Freight Forwarder Network

Act Local, Think Global

You are here: Home / Debt Protection Program

Debt Protection Program

  • Freight Forwarding Network has established a Debt Guarantee Fund to support its members with non-disputed non-paid invoices from a fellow FFN member.
  • The Debtor Protection Program is compulsory for all members.
  • Funds are built up by the members contributions on a yearly basis.
  • Contributions amounts are as below:
  • Euro 750 per year per head office for 1-5years, thereafter Euro 500 starting from 6th year onwards.
  • Euro 250 per year for 1st Branch office, thereafter Euro 50 starting from 6th year onwards.
  • Euro 50 per year for additional ( 2nd Branch office onwards )
  • Head office must take full liability for each branch office. If the branch office is situated in the same country as the head office, no DPP should be paid for the branch office as the head office takes full responsibility.
  • Contributions are charged minimum of 5 years to all members and afterwards financials are evaluated. For companies who have paid every year since joining the network for 5 consecutive years, the DPP will be lowered to Euro 500 for the head office and Euro 50 for the branch office, unless the funds are less than 2000 USD per member. If the funds are less than 2000 USD per member, the network will need to install the DPP again.
  • All claims are limited to the amount in the Fund.
  • The maximum amount to be claimed (per member) is 30.000 USD per defaulting FFN member.
  • If different parties claim regarding the same defaulting member and the guarantee fund is not sufficient for the coverage, outstanding payments will be made pro-rata.
  • All claims must be made within 150 days from shipping date.
  • For each claim a settlement committee will be made up of 3 board members and 2 non-board members. The board member responsible for the Debt Guarantee Fund will chair this committee and allocate the 2 non-members.
  • All members involved in the dispute may not be part of the settlement committee.
  • Lost profits cannot be reimbursed. The maximum amount returned will be the net costs as per outlay. Invoices must be for proof of financials.
  • The guarantee fund will not be used to solve disputes between members. It will only be used when an FFN member has been declared bankrupt or has discontinued trading.
  • In the case of non-payment where the defaulting member is not bankrupt or discontinuing trade, the board and or settlement committee will inform fellow members to cease all payments to the defaulting member and to request triangle payments are made in place.
  • In the event there are no payments to cease, DPP will cover the payments as per DPP rules and will take utmost measures to recover funds from the defaulting member.

News

sfgfg

Home Slide

Act local
Think global

FFN is 100% owned and managed by its members

SGT Anditrans
SGT Anditrans
previous arrow
next arrow
Privacy Policy
Cookie Policy

Credits: Print Network