Extension of time for payment and prolongation of term or tenor due to Corona
The Corona crisis has led to an increased need for extensions of time of payments and prolongations. EKN has therefore implemented a faster process for decisions to consent to extensions and prolongations, based on more limited information than otherwise required.
When your customer cannot pay and you would like to agree to an extension of time of payment in a guaranteed transaction, you have to submit a request for EKN’s consent to the extension. This also applies if you need to prolong the term in a contract guarantee, if the tenor is changed in a working capital credit or if the due date in a Letter of Credit needs to be changed.
In order for EKN to receive the necessary information for such a decision you need to submit a specific form for your relevant guarantee, see Document.
Use “Request for EKN’s consent to an extension of time for payment” for:
- Guarantee for trade receivables, credit period maximum 12 months
- Guarantee for loss on claim for exporter, credit period over 12 months
- Guarantee for loss on production and loss on claim
- Guarantee for loss on claim for bank
- Bills of exchange guarantee
Use “Request for EKN’s consent to prolongation of term/tenor or change of due date” for:
- Counter guarantee
- Working capital guarantee
- Investment credit guarantee
- Letter of credit guarantee
Complete the form and send it to EKN official responsible for the transaction. If you have any questions, please contact your responsible EKN official.