The revised and updated General Conditions for Counter Guarantees are available on the General Conditions page, to be applied to applications received by EKN as from 1 October 2023.
Changes regard 4.3 and chapter 5 of the general conditions and the main changes in relation to previous general conditions (of November 2004) concerns:
- EKN’s ability to alone take measures in case of increased risk or of a calling on the counter guarantee, as well as after indemnification
- Calculation of loss
- Allocation of costs between EKN and the guarantee holder
- Allocation of amounts received after payment of indemnification
Further information on the Counter Guarantee product is available on the product page for the counter guarantee.