Leveraging Advanced Technology For Fast Easier, More Profitable Trade
Insured Services: - Freight Forwarder acting as Agent (Road, Sea and Air) - Freight Forwarder acting as Principal (Road, Sea and Air) - Non Vessel Operating Cargo Carrier (NVOCC) .
Trading Areas: Worldwide. Limit of Liability:
Errors and Omissions minimum coverage limit: 50,000 USD per incident or occurrence - Freight Service Liability minimum coverage limit: 200,000 USD per incident or occurrence
Listings: An Agent Profile of each member will be published in the Agent Finder section of The Eone’s password protected intranet, and will be accessible to other Agents. This listing will include the member’s trading name, location, contact details, bank details, and local charges (optional), along with other pertinent information, such as any special capabilities or services offered.
The Cargo Payment Protection Plan
The eonepay Logistics Network (The eonepay) Agents are protected against bad debts from other Agents in several ways. Strict Agent ship requirements constitute the -only the most solvent, reputable, and creditworthy agents are accepted as Agents. Furthermore, we continue to monitor their performance, and promptly detect any signs of trouble, such as the late payment of an invoice issued by another member.
Agents must immediately notify The eonepay Organization when a member is late with a payment. But additional security is provided by the optional CARGO PAYMENT PROTECTION (CPP), which protects Agents against losses due to uncollected debts from other Agents in the event of bankruptcy or insolvency. It does not cover disputed invoices,
. The annual contribution is now 350 EUR per member, subject to review each year. During the first quarter of each calendar year, The eonepay Organization may disburse up to 80% of the monies in the CPP fund as compensation to participating Agents with debts outstanding from Agents who have declared bankruptcy or gone out of business during the year, to a maximum amount of 25,000 USD per debtor. To collect such debts through legal means, the CPP will engage the services of a reputable debt collection agency. CPP accounts will be kept completely separate from those of the THE eonepay LOGISTICS NETWORK, and will be open to the scrutiny of all participating Agents.
CARGO PAYMENT PROTECTION –
Rule 1. MANAGEMENT OF THE CPP is managed and administered by The eonepay Organization, whose decision will be final. The eonepay Organization will supervise and manage the funds held in the CPP.
Rule 2. PARTICIPATION IN THE CPP Agents who subscribe to the CPP will be covered by the plan as long as they pay the annual fee and remain in good standing in The eonepay, but will lose their coverage if they resign or are expelled from The eonepay for infringing the rules.
Rule 3. PURPOSE The CPP is intended to provide the means whereby which a member of The eonepay (creditor) can recover unpaid funds/ invoices arising from commercial shipments that are owed by another member of The eonepay(debtor) which has declared bankruptcy or gone out of business. A member company that ceases to exist as a result of a merger and/or acquisition is considered to remain liable for its debt and is not covered by the CPP.
Rule 4. ACCOUNTING PERIOD The financial year for the CPP is the same as The eonepay’s financial year.
Rule 5. MEMBER COVERAGE The CPP will cover debts incurred by Agents of up to 25,000 USD per debtor.
Rule 6. CONTRIBUTIONS The eonepay Organization will determine the annual fees.
6.1. The annual CPP participation fee is now set at 350 EUR per member. It will be reviewed each year, but increases will never exceed 10% in a single year.
6.2. Annual CPP participation fees are due within 15 days of receipt of the CPP invoice, and all bank and transfer costs and fees will be paid by the participant. CARGO PAYMENT PROTECTION –
Rule 7. COMPENSATION PROCEDURES when the debtor’s Agent ship in The eonepay is terminated, notification of the termination will be given by email along with a deadline date for making any claim against the CPP. No claim received by The eonepay Organization after the deadline will be considered. Participants who apply for compensation must satisfy The eonepay Organization that; • the unpaid invoice relates to services in connection with international shipments. • The invoice was correctly issued in accordance with The eonepay Rules and Procedures. • Three reminders were sent at reasonable intervals, the latest being within 90 days of the date of the invoice informing the defaulter that a report would be filed with The eonepay.
Rule 8. OPERATING RULES FOR THE eonepay CPP In its report, the CPP participant will formally request The eonepay Organization to contact the defaulter and assist in the recovery of the sum or sums overdue. If no request is made within 90 days of the date of the invoice, then the overdue sum will cease to qualify for any compensation. Upon receipt of a request for compensation, The eonepay Organization will verify that the creditor complied with the aforementioned procedures, that reasonable attempts to resolve the matter were made and were unsuccessful, and that no claim submitted after the report date as announced by The eonepay was taken into consideration.
Rule 9. COMPENSATION EVALUATION AND CALCULATION During the first quarter of each financial year The eonepay Organization at its sole discretion will review and evaluate every individual claim and the total of claims received the previous financial year, using the following criteria:
9.1. The gross amount of an invoice taken into consideration will be exclusive of local taxes, VAT, and interests/charges for late payments
9.2. The sum of invoices from any creditor/s will be reduced by the amount of any invoices or charges owed by the creditor/s to the debtor.
9.3. In the event that it becomes necessary to make payments to multiple creditors within the same fiscal year, proportional payments will be made up to a maximum limit of 25,000 USD per debtor. 9.4. The compensation will be limited to 80% of available CPP funds. The balance of any monies not distributed in the corresponding financial year will be used to increase the CPP funds. The eonepay Logistics Network
Rule 10. DISPUTE RESOLUTION SERVICE In the event of a dispute between two Agents that cannot be solved amicably, these Agents will invoke the Dispute Resolution Service, under the terms and conditions established and agreed by all Agents.
10.1. The unpaid invoice/s relates to a service rendered in conjunction with the shipment documents (Bill of lading, AWB, etc.)
10.2. Services were provided by and at the request of a current member.
10.3. The invoice/s in question meet/s all legal requirements of the country in which it was issued and meets the following minimum requirements.
10.3.1. Complete name and contact information of the company that issued the invoices.
10.3.2. Complete name and contact information of company billed.
10.3.3. Date on which the invoice was issued.
10.3.4. Date of service/s for which the invoice was issued.
10.3.5. Amount billed for the service/s rendered.
10.3.6. Rate quotation details.
Rule 11. SUBROGATION Before any compensation payment is required; The eonepay Organization will notify the participant of the compensation amount calculated under Rule 10. As a condition of entitlement the participant will accept and will make in writing the irrevocable transfer of its rights against the debtor in these matters to The eonepay Organization.
Rule 12. ADMINISTRATION AND OPERATING COSTS The eonepay Organization will draw on CPP funds to pay legal and other costs incurred in recovering bad debts among Agents, and to pay expenses incurred in the ordinary management and administration of the fund. A full accounting of these expenditures will be available to all contributors to the CPP. CARGO PAYMENT PROTECTION –
Rule 13. EFFECTIVE DATE No application for compensation will be accepted in respect of an invoice if the date of the service is prior to the applicant’s participation in the CPP.
Rule 14. ACKNOWLEDGMENT OF CPP OPERATING REGULATIONS No application for compensation will be accepted in respect of an invoice if the date of the service is prior to the applicant’s participation in the CPP.
Rule 15. PAYMENT OF CPP CLAIMS Payment of approved claims under the CPP will be made during the first quarter of each calendar year.
Rule 16. PAYMENT OF CPP CLAIMS Any legal disagreement, conflict, dispute, controversy, interpretation or enforcement of any document related to the CPP shall be submitted to the jurisdiction of Spanish law courts in Valladolid, to the exclusion of the jurisdiction of the courts of another country.