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List of different statuses available in RIVO

Jenith Kumar
  • Updated
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In a Contract Lifecyle, stage by stage the status of the contract changes in RIVO. 
Below are the list of statuses available in RIVO.  
 
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  •  In Process
When a contract is in drafting stage, User will have a option to input the data and save it for later
stage. user can retrieve the Saved contract at later stage and proceed to save the guarantee contract.
When the contract is under processing stage - contract will be "in process" status.
  •  To Sign 
When Processor process(Sign) and Submit the contract for Authorizer's approval- the status
of the contract changes from "In Process" to "To Sign"
The contract is pending approval of Authorizer's signature.
  •  Approved
When authorizer sign's and approves the contract, the status of the contract changes from
"To Sign" to "Approved" .
The contract is sent to Bank for issuance.
  •  Issued
Once the bank verifies the data and release the contract. the status of the contract
changes from "Approved" to "Issued" status.
The Contract is issued to Beneficiary / Beneficiary bank.
  •  Rejected
If the bank is not happy with the provided data and if bank needs some additional data. 
bank will have option to send back(Reject) the submitted contract to applicant. 
in that case contract changes from "Approved" to "Rejected" status.
The contract is rejected back to Applicant.
  • Closed 
If the purpose of the contract is done - bank user will have option to close the contract.
in that case contract will be moved from "Issued" status to "Closed" status.
 
  • Amended

  Amendment signifies any change made to the terms and conditions of an LC after it has been issued

 The Applicant will be allowed to amend the details(for instance changing the Expiry Date         Increase/Decrease, Amount Increase/Decrease, and other related amendments) of the Issued LC and this   request will be sent to the Bank for the Amendment to be Issued.

  • Reduced

If corporate user (Applicant) can request for reduction/release of Guarantee any time after the deal is issued. Reduction / Release can be partial or full. It is used by the Applicant to request that it be released of all liability for the specified amount.

Upon receiving the above request, the bank user should either Release or Reject the Reduction / Release of Guarantee Request. 

 

  • Extend/Pay - Received

Bank user initiates a new Extend/Pay request and signs/releases it. Now the status of the Guarantee is 'Extend/Pay Received'.
Applicant user has option to choose either Extend or Pay from the context menu in Dashboard card.

  • Claim - Received

Bank user create a "New Claim" from the context menu options under the transaction. Now enter the minimal/maximum claim amount and sign the claim, the status will be moved to "Claim - Received",

  • Claim Settled

If the status of the Guarantee is 'Claim Received', then the Bank user would also have an option to settle the claim when needed using the 'Pay' option in the Dashboard card and/or Summary page.

  • Claim Rejected

Issuing Bank can Reject a Claim under a Guarantee with the status "Claim Received". The option "Reject" could be available to perform this action.

  • Extended

Applicant like to Extend the Guarantee based on the Extend/Pay request received from Bank using the 'Extend' option. 

 
See here additional information about the possibility to filter using the Status widget

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