|10.- PPP – Payment Protection Plan:
10.1 BBFA Members will have a financial security plan which guarantees members payment for freight forwarding transaction between Members (hereinafter referred to as “PPP”. this is for the exclusive use between BBFA Members only. No coverage is provided for transactions which involve non-members of BBFA, the cost of PPP is USD 300 per member per year, covering USD 10’000 for pending invoices between active BBFA members per year.
10.2 Members who find themselves in dispute(s) over non-payment by another Member may apply to BBFA HQ for mediation.
10.3 Members are obliged to contribute to BBFA annually. This contribution has to be made by all Members, including subsidiaries.
10.4 PPP is set up as a reserve for the Members to utilize in the event members encounter the non-payment with another Member. PPP serves as a form of compensation for the aggrieved party.
10.5 As Members, the minimum sum claimable under PPP shall be USD $1000 up to a maximum sum of USD $10,000. PPP has a ‘deductible’ feature. A ‘deductible’ is the minimum claimable sum before a member can file a claim under PPP.
10.6 In order to start with this PPP system we need clear minimum total fund of USD 30’000 in BBFA HQ account, that means contribution of 100 BBFA partners (USD 300 X 100 = USD 30’000) in 1 one year, or for example 50 BBFA in 2 two years. With less amount of USD 30’000 will not be possible to start the payment protection plan PPP, exact amount in BBFA account will be constantly informed by BBFA team via emails.
10.7 The monies held under BBFA are limited to what is available for members to use. In the event, the monies held under PPP are fully utilized, and then there will be no further amount available for members. The PPP being the fund for members is limited to the amount available.
10.8 Members shall apply to BBFA for mediation during which their matters will be heard by the BBFA team to determine the outcome of the dispute. The BBFA team in HQ will act independently and their decision on the outcome of the dispute is final.
10.9 In the event BBFA is not able to resolve the dispute amicably between Members, BBFA team will use its discretion to either dispense with the mediation and/or suggest to the parties that they find an alternative method of resolution.
10.10 Members are to note that the intention of the BBFA is to facilitate and provide an amicable and effective resolution between Members.
10.11 The resolution of the dispute between parties shall be dealt with in strict confidence and documents or any form of materials used during the course of the resolution shall be treated with strict confidentiality.
10.12 Mediation may be in electronic mails and letters, BBFA may require parties to provide documents for review in relation to the mediation.
10.13 Credit terms between BBFA members is 30 days. If any invoice exceeds 60 days, please notify BBFA immediately for further follow up on your behalf.
10.14 All claims made by Members must be filed within ninety (90) days from the date of invoice.
10.15 No claims shall be accepted by BBFA if the invoice is less than sixty (60) days old.
10.16 All pay-out from “Payment Protection Plan” PPP, for disputed cases/claims will make known to all members and BBFA team will notify all BBFA partners via email.
10.17 BBFA must have 100 members or equivalent in money: USD 30’000 in PPP funds in order to accept the claims, with a less amount or less members inscribed and cooperating with PPP - Payment Protection Plan as USD 300 per year, BBFA can’t accept claims from the members, Total funds of all PPP will be always informed via email to all BBFA members.
10.18 Members who don’t renew the membership will be out of BBFA and they cannot claim their pending payments.
10.19 PAYMENT PROTECTION PLAN funds are not repayable; this fund is not redeemable and serves for all BBFA active members who are current on their annual memberships.
10.20 BBFA team & PPP will accept maximum of 3 claims per year or equivalent of: USD 30’000 so, for example if these 3 claims are for USD 10’000 we only can accept these 3 claims in this year (since April 2017) and for next year 2018 in case of less amount of USD 30’000 we need to wait for contributions looking for total minimum amount of USD 30’000 in order to start again the payment protection plan.
10.21 Only 2 cases will be admitted per member per year or equivalent of USD 10’000 in total, so, for example if your first case is for USD 6’000 your second case per year just can be per USD 4000 forming in total maximum of USD 10’000 per year / per member.
10.22 PAYMENT PROTECTION PLAN funds will increase every year due new BBFA members, exact amount will be informed at right time for the BBFA team, so in the future is possible than BBFA alliance can accept more quantity of claims per year, and more cases per member, all will depends of total PPP funds in the BBFA bank account.
10.23 BBFA Team will analyses all cases minutely in case of fraud we will report to all NETWORK ALLIANCES AROUND THE WORLD and around 30’000 agents worldwide.
10.24 BBFA will be NOT available to accept any claim in 2016 year, until April 2017, because we must receive the PAYMENT PROTECTION PLAN funds in our account from all BBFA members, in order to proceed with PPP, also in 2017 Payment Protection Plan will be available depending of members number, we need at least 100 (ten hundred BBFA partners) that already paid USD 300 as PPP, or for example 50 BBFA members in 2 years, forming the total minimum amount of USD 30’000 as PPP fund in year 2018.
10.25 PPP will cover pending payments between active BBFA members, but PPP is not an insurance for goods damage, good lost, cargo damage or others similar damages between BBFA members, PPP system only apply to PENDING FREIGHT INVOICES between BBFA partners.