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NSRN Guarantee Fund

The NSRN Guarantee Fund is a benefit specifically designed to offer peace of mind and support successful business relationships between NSRN members. The Guarantee Fund will be carefully managed by NSRN to ensure the highest quality of service for its members. 

Terms and conditions:

NSRN manages the Guarantee Fund, free of charge, on behalf of registered members. 

Each affiliated member has the option to withdraw from the Fund at the end of every year. 

Upon withdrawal, all Fund fees paid will be reimbursed, minus a percentage of claims settled. 

Membership of the scheme is voluntary on a free to opt out base.

Affiliation:

Fund affiliation exists when a signed application for membership has been accepted and returned, and membership fees paid.  

NSRN will issue an invoice for the Membership Fee.

Fees:  

€500 per year, per company, for the first 5 years*. 

(*After 5 years – and subject to the size of the Fund at that time – no further fee is payable.)

Each branch office, within the same entity, registered with NSRN is charged an additional €200 per year.

All fees paid to the Fund remain the property of the affiliated member.

The membership year runs from January 1 – December 31 inclusive.

The annual fee is payable in full, regardless of the date of entry to the scheme. 

How does the Guarantee Fund work?

The Guarantee Fund operates only between registered members of NSRN.

Claims are subject to the Guarantee Fund start date and each affiliated member’s joining date.

The total value of a claim must be under the maximum limit of €20.000. However for small amounts up to 1000 EUR, to avoid international bank charges, this will be settled in the form of a credit against the next payment for the annual membership fee. 

The Fund is to be used specifically for bad debts, any claims resulting from operational disputes and mistakes are excluded. A creditor must assist NSRN in gathering all the necessary information and documentation in order to make the appropriate judgement on the claim validity. 

When a valid claim has been approved, the NSRN Guarantee Fund will reimburse the affiliated member the claim amount, unless the payment request exceeds the principal amount of the NSRN Guarantee Fund. In addition, to make sure the Guarantee fund is continuously functioning, for the first year of the Fund, the maximum individual claim reimbursement will be 50% of the principle Guarantee Fund at the time of the claim. 

The level of reimbursement may also be reduced by additional cover.  For example, if the affiliated member can recoup any of their loss through their FDRS cover, then they must declare this to the NSRN Guarantee Fund managers to allow the claim to be adjusted accordingly. 

Standard payment terms for members of the NSRN Network are 30 days after invoice date. (Alternative arrangements between members are acceptable, up to a maximum of 90 days beyond the invoice date.)

A creditor has 15 days after the invoice due date to inform the NSRN Guarantee Fund Management of an unpaid invoice, otherwise the claim will be time-barred.

Claims Procedure:

All claims should be addressed and submitted to the NSRN Guarantee Fund Management.

The claim should be clearly documented, and copies of all relevant invoices and correspondence must be included. 

A panel comprised of NSRN Guarantee Fund Managers; expert industry colleagues and NSRN members will consider each case. 

Recovery of amounts considered to be due will be attempted by NSRN management within 30 days.

The NSRN members involved will be informed of the outcome of the recovery attempt and claim. In case the claim in valid, the debtor will be expelled from NSRN, and any remaining membership fee already paid will not be refunded. 

The specific office used as a freight partner must be a registered member of NSRN for a claim to be accepted.  This means that branch offices that belong to the same legal entity must be separately registered with the Fund in order to benefit from the Guarantee Fund policy. 

Management  

NSRN manages the Guarantee Fund on behalf of its Affiliated Members and according to its terms and conditions; without accepting liability of any kind, in any circumstance.  

Trading arrangements are strictly between the Affiliated Member and the contracting member.  NSRN is responsible neither for the commercial agreement between them, nor for the quality of the work carried out under such arrangements. 

The Management of the Guarantee Fund reserves the right to amend the Fund terms and conditions.

Accountability:  

An annual report including a statement of fees collected and claims settled and pending will be prepared and presented by the NSRN Guarantee Fund Managers.

Affiliated Members have the right to request information about the NSRN Guarantee Fund at any time.

Following the Annual Report, Affiliated Fund Members may either:

remain in the Fund, when new fees paid the following year will increase both the Fund and the percentage payable on the claims.

or

leave the Fund, when NSRN will reimburse either fees paid fully in the case of no claims; or by a percentage of funds paid out if some claims have been settled. (No reimbursement will be made if the claimed total is equal or higher than the Fund total.) 

In our fast-paced industry environment we offer added value for NSRN members with the NSRN Guarantee Fund.

Contact

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Email: info@nsr-network.com

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