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What is Supplier Credit Guarantee Program mean?
The Supplier Credit Guarantee Program (SCGP) is a US Export Credit Guarantee Program that covers credit terms up to 180 days. The Commodity Credit Corporation (CCC) guarantees a portion (up to 65%) of payments due from foreign buyers under financing that the exporters have extended directly to the buyers. These direct credits must be secured by dollar-denominated promissory notes signed by the importers.
If an importer fails to make any payment as agreed, the exporter or assignee (e.g., a U.S. financial institution) must submit a notice of default. The CCC pays any filed claim for loss, if found to be in good order. The SCGP targets specific U.S. agricultural products, with an emphasis on high-value products and market growth potential.
referencePosted on 01 May 2022, this text provides information on Miscellaneous in General related to General. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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