The 'Guarantee Claim' means registering a claim request under a guarantee/standby L/C in the application with the Full undertaking amount or Partial amount of it. There is a possibility to request more than one claim under a guarantee/standby L/C.
Prerequisites to Raise a claim
- An existing Guarantee contract which is open and not closed.
- The open amount may not be zero and the number of pending claims must be less than 99.
- This transaction creates a new Guarantee Claim.
- Therefore no existing GuaranteeClaimcontract may le loaded.
Claim Types are classified into
- Normal claim
- Extend or Pay”
Claim just prior to expiry date with the request to extend or to pay.
- Claim/Payment under Cancelation”
The guarantee is registered as closed directly after the claim has been paid.
To Register a claim for an existing open amount Guarantee contract, GITCRQ transaction is used.
Select it from the menu item[Guarantee Products -> Guarantees/Standbys -> Claim-> Receive Request of Claim].
The 'Further processing' automatically defaults to the selection of the drop down value 'Register Settlement of Claim'.
When you have made your changes, click on the ( ) Save function to save all the the data entered in the transaction to the database.