Claim in Bank Guarantee
In the event that the beneficiary approaches the bank for a Claim, the Bank will initiate the Claim Process.
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
For a Bank User, on the Guarantee Summary page there is a button to open a New Claim to Initiate Claim.
They can also do this via the three dots mini menu.
Once the New Claim is initiated by Bank status of claim shows as Claim- received in the My deal(s) tab.
The Applicant and Beneficiary can only view the claim by clicking the three dots mini menu and selecting View claim.
They can also view the original guarantee issued.
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.
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)
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.
See also How to pay Guarantee Claim and How to Extend Guarantee Claim?
Please sign in to leave a comment.