Obligations of the exporter:
- To immediately suspend further deliveries to the foreign buyer
- Within 15 days from the maturity of invoice, the exporter must inform HBOR on the delay in payment by the foreign buyer
- Independently or according to HBOR’s instruction, to undertake activities for the purpose of receivables collection
- To submit to HBOR a claim upon the expiry of 3 months from the payment deadline
Obligations of HBOR:
- After processing of the claim, and not later than within 1 month, to make a decision on the payment of indemnity
- To pay indemnity not later than within 15 days from the day of the decision on indemnity payment.
Based on preliminary risk assessment, HBOR can give you a free and unbinding information on the possibilities and terms and conditions of insurance for each foreign buyer.
General Terms and Conditions