Every member would have to contribute USD 450 per annum in order to avail this service. The fund has a separate account and remains under total control and owned by the WPL management and is not the ownership of the WPL members. If a member leaves there is no refund of the fund. .
All the members have to pay their pending invoices by the end of the following month of the invoice date. Until and unless there has been an agreement written between the members. .
All the debts not received as yet, must be reported to the WPL management no later than 14 days of the due date. For example if the due date is 15th September, and the agent is not able to pay, it should be reported no later than 29th September, reported after this date, the receiver would not be eligible to get any claim from the POOL fund. .
The members of WPL network LTD. would be internally insured up to USD 20,000 amount, however, in the rare event of multiple claims, members would get maximum of EIGHTY PERCENT of the fund balance. For example if AGENT A is owed USD 25000 and AGENT B is owed USD 10,000 they would be paid AGENT A = USD 14286 (25000/35000 * 20000); AGENT B = USD 5715 (10000/35000 * 20000). .
If both the members, payer and receiver are also the member of another network and that network also insures them with payment recovery, WPL network Limited, by default, would be considered as a secondary source for payment recovery. .
Any non-payment due to operational mistakes/mis understandings is not included in this fund. All the members are recommended to have a forwarders liability insurance beforehand. .
This fund would only be utilized when the WPL network is unable to recover the amount with negotiations and the agent is declared as a bad debtors. The bad debts only applicable on general freight and/or general heavy weight freight payments, and it does not include project, heavy lift, break bulk, arms and ammunition, cold chain, dangerous goods, live animals, perishables, valuables (gold, bank notes etc.). The reason being heavy amounts involved and the focus involved which very few forwarders can handle. Furthermore, the credit period should be agreed at the booking of each and every shipment and MUST be in written otherwise, claims would not be processed. Moreover, this pool fund only entertains claims of pure freight cost, claims of IMPORT DUTIES or TAXATION would not be entertained. .
Claims against the financial Pool fund for genuine reasons made by the members, but they also include the old debts which, according to the terms, cannot be claimed. They would be considered as old debts which were not reported to the WPL management in a timely manner hence no claims would be accepted regarding those debts particularly. .
WPL management would not be liable for any claims if there is any unforeseeable event such as wars, riots, sanctions, crime, natural disasters also known as Act of God (such as floods, typhoons, tsunami, earth quake) ETC.