Protect your export in uncertain markets
What we offer
Requirements for your business
The Contract Guarantee is a kind of insurance that covers your loss if you have delivered part of a major project and are prevented from completing the project and receiving payment for it. The guarantee also covers your expenses pertaining to producing goods that you have not yet delivered, and your expenses pertaining to having equipment and machinery dismantled and shipped back home.
For example, your company's deliveries may be impeded by unrest in the country during which an embargo is imposed on exports to the country or the country's authorities may impede the delivery. The guarantee also covers your loss if the foreign buyer is unable or unwilling to pay for the delivery.
Contract Guarantees are often used to insure projects such as construction of roads and port terminals or services such as drawings and design. These are typically projects involving multiple part-deliveries during the project period and where the buyer pays for each part-delivery individually. Or projects in which your products are made to order for your specific buyer and cannot be sold to someone else.
A Contract Guarantee can therefore help protect your exports.
How to get a Contract Guarantee
You want to minimise risk for a project
You are delivering a project to a foreign country. Perhaps to a market about which you are uncertain. This means you need to cover your risk. And that is where we can help.
You contact EKF and discuss your transaction. Or fill out an application form and a declaration and send them to us.
We run a credit rating check on your customer and the project
We assess your customer and the project. We look closely at your customer's credit rating, environmental matters, your deliveries, and so on.
We send an offer
If we want to cover your transaction, we send you an offer. The coverage, conditions and premium are specified in the offer.
If you accept the offer, you ask us to issue a Contract Guarantee.
And we are done
We issue a Contract Guarantee and charge the premium. You can safely get started on delivering your project.