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RECOURSEWORTHINESS [1 record]

Record 1 1993-01-25

English

Subject field(s)
  • General Vocabulary
CONT

Consortium insurance is not a new program at Export and Development Corporation. Known previously as the Cross Consortium Insurance Program, the policy has been available, but largely unused, since 1978. In a round of consultations undertaken in early 1985, exporters revealed why they had not made use of the policy. Basically, they felt that EDC's preoccupation with a consortium's recourseworthiness - or its ability to repay EDC in the event of a rightful call on a bond - meant that none but the strongest consortia had a chance to meet the criteria. In a major shift, EDC now places greater importance on the consortium's ability, as a whole, to perform the contract.

French

Domaine(s)
  • Vocabulaire général
CONT

L'ancien programme était assorti d'une police qui existait depuis 1978, mais qui n'a guère été utilisée. Lors de consultations menées au début de 1985, les exportateurs ont révélé pourquoi ils ne se sont pas prévalus de cette police. De fait, ils croyaient que la SEE insistait tellement sur la possibilité d'exercer un recours contre le consortium en cas d'appel justifié d'une caution, que seuls les consortiums les plus solides répondraient aux critères d'admissibilité de cette assurance. C'est pourquoi la SEE a nettement réorienté son programme et accorde maintenant plus d'importance à la capacité de l'ensemble du consortium d'exécuter le contrat.

Spanish

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