Transport invoice guarantee

Service Description Summary

Collection guarantee service transport invoice. SUMMARY

Service Description

The service is rendered by 123cargo/BursaTransport, affiliated with Alpega, in collaboration with COFACE Belgium. This collaboration was established by means of an agreement concluded between Alpega group and its affiliates, with COFACE Belgium, as insurance partner.

The service aims to guarantee the collection of transport service’s value. In case of collection failure at maturity of your transport invoice, the collection guarantee shall be enforced in two distinct stages:

  1. 1. Payment incident
  2.  

1. By the claimed payment incident against your buyer. The cost of payment incident is included in the cost of the transport invoice collection guarantee service. At this stage, COFACE insurer does not bring any contribution to the recovery of the transport invoice.

In case the payment incident is not effective and you failed to recover the equivalent value of the invoice, then the transport invoice guarantee service enters the second stage:

  1. 2. COFACE file
  2.  

2. The opening through 123cargo/BursaTransport of a file submitted with the insurance company COFACE Belgium, for compensation purposes.

Similar to the other services rendered by 123cargo/BursaTransport, guaranteeing the collection of transport invoice is a prepaid service.

 

Time frame regarding the transport invoice guarantee service

Day 0: the date when the transport provider contracts the collection guarantee service. The service contracting procedure shall be performed at least one day prior to loading.

Day 10: deadline for transported freight unloading.

Day 40 or 30 days from effective date of unloading: transport service invoicing deadline

Day 130 or 90 days from effective date of invoice: invoice due date

Day 150 or 20 days from effective due date: payment incident submission date

Day 180 or 140 days from effective date of invoice: compensation file opening deadline

Day 315 or 135 days from effective compensation file submission date compensation receipt deadline

Important note: in case against the debtor is initiated the insolvency procedure, the transport provider has 10 days to provide all documents stipulated herein below

 

Required documents to be provided by the transport provider

The following documents are required under the undesired circumstance when the transport service invoice is not collected at due date.

For payment incidents stage:

  1. The transport order
  2. CMR letter
  3. Transport invoice

For the stage regarding the compensation file opening with COFACE

  1. UBO (Ultimate Beneficiar Owner) Form where the ultimate beneficiary of the transport provider shall be mentioned
  2. The photocopy of the ultimate beneficiary identity document and the consent of over taking the copy
  3. The bank account where the insured individual/entity shall receive the compensation

 

The recovered amount by means of transport invoice collection guarantee service

If the transport invoice is recovered by the payment incident mediation, the amount recovered directly from the buyer represents the whole value of the invoice, VAT included.

If the transport invoice is recovered by the submission of the file with COFACE, the amount recovered is reimbursed by COFACE and represents 90% of the equivalent value of the transport invoice without VAT.

 

Exclusions from the transport invoice collection guarantee service

  1. Failure or incomplete provision of the mentioned documents by the transport provider in due time
  2. Non-compliance by the transport provider with the terms from service chronology
  3. Providing a non-compliant transport service by the provider to the buyer, which leads to:
    1. During the payment incidents stage: the impossibility for the incident to be published with the payment incidents list
    2. During the request for compensation submitted with COFACE: postponement of reimbursement up to a final settlement ruled by a court of law
  4. The Buyer is an affiliated of the transport provider

 

The equivalent value of the transport invoice collection gurantee service

The price of the service represents 1.70% of the guaranteed amount. The guaranteed amount does not include VAT.

The service may be paid only online with card. In order to confirm the provision of the service, the feasibility confirmation from COFACE is required. If 123cargo/BursaTransport fails not receive this confirmation, the amount blocked on the credit card is released. The service acquisition mechanism is performed online and in real time.

Subsequent to the service payment and its confirmation by COFACE, 123cargo/BursaTransport delivers by e-mail to the transport provider a confirmation of the contracted service containing all information required to be taken into account.

We invite you to review Special Terms and Conditions of Collection Guarantee.