frst or any subsequent Period of Cover (as
species in the Schedule) either you or we may elect to
torminaie tho POLICY by gving notice tothe other n writing
before the close of any such period
(©) Inthe event hat you wish to terminate the POLICY before
the end ofthe Period of Cover wo shall bo anttlod ~
(to payment ofall premium due and payable in rospoct
of prior Periods of Cover,
(to retain the amount of Advance Deposit Premium(s)
paid ane
ii) 0 10
botwoon
all promium du and payable up to end including the
fective data of such termination; or
‘# the balance of the Advance Deposit Premiums) for
the Period of Cover.
(6) The Advance Deposit Promium payable by you shal be
ccaleulated by reterence to the aggregate amount of your
estimated exports during the Period of Cover subject to a
minimum ofthe Minimum Promium Payable specified inthe
Schedule. At the commencement of the Period of Cover and
thereatter on or before each of the Datos for Payment
pected in the Schedule you shal pay to us the Advance
Deposit of Promium as spectied in the Schedule or as may
be adjustod by usin elaonto yout declarations made undor
Condon 11
(€) On receipt ot your declaration of export turnover for a
Declaration Period, we wil calculate the premium due on the
shipmonts so declared tous atthe relevant rate(e) spectiog
in tho Premium Schedule,
(6) The Advance Deposit of Premium paid by you for @
Declaration Period willbe adjusted against the amount of
premium calculated as due from you on shipments doctarod
by you for the corresponding period. Shortal i any will be
payable by you on demand. ithe amount of Advance Deposit
‘of Premium paid exceeded the promium calculated as due
‘on shipments made by you, subject to a minimum retantion
‘of an amount equivalent tothe Minimum Premium Payabe,
the surplus wil bo credited to your Advance Dopost Pramium.
‘No par ofthe Minimum Promium Payable shal be so credited
to your Advance Deposit Premium account uns otherwise
agr00d by us at our soo dlscretion.
(0) A modification in the classification of countries spectod
in the Schedule may affect the rate of premium payable on
your shipments. When such a modification is notified to you
in pursuance of Condition 7, the rate of premium payabie on
all your shipments to that country DESPATCHED on or after
the date specified in the notice (not being prior to the dato of
noification) wil be at such modted rate.
{@) When you submit an application to us for approval or
enhancement ofthe Oredit Limit on an INSURED BUYER,
you shall pay tous such fovs as may be spectod by us
Paymont of the premiums and other charges in
‘cordance with paragraph (b,c), (ce) and () of Conon
10's condition precedent to our lab.
/0 and rotain whichever is the greater
11, DECLARATION OF TURNOVER
{@) You must deciare to usin writing in the format prescribed
by us the GROSS INVOICE VALUE of your export tumover
{or each ofthe Declaration Periods specttied in the Schedule
‘giving full details ofall the shipments made/ Invoices raised
by you during the relevant Declaration Period,
(b) Its a condition procedent to our liabilty that completed
declarations giving full details of all the shipments
DESPATCHED by you during each of the Declaration Periods
specified in the Schedule must be submitted to us in our
prescribed form after the last day of the relevant Declaration
Poriod within such number of days as is specified in the
‘Sohedule,
12, CLAIMS
(8) Ifyou make any claim knowing it tobe false oF fraudulent
inany way the POLICY will be void and all claims undor it wil
be forfeited. In addition you will immediately have to repay
any sums that we have previously paid under the POLICY.
In such circumstances we shall be entitled to retain all the
premiums paid by you under the POLICY.
{(b) For a claim to be payable under the POLICY you must
‘submit a claim on our prescribed form, completed in all
respects and duly endorsed by your banker, within two years
from the DUE DATE of payment of the INSURED DEBT.
(©) Any amount payable to you under the POLICY will bo
paid to you through your bank that has handled your export
documents and undertaken collection ofthe expor proceeds.
You must irrevocably authorize your bank to accept such
payments on your behalf and you agree that acceptance of
payments from us under the POLICY by your banker shall
‘discharge us of our liability to you in respect ot such paymonts,
(@) Subject to the provisions of the POLICY we will pay tho
Insured Percentage of the INSURED LOSS to you after we
have received a claim from you in our form, duly complated
in all respects and have ascertained the cause of loss and
the amount of foss. We will not be liable to ascertain the
cause of loss or the amount of loss ~
() Unti you have submitted all the relevant information and
\documents that are necessary in our opinion for the purpose
of establishing tho occurrence of INSURED PERIL and for
ascertainment of INSURED LOSS; or
(lI In the case of PROTRACTED DEFAULT, the INSURED
BUYER claims that he is ontitiod 1 withhold payment of al or
any part of the INSURED DEBT for any reason whatsoever
including but not limited to allegations relating to quality,
‘quantity, et, in respect of your present or past supplies, oF
counterclaims or clams for any set-off, ete,, and we are
Salistied that a cispute exists between you and the INSURED
BUYER which has not been resolved by appropriate legal
proceedings. It is clarified that the disputes raised or
allegations made by the INSURED BUYER need not
necessarily relate to the INSURED DEST.
13. RECOVERIES AND ITS SHARING.
(2) After payment of a claim by us, you must take all steps
that may be necessary or which we may roquite you to take
to effect recoveries whether from the INSURED BUYER or
from any other person from whom such recoveries may bo
mado,
(©) If, with reference to a claim payment, we require you to
do any one or more ofthe folowing for the purpose of effecting
recoveries, you must do so:
() Retr it to 3 debt-collecting agent on such terms as,
we may approve; (li) Appoint an advocate, solicitor or attorney to take legal
Proceedings against the INSURED BUYER or against his
insolvent estate;
Ali) Assign and transter tous or to our nominee all your
"ights under the relevant contrac for sale, including your right
to damages for any breach,
(lv) Deliver up to us or to our nominees any goods or
documents relating thereto in respect of which a claim
payment has been made and assign and transfer to us your
right and interest in any such goods and documents;
(v) Assign, dolver or otherwise transfer to us or to our
nominee any negotiable instruments, guarantees or other
‘securities relating to such goods or contract.
(6) All costs and expenses reasonably Incurred by you for
tho purpose of effecting recovery of an INSURED DEBT as
evidenced by invoices rendered to you by the deot collection
agency or solicitors/ attorneys will be a prior charge on the
‘amounts collected or recovered. Your administrative costs
will not form a part of such costs and expenses.
(2) The amouns recovered ether by you or by us nat of costs
‘and expenses of recovery must be shared between you and
Usin the same proportion as the relevant losses were shared,
‘This condition shall apply evan when the amount of our share
in the amounts recovered, because of exchange fluctuations
cor for any other reason, exceeds any amount previously paid
by us to you under the indemnity provisions of this POLICY.
You must remit to us our share inal the sums so recovered
{forthwith upon ts receipt by you. Until such payments made
tous you will be holding such sums in trust for us.
14, COLLECTION AND LEGAL COSTS
(2) When we require you to
‘ refer the account of an INSURED BUYER to a debt
collection agency, which we may nominato or
‘appoint a solicitor whom we may nominate to take legal
proceedings against an INSURED BUYER to obiain payment
‘of any undisputed INDEBTEDNESS, you must do 80. We
‘may not contribute towards collection and legal costs, unless
agreed otherwise in writing. In the event we agree to
contribute towards your collection and legal cost, our
‘contribution to collection and legal costs relating to the
INSURED DEBT wil not exceed the percentage we shall be
‘entitled to as our share if and when the debt is collected or
recovered. Where the INDEBTEDNESS of an INSURED
BUYER at tho rolovant timo oxcoeds the INSURED DEBT,
‘our contribution will not exceed such percentage share in the
proportionate costs tha is apportioned tothe INSURED DEBT.
(©) We wil not contribute towards:
() Your administrative costs; ot
(i) Legal costs incurred for the purpose of establishing
BUYER'S liability in respect of any disputed indebiedness;
(6) It is a condition precedent to our liability to contribute
towards collection and legal costs that you have complied
with al the terms and conditions of the POLICY in respect of
the INSURED DEBT to which the collection and legal costs
rolata,
16. INSPECTION OF DOCUMENTS
(a) Wo may at any time inspect your documents and records
land examine and take copies of any letters, accounts or other
‘documents in your possession or control wHich relate
to or are connected with the POLICY ot any transaction
bbetwoen you and any INSURED BUYER,
(b) If we 80 request, you must supply us with any information
in your possession and must also take all reasonable steps
to obtain for us any information or the sight of ary documents
in the possession of any third party relating to or connected
with the POLICY or any transaction between you and an
INSURED BUYER,
16. WAITING PERIOD
We shall not be liable for any loss until tho expiry ofthe
rolovant waiting period which shall not be beyond:
(6) In the case of PROTRACTED DEFAULT, four months from
the due date of payment:
(@) Inthe case INSOLVENCY, four months from the due dato
‘of payment or one month after the occurrence of
INSOLVENCY, whichever of the two dates isthe eariior;
(6) In the case of CONTRACT REPUDIATION, one month
from the date on which the goods have been, brought back
fF resold or otherwise disposed of by the insured with our
epproval
(@) In the case of INCOVERTIBILITY, four months from the
‘due date of payment or from the date of occurrence of the
event;
(©) In the case SHIPMENT DIVERSION, the date on which
proof that is satisfactory to us for the occurrence of loss Is
fumished to us;
(9 In all other cases, unless otherwige specified by us, four
‘months from the date of occurrence ofthe event which is the
‘cause of the loss.
17. LOCAL CURRENCY DEPOSIT AND APPLICATION FOR
ALLOCATION OF FOREIGN EXCHANGE
{It you experience delays or citficutios in obtaining payment
{rom any of the countries included in the Schedule of Counties
{due to exchange transfer restrictions you shall require the
INSURED BUYER concerned to pay to your account (oF
deposi irrevocably with a Bank in the INSURED BUYER’,
Country for your account) atthe due date of payment of the
INSURED DEBT or as soon as you are aware of such delays
or difficulties, the focal currency equivalent of the contract
valve of the goods unless we agree otherwise in writing
(b) Where we agroe in writing that an INSURED BUYER need
‘not make a local currency deposit, then you shall require the
INSURED BUYER concernedito apply tothe relavant authority
for approval of the foreign exchange allocation in respect of
the INSURED DEBT.
18, OUR LIABILITY ON BUYER RISKS.
Our total lability under the POLICY for losses arising
‘out of Buyer Risks on any one INSURED BUYER shall not
‘exceed the amount of Crodit Limit available to you on that
INSURED BUYER as on the date of DESPATCH of the
relevant shipment
19, THE CREDIT LimiT
(2) Where on an application made by you in our preseribed
‘orm, we have approved and communicated to you an amount
{as the Credit Limit on an INSURED BUYER, the amount s0
spectied shall be the Credit Limitin respect ofthat INSURED
BUYER. A Credit Limit so approved by us shall alvays be
‘subject to the terms and conditions including the terms of
payment specitied in or appended to our relovant Credit Limit
Approval and will aiso be subject to such modifications as we
may make and communicate to you trom time to time
Including its cancellation. (©) Where, in respect of an INSURED BUYER you have not
made an application for Credit Limit or where against an
‘application made by you we are yet to communicate our
decision thereon then you may have the benefit of tho
Discrotionary Credit Limit to the extent and subject to the
Conditions specified in the Schedule.
(©) If, at the time of your application for approval or
{enhancement of Credit Limit on an INSURED BUYER or at
the time of your receipt of our approval or enhancement
thereof, any payment due to you trom that INSURED BUYER,
is remaining overduo and unpaid such approval or
‘enhancement of Credit Limit shall be deemed void and
inetfectve,
20, MAXIMUM LIABILITY
(Our aggregate Maximum Liability for payment claims
under the POLICY during the Policy Poriod shall not exceed
the amount specified in the Schedule as the Maximum
abit
21. CANCELLATION OF THE POLICY ON YOUR,
INSOLVENCY
Upon your INSOLVENCY or the INSOLVENCY of any
pparty named in the Schedule as the INSURED, we may
terminate the POLICY with effect from the date of such
INSOLVENCY. In the event of such termination by us, we
shall be entitled to retain all premiums paid and to receive
and retain all premiums due and payable up to and including
the effective dato of such INSOLVENCY.
22, LAW AND JURISDICTION
The construction, validity and performance of this
POLICY and any disputes between you and us shall be
interpreted in accordance with and governed in all respects
by Indian Law. You agree that no other courts (which
expression shall include tribunals and other judicial forums
constituted under any special statute) than those either at
Mumbai or at the Place of Issue specified in the Schedule
shall have jurisdiction over any matter arising out of,
‘concerning or relating o this POLICY.
EXCLUSIONS.
41. We shall not be liable for any losses arising out of your
‘exports to a buyer in a Restricted Cover Country uniess
‘# you have obtained our specific approval for cover in
respect of those exports; and
‘# you have complied with the special conditions
‘specifid by us for such cover.
2. And we shall not be liablo for any losses arising out of
Buyer Risks whore:
{(@) Under the contract of export sale, payment of the
Invoice value of goods sold by you isto be received under
‘documentary letter of credit
(b) The Credit Limit available on a buyer, including
Discretionary Credit Limit prior to DESPATCH of goods is NIL,
(c) The buyer is one of your subsidiary or associated
‘companies or you have any direct or indirect interest in or
‘connection with the buyer, unless we have agreed otherwise
in wating:
(4) There is an unresolved dispute between you and the
INSURED BUYER unless we have agroed otherwise in
wing,
3. And wo shall not be lable for any losses arising out of:
(a) DESPATCH of goods to an INSURED BUYER at a
time when a debt or any part of a debt owed to you by that
buyer is remaining unpaid after Its DUE DATE or after the
dae ofthe occurrence of any INSURED PERIL, whichever is
the earlier, unless wo have agreed otherwise in writing
itany,
(b) Your failure oF the failure of any of your agents:
including a collecting bank ora carrer of oods to full any of
the terms and conditions of or relating to your contract of
sale with the INSURED BUYER or of your contract with that
nt;
(©) Your failuro or the failure of your agents or the:
INSURED BUYER to comply with local laws and ragulations
‘unlass provontod trom such compliance by alaw order decree
(oF regulation in foree in your country,
(@) Failure or inabity of your buyer to obtain any authorty
in force as at the dato of DESPATCH and necessary under
the regulations of the buyer's country or of the country into
which the goods are to be imported to impor the goods and
oF to pay for them as contracted and invoiced,
(©) Currency fluctuations and/or devaluations including
‘but not limited to any shortfall botweon the INSURED DEBT
{and the value ofthe local currency deposit atthe date ofthat