1. Payment Protection has become an industry standard and a network not offering financial protection is not a serious network. We are confident in our members and their financial stability and good character.
2. Payment Protection is a tailor-made insurance cover in case of insolvency, suspected insolvency or protracted default of one of its members. This can be over several cases and/or with/to several members.
3. The CFN payment protection program, Confident Group Fund (Hereinafter referred to as “CGF”) program is self-funded by CFN Networks Members. The fund held under CGF programs are limited to what is available for members to use in case of insolvency.
4. The CFN CGF program contribution is non-refundable.
5. The CFN CGF program is governed, managed and supervised by the CFN HQ’s Management Head.
6. There are CFN members who do not give credit (and don’t need credit) so simply not covered by this fund.
7. CFN standard credit policy is to offer 30 days settlement from the date of bill.
8. The adhesion to the Protection Plan will become effective with payment of the Membership Fees invoice and the acceptance of the rules and ethical code;
9. The CFN CGF program covers only invoices within a maximum of 60 days before the claim date.
10. CGF program only covers claims against non-payment by CFN members as a result of insolvency and/or bankruptcy, provided both parties in the transaction have contributed to the fund.
11. The CFN CGF program is designated to allow financial support against insolvent or bankrupt members. Member companies who have changed ownership thru merger or acquisition remain responsible for its debt and are not covered by this plan.
12. The Protection Plan (CGF program) shall only be appealed in case of unpaid invoices and bad debts;
13. CGF program will NOT cover cargo claims, as a result of force majeure, vessel or carrier fault, cargo abandonment, misroute shipments, and/or misrepresented shipments due to government and location restrictions.
14. The CFN CGF program will NOT cover any claims caused by computer fraud, computer hackings, scams or other fraudulentacts.
15. For any other debts resulted from different situations CFN Management will revise and decide accordingly. Anyhow, for such events, members must have their own Forwarders Liability Insurance;
16. The CFN CGF does not provide coverage for shipments with payment terms of more than 30 days.
17. The CFN CGF is limited to general cargo only. Any other type of cargo is not covered.
18. Any single transaction with an invoiced amounts over USD $ 4,000 are not covered under this plan.
19. A simple payment dispute claim is here not covered, but CFN Team will always assist and mediate in these cases.
20. As per the Payment Protection program, the recommend credit limit is USD 4,000. Anything beyond that should be part of your credit/payment history with a particular agent/member.
21. The CFN PPP covers a maximum amount of 4000 USD per debtor but may not exceed 80 % pay out of the available money in the CGF program Fund.
22. The CFN PPP yearly contribution of USD $ 250.00 per member FIRST year, per participating office must be paid within 15 days of invoice date.
23. Members cannot hold the payment during the damage or delay of a shipment. This can be handled by your third party insurance company.
24. The confirmation of the Protection Plan CGF program affiliation is understood once the Acceptance Form is signed and returned.
25. CFN CGF program applies from the moment of the renewal of the membership and/or new membership;
26. Payment protection program (CGF) has to be renewed every year.
27. There will be no refund in the case of a member company departing the combined freight networks for any reason, nor does any departing member have any claim to any funds they may have contributed to the fund.