Council Directive 84/568/EEC of 27 November 1984 concerning the reciprocal obligations of export credit insurance organizations of the Member States acting on behalf of the State or with its support, or of public departments acting in place of such organizations, in the case of joint guarantees for a contract involving one or more subcontracts in one or more Member States of the European Communities
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Change 1
Article 1 Scope
The object of this Agreement is to regulate the reciprocal obligations of export credit insurers of the European Economic Community in cases where: — an undertaking (hereinafter called ‘the principal contractor’) subcontracts to one or more undertakings (hereinafter called ‘the subcontractors’) of one or more Member States of the European Economic Community an export contract of which the principal contractor is the sole holder, and which it has concluded with an undertaking (hereinafter called ‘the buyer’) situated: — either in a country not belonging to the European Economic Community, — or in a Member State of the European Economic Community other than those in which the principal contractor and the subcontractors) are situated; — the principal contractor has undertaken to remit to the subcontractors) the portion due to the latter out of the sums paid by the buyer to the principal contractor, and to complete any formalities which may be necessary to transfer that portion of the payments made by the buyer which is due to the subcontractor(s); — there are no legal ties between the subcontractor(s) and the buyer; — the principal contractor's credit insurer (hereinafter called ‘the principal insurer’) and the credit insurers) of the subcontractor(s) (hereinafter called ‘the joint insurer(s)’) are prepared to guarantee, each according to the usual terms of his policy, the portion of the operation carried out in their respective countries against the risks defined by them in each individual agreement. The agreement which the abovementioned export credit insurers shall conclude in each individual case relating to the issue of joint guarantees to a principal contractor and to one or more subcontractors shall be governed by the Articles below.
Article 1 Scope
The object of this Agreement is to regulate the reciprocal obligations of export credit insurers of the European Economic Community in cases where: — an undertaking (hereinafter called ‘the principal contractor’) subcontracts to one or more undertakings (hereinafter called ‘the subcontractors’) of one or more Member States of the European Economic Community an export contract of which the principal contractor is the sole holder, and which it has concluded with an undertaking (hereinafter called ‘the buyer’) situated: — either in a country not belonging to the European Economic Community, — or in a Member State of the European Economic Community other than those in which the principal contractor and the subcontractors) are situated; — the principal contractor has undertaken to remit to the subcontractors) the portion due to the latter out of the sums paid by the buyer to the principal contractor, and to complete any formalities which may be necessary to transfer that portion of the payments made by the buyer which is due to the subcontractor(s); — there are no legal ties between the subcontractor(s) and the buyer; — the principal contractor's credit insurer (hereinafter called ‘the principal insurer’) and the credit insurers) of the subcontractor(s) (hereinafter called ‘the joint insurer(s)’) are prepared to guarantee, each according to the usual terms of his policy, the portion of the operation carried out in their respective countries against the risks defined by them in each individual agreement. The agreement which the abovementioned export credit insurers shall conclude in each individual case relating to the issue of joint guarantees to a principal contractor and to one or more subcontractors shall be governed by the Articles below.
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