Fees and Charges by the Financier are based on the risk assumed by them in each transaction.
For example, a financial guarantee is considered to assume more risk than a performance guarantee. Hence, the fee for financial guarantee will be higher than the fee charged for performance one. Apart from this, the financier may also charge an application processing fee, documentation fee, and handling fee.
In RIVO we facilitate the Financier user to update their charges at the time of authorizing the guarantee. To do so they select the add charges option in the review and sign sheet.
This brings up a list of charges, and the Financier simply adds a new row for each charge levied.
Here they need to specify the following details:
- Fee code
- Fee Name
- Amount, and currency
- Paying Party
- Account number
Predefined fee code list:
|Adjustment of term charges||Postal charges|
|Amendment charges||Reduction charges|
|Automatic booking of charges||Refund Undertaking Commission|
|Closure charges||Release charges|
|Correction charges||Stamp duty|
|Miscellaneous/other charges||Undertaking Commission|
Note: In the event that the fee code is not available from the dropdown, you can enter it manually.
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