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
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.
See also How to pay Guarantee Claim and How to Extend Guarantee Claim?
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