Protection Fund

PROTECTION FUND

The protection of the Members’ credits inside the Network is undoubles one of the basis of  a good working of every Network. The systems can be differents and the Results also, depending on the structure itself of the Network.

The Management of ALNA decided, at least for the beginning, to offer the following solution:

  • The 20% of the cashed fees every year will be destined to the creation and development of the Protection Fund.
  • The total amount reached every year will be communicated to all Members at the beginning of the year and on the basis of the achieved amount the Management will confirm the percentage of the reimbursement. During the first year of activity there will not be a prefixed percentage, in the case the final decision will be left to the Management.

How the Protection Fund works:

  • The Protection Fund works only for credits claimed with other ALNA Members.
  • No claim will be accepted under euro 1.000,00or for more than euro 20.000,00.
  • Fund shall only be used for unpaid invoices and bad debts, any debts resulting due to operational disputes or mistakes are specifically excluded. For such events, each member must have their own Forwarders Liability Insurance.
  • Once the claim is approved, the Protection Fund will reimburse the requesting Member the percentage of the claim fixed for that year.
  • The amount of the reimbursement could also be reduced for shared responsibility of the Creditor. In the case that the Creditor Member will be able to recuperate, through other ways, partially or totally his credit, he must inform immediately the Management and return to the Protection Fund the amount received, in the same percentage of the paid claim.
  • The suggested payment terms for the Network are of 30 days from the invoice date. Different agreements between Members are accepted but should be no longer than 90 days , invoice date. The Creditor must inform the management  within 15 days from the date of knowledge  the unpaid invoice.
  • In the case of reimbursement under euro 500,00, The Management will issue a credit not the amount will be deducted from the payment of the next Membership fees invoice.
  • The adhesion to the protection Fund will become effective with payment of the Fees invoice and the acceptance of the rules.
  • The Management shall receive the claims fully documented with copies of the invoices and all mails/correspondence exchanged with the Debtor. The Management will need 30 days to examine the situation and to try to recover the amount due.

 

At the end of each year the President of ALNA will present a report underlining the total amount of fees collected and, if any, the total amount of the claims to be paid.

 

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