If a foreign transaction that is covered by an export guarantee goes wrong, please contact us immediately. In order to be able to assert any possible claims for liability, you have to comply with certain deadlines and promptly send us a notice of default.
The liability of the Republic of Austria applies when your foreign transaction or foreign investment is covered by an export guarantee and your contractual partner withdraws from the contract, does not pay by the agreed date, or is declared insolvent. Even if other events in the country of destination put the fulfilment of your foreign transaction or the performance expected at risk, the export guarantee applies.
Non-payment? Tell us immediately!
If your debtor does not pay by the agreed date, you have to send us a notice of default within two months of the claim becoming due in order to secure the liability claim and coordinate all further steps with us.
Please also inform us about incoming payments for a reported default.
As a my.oekb user
As a my.oekb user, you can submit your notice of default and receipt of payment online.
The notice of default form
If you are not registered for my.oekb yet, you can download the notice of default as a form here.
Applying for admission of a claim
Once you have issued your notice of default on time, you can submit an application for admission of the claim under your export guarantee. If your customer is insolvent, there is no waiting period for this. If your customer does not pay, the waiting period is three months from the due date. In the event of a claim prior to invoicing, you must wait six months from the date on which the event leading to the loss occurred.
How to get the claim accepted
You send us the completed claims application form with all the documentation that verifies the validity of the insured foreign transaction and the proper fulfilment of your contractual obligations.
As soon as you have sent us all the required documents, we can process your application. Depending on the complexity of the case, this may take anywhere from a few days to a couple of weeks.
If the claim is accepted, we will promptly indemnify you for all the overdue amounts. Future amounts will be disbursed on the contractually agreed due dates.
In order to make payments to you, we will need the claims applied for to be assigned to us as collateral.
If you have any questions or need support, please contact our Claim Management Service Centre.
After admission: Pursuing the claims in agreement with us
You continue to remain responsible for pursuing your claims and have to agree all steps with us in advance. In this way, you also protect your claim to a proportionate refund of costs within the scope of your export guarantee.You can apply for this refund of costs simply by presenting us the invoices and proofs of payment.
If you receive payments, the appropriate portion of these has to be returned to OeKB. So, please let us know about this immediately.
If the entire claim has been repaid, or further prosecution is futile or no longer economically viable, the case can be closed in agreement with us.
In the event of a commercial claim, you will initiate prosecution proceedings yourself in consultation with OeKB. The action taken should be appropriate and economically justifiable. You should therefore always obtain OeKB's permission before taking any further action or waiving any claims.
You are entitled to proportionate compensation of costs for approved prosecution measures. You should therefore provide us with all invoices from the prosecuting agencies as well as proof of any related payments you have made. OeKB will refund you the costs once the case is closed.
If a public contractual partner defaults on payment - a political claim - OeKB will coordinate the interventions with the political bodies responsible.
Closing the case
A case will be closed when the entire claim has been collected, or further prosecution is futile or no longer economically viable, e.g. because the debtor’s bankruptcy petition was rejected due to a lack of assets. However, please never discontinue the prosecution without consulting with OeKB first.
You can also refer to our general terms and conditions:
In the event of a claim, please inform your OeKB client adviser immediately and coordinate all steps with them.
A guarantee by aval issued by the Republic of Austria covers the domestic risk of the bank - i.e. the payment default of the Austrian company financed by you - if insolvency proceedings have been initiated at court.
You, as the bank, have such a guarantee by aval of the Republic of Austria and the risk is significant: your customer is declared insolvent. In such as case, you can use your guarantee by aval.
How to proceed?
- Report the loss to us in writing and send us the original bill of exchange.
- Next, we work with you to realise the agreed securities, such as assigned claims.
- We disburse the covered amount to you and check whether you have adhered to the conditions of the guarantee by aval.
Please feel free to contact us if you have any questions about using the guarantee by aval.
OeKB Claims Management