Common Contracts
1 similar Payment Guarantee Agreement contracts
ContractPayment Guarantee Agreement • January 12th, 2020
purchases of U.S. Agricultural Com- modities on credit terms. The Payment Guarantee issued under GSM–102 is an agreement by CCC to pay the Exporter, or the U.S. Financial Institution that may take assignment of the Payment Guarantee, specified amounts of prin- cipal and interest in case of default by the Foreign Financial Institution that issued the Letter of Credit for the ex- port sale covered by the Payment Guarantee. Under the GSM–102 pro- gram, maximum repayment terms may vary based on risk of default, as deter- mined by CCC. The program operates in a manner intended not to interfere with markets for cash sales and is tar- geted toward those countries that have sufficient financial strength so that foreign exchange will be available for scheduled payments. In providing this program, CCC seeks to expand and/or maintain market opportunities for U.S. agricultural exporters and assist long- term market development for U.S. Ag- ricultural Commodities.
