Established in November 2024, IFN brings a fresh perspective and Innovative approach to connecting businesses across borders. It’s more than a Platform; it’s a dynamic space where opportunities unfold with every Click.
IFN management has been working in the freight forwarding industry for many years, so they are well aware of the requirements of the company and what they expect when deciding to Join a Freight Network. Therefore, we have developed a unique platform to increase your market reach, Operational Efficiency, and Business, backed by reliable cargo payment protection measures.
IFN understands that the security of freight debts is a top priority for ensuring the success and trustworthiness of its Network Partners. We have validation process is transparent and includes an analysis of the company’s incorporation documents, website, logistics market certifications and feedback from current customers but beside all those validation process we must need to safeguard our members against the risks associated with bad debts therefore IFN has established Cargo Payment Protection framework under our Financial Protection Plan (FPP), This plan is designed to provide coverage for unpaid freight invoices from IFN Fellow network partners in the unfortunate event of non-payment within 90 days of agreed-upon terms.
Scope of Coverage:
FPP Coverage is applicable on transactions generated by locations covered by their IFN Membership. This coverage does not apply to interest, collection fees, file profits, currency fluctuations, operational errors, goodwill settlements, acts of God etc., To be eligible for FPP Coverage, the relevant delinquent debts must have been reported to IFN on a timely basis via IFN’s fully automated FPP Alert system.
Basic FPA Coverage
IFN offers basic FPP coverage to our Premium and Gold IFN Network partners at FREE OF charge. This coverage includes:
Full Financial Protection Plan (FPP) Coverage
IFN Members have option to upgrade their BASIC FPP COVERAGE TO FULL FPP Coverage which cost USD. 500 / annum against bad debts with an aggregate amount covers up to USD. 15000 for first year & USD. 20000 for second year and USD. 30000 for third year.
IFN Financial Protection Plan(FPP) is governed by the following guidelines:
FPP (Financial Protection Plan) fee is set-aside as withhold for IFN members to apply for mediation on non-payment with other members of the network and is limited to the availability of the fund.FPP covers and guarantees payment between IFN members only.IFN members must submit statement of account every end of the month.IFN Financial protection plan covers for invoices with maximum of 60 days before the date of the claim applied.Any single transaction/invoice above USD $5000 will not be claimable.Minimum claimable amount of USD500 up to maximum of USD15,000.Financial protection Plan fee is not refundable to members who wanted to terminate their membership.Only invoices by the head office or the branch office of IFN members are eligible to claim from the Financial Protection Plan within the period their membership is secured.IFN covers only freight charges and does not cover any dispute/s which resulted from service error.IFN members who have encountered payment issue and was resolved, will undergo probation period of 3 months in order to monitor closely on their payments. Failure to comply will subject them to be listed as debtors and IFN will inform the rest of the members to be aware before doing transactions with them. This is to protect our network from further misunderstanding.
FPP ALERT
IFN did not dictate credit terms between IFN members but believe that all transactions should be settled by not later than a maximum of 45 days after the end of the month in which the relevant invoice is dated unless alternative credit terms have been agreed. Therefore, on the End of every month IFN will send out a reminder to have their accounting department review their open invoices from fellow IFN members. If there are any open invoices, IFN will intervene to assist in collection by using our on-line FPP Alert facility in the Member area only. Persistent delinquencies from any NETWORK member will not be tolerated. Failure to advise IFN of any delinquencies in accordance with our monthly reminder will render any FPP Coverage claims invalid.
Together, let’s build a stronger, more resilient freight forwarding landscape, where trust, reliability, and financial security go hand in hand.
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