Short Term Export Credit Insurance短期出口信用保险英文条款.doc

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 licensed to handle import-export business provided the following terms and conditions are satisfied. Goods are exported from China, The Sales Contract, which specifies the transaction essentials 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, The payment term includes documents against payment (D/P), documents against acceptance (DA) and open account (OA), etc and the period of payment under which is not exceeding 180 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 terms and conditions of Article Five, against direct losses resulting from the following event occurring after the exports pursuant to the sales contracts. Commercial risk: a. Buyer’s Insolvency and/or Inability to pay the debt due, namely the buyer is declared to be bankrupt or loose 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; c. Buyer’s Refusal to take delivery of the goods, namely the Buyer fails to observe its duties under the sales contract and refuses to take delivery of the arrived goods. Political risk 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 free