As a guarantee holder, if any problem arises with your transaction, you must inform and consult with EKN as quickly as possible. You must also take what action you can to avoid or minimise the loss. If the buyer/borrower has not paid within a month after the due date, you must notify EKN of this in writing. You also have an obligation to notify us of unpaid receivables/claims from the same buyer/borrower, even if these are not guaranteed by EKN.Download the notification of payment delay
We investigate the nature and extent of the problem, together with you as the guarantee holder, and together decide on appropriate action to prevent or minimise the damage.
Examples of measures that can be taken include a visit to the buyer/borrower, renegotiation of the payment plan and legal action to collect outstanding receivables.
EKN often collaborates with the Swedish embassy in the buyer country, and consults local financial or legal expertise if needed.
If payment is not received of a claim guaranteed by EKN, you can apply to EKN for claim compensation. Before you can receive compensation for your claim, the following conditions must be fulfilled:
EKN pays claim compensation under the guarantee after a waiting period, which is counted from the due date. The waiting period is normally three months. In some cases, for example when the buyer/borrower has become bankrupt, EKN may pay claim compensation without a waiting period. EKN’s case processing time, of maximum 15 days, is in addition.
You will receive a letter from EKN with a confirmation of the amount that will be paid and information about which bank account we will pay it into. If your agreement with the buyer has a clause covering interest on late payment, you will receive interest for the waiting period according to an interest rate predetermined by EKN.
EKN will compensate you according to the conditions of your guarantee, i.e. the guaranteed unpaid sum minus your excess.
The costs of claims-prevention measures and debt-recovery action are normally divided between you and EKN according to the guarantee percentage rate. This means that if the guarantee percentage rate is 95, for example, EKN pays 95 per cent of the costs. However some costs that you may have had, such as the cost of presenting a claim to the buyer/borrower or guarantor, are not covered by EKN.
There is no form for this. But EKN requires a written application from you, with information about the non-payment, due date, the account number into which claim compensation should be paid and relevant documents. See the checklist.
After the claims adjustment, we will continue to work together to attempt to recover the claim. Any amounts that come from the buyer/borrower or any guarantor will, after the costs of the action taken have been covered, be divided between EKN and you, so that EKN receives the amount equivalent to the guarantee percentage rate and you receive an amount corresponding to the excess percentage.