On this basis, the insured person had premiums and comprehensive commercial credit based on the information provided by the insured to the company in writing, paper-based insurance claims and additional terms attached and become a part of the terms, conditions and limits defined in single coverage this insurance company, agree as follows:
I. THE INSURANCE AGREEMENT
The company shall indemnify the insured for comprehensive commercial credit losses to occur related to the shipment of eligible due to the buyer’s non-payment for the insured person the whole or a part of the total value under invoicing of shipments that qualify, in time.
The amount paid by the company will be calculated according to the provisions of article VI-claim and recover.
II. EXPLAIN THE TERM
In the application of trade credit insurance, the terms below will be interpreted as follows:
A. BUYERS mean i) a company, private enterprises, companies or a government agency was established and legitimate activities in the country of the buyer, or (ii) the organization is outlined in section 1 of the additional terms the buyer the row, if any. Any buyer would, heir or successor organization shall be deemed to be the same organization. The term buyers will include both the buyer and the company or other organization controlling The purchase, because the buyer’s control, or the control of a company or other organization. Control means direct or indirect ownership over 50% of the voting equity, or control the management, executives Who purchase.
B. BUYER’S WATER means water from which, the buyer is obliged to pay to the insured the comprehensive commercial credit under the terms of the sales contract.
C. BUYER LIMIT means the maximum receivable amount but not yet paid that buyers are allowed to maintain. Buyer’s limits are:
1. buyer’s limits are the company rules in writing in the form of an additional terms of this insurance; or in case of no limits, will be:
2. limits in writing for the purchase by the insured for comprehensive commercial credit establishes in writing in accordance with the credit process, provided that that limit does not exceed the credit limit.
Case buyers in control of many organizations, or buyers are in control many institutions, or have many organizations under common control with buyer, the insured will set a total quota of people purchase to apply for all the units, the relevant organizations under this insurance.
D. the COMPANY is the INSURANCE COMPANY PETROLIMEX (PJICO)
E. The CURRENCY of PAYMENT UNDER a CONTRACT which means buyers are obliged to use to payments to the insured person under the provisions of the sales contract.
F. the SALES CONTRACT is the purchase agreement between the insured and comprehensive commercial credit buyers, under which buyers agree to pay in the currency of payment under a contract total value according to invoices as outlined in communication tools translate debt (such as the order or l/c) or accounting (open purchase orders in writing by buyer, invoices and invoices).
G. LIMITATION OF LIABILITY ACCORDING to the WATER means the amount specified in section 7 of the certificate of insurance and is the maximum liability of the company for any loss arising in a country.
H. DAY LOSS means the expiration time.
I. EXEMPTION LEVEL usually means the amount stated in section 8 of the insurance certificate and the total amount of the annual loss is greater than the amount of the loss is not eligible for payment which the insured comprehensive commercial credit must solely.
J. CUSTOM CREDIT LIMIT amount means the FACILITIES outlined in section 6 of the certificate of insurance and buyer’s limit is the maximum that the insured may set for a buyer without the approval of The company.
K. PAYMENT DUE DATE means the date on which the buyer must pay the insured person as specified in the sales contract.