/ Business Strategy

IT ENABLED SERVICES POLICY

SERVICES POLICY FOR INFORMATION TECHNOLOGY

IT-enabled Services (Single Customer) Policy would be given in respect of contracts for rendering service during a defined period with billing on the basis of service rendered during a period say, a week, a month or a quarter. One policy for one buyer shall be issued.

Period of Policy: 12 months

Risks Covered:

  • Commercial Risk / Buyer Risk
  • Political Risk
  • L/C Opening Bank Risk

Percentage of Cover: 80%

Important Obligations of the Exporter:

  • Processing fee of Rs.2000/- (non-refundable) is payable.
  • Upfront premium payment in full on the Loss Limit.
  • Monthly declaration indicating the services rendered, invoices raised and invoices paid to be submitted by the exporter by 15th of the subsequent month.
  • No separate overdue report.
  • Filing of claim within 360 days from the due date of the export bill or 540 days from expiry date of the Policy Cover whichever is earlier.
  • Initiating recovery steps including legal action.
  • Sharing of recovery..

Highlights:

  • Protection is available upto the Loss Limit approved on the buyer under the Policy.
  • Premium is payable only on the Loss Limit approved on the buyer, irrespective of the shipments effected to the buyer.
  • Separate Policy per buyer.
  • No Claim Bonus (NCB) of 5% subject to no claim, up to a maximum of 50%.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact:info@caindelhiindia.com or call at 011-23343333

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The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. The information / articles and any replies to the comments are intended but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as a legal advice or an indication of future results. Therefore, i can not take any responsibility for the results or consequences of any attempt to use or adopt any of the information presented on this blog. You are advised not to act or rely on any information / articles contained without first seeking the advice of a practicing professional.