Before you can receive compensation for your claim, conditions that must be fulfilled include the following:
You have given a notification of delayed payment and applied for claim compensation within the specified time.
You have a written and legally binding agreement with the buyer/borrower.
The claim is clear, i.e. the buyer/borrower has not raised any objection to the claim for payment or made a counter claim.
You or the party that has taken over the rights under the guarantee (often a bank or other credit institution) have transferred the entire outstanding claim on the buyer/borrower including any security to EKN.
The waiting period has expired
Once you have sent an application for compensation to EKN, we pay compensation after a waiting period, which is counted from the due date. The waiting period is shown in the guarantee. In principle, EKN’s payments follow the same schedule that you have agreed with your customer.
You will receive a letter from EKN with a confirmation of the amount that we will pay and information about which bank account we will pay it into. The amount is the amount of the claim minus your excess. If your agreement with the buyer has a clause covering interest on late payment, you will also receive interest for the waiting period.
If your buyer or borrower has been declared bankrupt, or if a new payment plan has been agreed but not followed, EKN pays compensation without a waiting period.
EKN’s case processing time, of maximum 15 days, is in addition. You will receive compensation for delay (interest compensation) if we do not process your application within 15 days after your application for compensation is complete, provided that the relevant waiting period has expired.
You must send EKN a written application for compensation. There is no application form for this, but please note the checklist below. Before we can pay compensation, you must transfer the entire claim for which you are seeking compensation to EKN.
To enable EKN to pay compensation, you must attach to your application copies of documents that demonstrate that the claim exists and the amount involved, as well as what action has been taken.