council direct novemb reciproc oblig export credit insur organ member state act behalf state support public depart act place organ case joint guarante contract involv subcontract member state european commun eec council european commun regard treati establish european econom commun articl thereof regard propos commiss insur financ export influenc intern trade flow constitut power instrument commerci polici increas interdepend member state economi result trend growth export oper undertaken cooper basi number undertak member state cooper major decis factor competit commun export countri market cooper encourag field subcontract differ export guarante financ system present forc member state give rise difficulti carri export oper joint insur form cooper credit insur member state undertak member state cooper export oper consequ import establish extend smooth oper form cooper credit insur final guarante financ system forc member state direct effect work common market appli form cooper field intra commun trade implement present direct involv modif member state legisl provis consult european parliament compulsori adopt direct articl member state ensur export credit insur organ act behalf state support public depart act place organ compli provis specimen agreement annex hereto reciproc oblig decid grant jointli organ public depart member state guarante relat contract involv subcontract member state annex provis preclud adopt organ depart refer paragraph addit provis affect scope provis annex hereto appli specif oper articl commiss year implement direct submit report experi gain applic provis annex hereto commiss time submit propos modifi provis articl member state tabl measur ensur complianc provis annex month notif direct inform commiss measur articl direct address member state brussel novemb council presid barri direct notifi member state decemb annex specimen agreement articl scope object agreement regul reciproc oblig export credit insur european econom commun case undertak hereinaft call princip contractor subcontract undertak hereinaft call subcontractor member state european econom commun export contract princip contractor sole holder conclud undertak hereinaft call buyer situat countri belong european econom commun member state european econom commun princip contractor subcontractor situat princip contractor undertaken remit subcontractor portion due sum paid buyer princip contractor complet formal transfer portion payment made buyer due subcontractor legal ti subcontractor buyer princip contractor credit insur hereinaft call princip insur credit insur subcontractor hereinaft call joint insur prepar guarante usual term polici portion oper carri respect countri risk defin individu agreement agreement abovement export credit insur conclud individu case relat issu joint guarante princip contractor subcontractor govern articl articl oblig princip insur princip insur sole manag risk includ subcontract element undertak guarante princip contractor respect part contract risk defin individu agreement accept modif term perform contract amount deliveri payment contract princip contractor subcontractor perform contract mutual agre joint insur disclaim liabil provis polici issu princip contractor consequ default part notifi joint insur thereof declar polici laps notifi joint insur thereof notifi joint insur fact knowledg alter natur extent risk lead loss event loss threat loss consult joint insur step decis acknowledg loss mutual agreement amount indemn method payment fix accord provis polici event loss step requir princip contractor step recov amount unpaid pai back joint insur portion ow sum recov complet formal transfer portion cost incur recoveri princip insur divid insur proport share contract cover event cancel guarante princip contractor endeavour meet oblig set articl articl oblig joint insur joint insur part undertak guarante subcontractor countri respect part oper risk defin individu agreement accept modif contract conclud princip contractor subcontractor perform contract conclud buyer mutual agreement princip insur disclaim liabil provis polici issu subcontractor consequ default part notifi princip insur thereof declar polici laps notifi princip insur thereof notifi princip insur fact knowledg alter natur extent risk lead loss event cancel guarante subcontractor endeavour compli oblig set articl articl consolid vent agreement consolid debt buyer countri princip insur joint insur hold consult wai mean resolv specif problem rais consolid agreement articl buyer credit oper commun credit insur agre buyer credit system suffici compat agre establish cover singl buyer credit contract provis agreement appli analog articl arbitr disput aris agreement settl amic brought arbitr board compos arbitr parti involv appoint arbitr arbitr appoint presid court justic european commun act chairman arbitr board proceed govern rule concili arbitr intern chamber commerc