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Tuesday, 28 July 2020

NIFTA brings together experts for ‘Risk and Debt Management for Apparel Suppliers’

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The Association of NIFT Alumni (NIFTA) Leadership Series of Webinar yesterday discussed various aspects of ‘Risk and Debt Management for Apparel Suppliers.’

Bryan Friedman, Shareholder of FSG Lawyers, US; Chair, Corporate and Business Practice Group; Ravindra Mishra, DGM, SBI-(SME); Vivek Kohli, Senior Advocate; Subhash Chahar, Head, Large Exporters Branch, ECGC and Ketan Kale, VP, Structured Credit, Political Risk & Surety, Middle East and Africa, Marsh shared their views in this regard.

It was highlighted that proactiveness is the key regarding risk and debt management, and so all stakeholders should pay attention to the contract. They should ensure that risk is allocated properly and if anything is not covered in the contract, it should be covered in insurance.

Regarding contract, it is important which jurisdiction will apply. In India, MSME act is a good support for MSMEs whether arbitration clause is there or not in the contract.  MSME act will override there, and so MSMEs are fairly well protected in the MSME act.

Notably, even big players cannot take chance with MSMEs.

Experts insisted that it is better to avoid litigation as it is time consuming and expensive. US has strong lobby to protect their rights irrespective of whatever is on the other side.

To support exporters, banks have liberalised working capital scheme. Flexibility is also required in the contract, so that banks can help.

ECGC official shared that it has taken slew of measures for exporters like increased timeline regarding processes. Policy covers as well as default and claims have also increased in last 4 months.

Source :- https://in.apparelresources.com/

    
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