The product enables to get financing under international factoring scheme:
1. Export contract is signed between the Exporter and the Buyer
2. The Exporter applies to the Bank to get Factoring
3. The Exporter presents the details of the transaction to EIA
4. EIA gives positive decision on insurance to the Exporter after analyzing the case
5. Factoring contract is signed between the Exporter and the Bank
6. Insurance policy is signed between the Exporter and EIA, where the Bank is mentioned as a beneficiary
7. The Exporter organizes the shipment of products to the Buyer
8. The Exporter cedes all rights on the receivables to the Bank
9. The Bank pays the Exporter the initial amount agreed under the Factoring Contract
10. The Buyer pays to the Bank for the shipped products
11. The Bank pays the Exporter the remaining amount under the Factoring Contract reduced by interests and fees.
EIA doesn’t indemnify interests and penalties.
In case the Buyer fails to pay
12. EIA pays indemnification to the Bank
13. EIA gets the right of recourse against the Buyer