Protracted Default failure of the Buyer to fully pay the Debt at the expiration of the waiting period, provided that such failure is not due to Insolvency, a Political Event or a Natural Disaster.
Protracted Default. For the purposes of this policy, the Covered Cause of Loss Protracted Default shall mean the failure of a Buyer to pay the receivable within the waiting period specified in the Policy Schedule. If the Schedule of Countries specifies a longer waiting period for the country of the Buyer, this shall be the applicable waiting period. The waiting period commences on the original due date of payment of the receivable. For this Covered Cause of Loss, the Date of Loss shall be the date on which the applicable waiting period expires. Excluded causes of loss 01200.00 Generally excluded losses Cover shall not apply to:
Protracted Default. Protracted Default means failure on the part of an Approved Debtor, after having accepted delivery of the goods exported by the Client in accordance with the relevant Export Contract, to pay the relevant amount due thereon to the Client or to whomsoever who is entitled in law to receive the said amount within a period of One Hundred and twenty days (120) days after the expiry of the relevant Due Date;
Protracted Default. For the purposes of this policy, the Covered Cause of Loss Protracted Default shall mean the failure of a Buyer to pay the receivable within the 'waiting period' specified in the Policy Schedule. If the Schedule of Countries specifies a longer 'waiting period' for the country of the Buyer, this shall be the applicable 'waiting period'. The 'waiting period' commences on the original due date of payment of the receivable. For this Covered Cause of Loss, the Date of Loss shall be the date on which the applicable 'waiting period' expires. Excluded causes of loss 63170.00 Generally excluded losses Cover shall not apply to:
Protracted Default. 11.1 If the Insured Debtor fails to pay any amount in relation to the Insured Debt which may result in a Protracted Default, the Insured shall, as soon as possible thereafter, give written notice to the Insured Debtor of such default under the Insured Contract, informing the Insured Debtor of the default and the details thereof, including that payment is due (within applicable grace period).
Protracted Default. There is Protracted Default when the Insured Buyer having accepted delivery of goods under a valid contract of sale, has failed to pay to the Insured, whole or any part of an Insured Debt, and it remains overdue and unpaid for a considerable long time. Under this Policy, the said time is considered as four months after the due date of payment.
Protracted Default. Provided the debt falls under the scope of this contract; when your buyer has not paid the debt in whole or in part according to the sales contract, at the expiry of the maximum credit period, and no dispute has arisen in relation with the debt.
