grundsätzliche Stellungnahme approval in principle
| Creator: | |
| Language pair: | German to English |
| Definition / notes: | Prior to a decision on the final commitment for cover, Hermes grants its approval in principle for cover; the approval in principle is an administrative law act and constitutes an undertaking by the Government to issue a final commitment for cover provided that there is no change in the legal or factual aspects of the project. The approval in principle is normally valid for a period of 6 months during which time the amount of the guarantee is effectively earmarked in the Federal Budget; all project and financing agreements must be signed within that period or an extension sought. |
| URL: | http://www.nortonrosefulbright.com/knowledge/publications/79558/hermes-buyer-credit-guarantees-in-project-financing |
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