If you have an export guarantee and your customer does not pay you are entitled to submit an application for the admission of a claim. The claim will be compensated to the extent of the proportion of cover.
Conditions precedent for indemnification
- The customer has not fulfilled his contractual obligations.
- A commercial or political fact has occurred (commercial: default or insolvency of the foreign contacting partner, political: war, revolution, transfer restrictions).
- You have fulfilled all contractual obligations and are able to provide evidence thereof.
From notification to indemnification
- Please complete the relevant claims form.
- Send the form to your account manager in OeKB. In addition, enclose all documents which give evidence that you have complied with all your contractual obligations.
- OeKB examines the documentation, draws up a proposal for the settlement of the claim and passes on the file to the Ministry of Finance.
- Depending on the volume of loss and the complexity of the case the decision will be taken within a few days or weeks.
- As soon as the claim is admitted OeKB immediately indemnifies all overdues. Amounts due in the future will be paid according to the payment schedule of the export-/loan contract.
Offer to subrogate the claims
OeKB only pays out the compensation if you subrogate the claims. Upon OeKB's acceptance of your offer to subrogate you are obliged to record this accordingly in the books. The recorded entry safeguards OeKB's right to claim future payments by the debtor.
Recovery
Commercial claims have to be pursued by yourself. The steps to be taken shall be proportionate, economically justifiable and agreed upon with OeKB. Therefore, please obtain in advance OeKB's consent to steps which incur costs and to waivers or other settlements with the debtor.
You are entitled to claim compensation for the cost incurred in connection with recovery measures which were agreed upon with OeKB. For this purpose you have to provide the invoices from the parties which undertook the collection on your behalf as well as proof that the relevant payments were effected by you. OeKB will refund the costs upon termination of the case.
In case of a payment delay by a public debtor (political claim) the open amounts are claimed regularly at the responsible political authorities. If the country in which the debtor resides generally faces financial difficulties political claims might end up in a Paris Club Rescheduling.
Termination of the case
The file will be closed if the whole open amount has been paid or if further steps are futile (e.g. in case insolvency proceedings are not even commenced due to lack of funds) or economically not justifiable. On no account should recovery activities be suspended without having obtained OeKB's approval to terminate the case.
Exclusion of Liability
Under certain circumstances your claim may not be admitted or may only be partially admitted. This is the case for instance if you have not performed your contractual obligations or the obligations stemming from the export guarantee. Reasons for the exclusion of liability can be found in § 7 of the General Business Conditions.