Claim in Bank Guarantee
This article provides a clear overview of how the issuing bank handles bank guarantee claims and the extent of the applicant's authority in the claim process. For further clarity, we have provided a flowchart of the claim handling process in RIVO.
In RIVO the status of claims can be seen on the home page and for any deal by searching reference number to see in Detail the claim.
There are several steps in the Claim Life cycle.
- Claim Received.
- Settlement-In Process.
- Claim Settled.
- Claim Rejected.
- Extend/Pay received.
- Settlement approved.
- Extend approved.
- Extended.
The below details has provided for each status of Guarantee claim cycle.
Claim Received
For a Bank User, on the Guarantee Summary page there is a button to open a New Claim Initiate Claim.
They can also do this via the three dots mini menu. The user can also add charges and commissions associated with the claim.
Once the New Claim is initiated by Bank status of claim shows as Claim- received in the My deal(s) tab.
Claim Settlement in Process
Once the Bank users in process of approving the Claim we can see the status as Settlement - In process .
But if the Bank User left the transactions while approving , the claim cannot be edited/approved.
Claim Settled
When the claim is Paid by the Bank, the applicant/beneficiary users can see the status of claim as Claim Settled
The original Guarantee can now be closed (with consent of the Beneficiary)
Claim Rejected
If the Bank rejects the claim, the status of the claim be changed to Claim Rejected.
The Beneficiary would need to accept this rejection, or initiate a new claim, to proceed.
Extend/Pay received.
If you want to extend the bank guarantee, the issuing bank will provide you with a new claim with the extended expiry date and the latest date of reply when you launch the new claim..
Settlement approved.
When an extension request is received, the applicant can pay the claim by selecting the "Pay" icon from the context menu in the bank guarantee contract. Once the payment card has been processed, the contract will be saved to the "Settlement Approved" status.
Extended approved.
When an extension request is received, the applicant can extend the guarantee by selectiong Extend icon from the context menu and save the contract deal to "Extend-Approved" status.
Extended.
Once the issuing bank has received the applicant's approval for the extension, the bank can release the contract deal by selecting the "Release" icon from the context menu. The contract deal status will then be changed to "Extend."
See also How to pay Guarantee Claim and How to Extend Guarantee Claim?
Comments
0 comments
Please sign in to leave a comment.