In conjunction with our payment protection fund, Keystone, we would like to make everyone aware of the new changes to our payment protection policy.
In order to more closely monitor any company not paying on time, and resolve these issues more swiftly, we are introducing our Overdue Payment Alert System.
From now on, it will be mandatory that each company inform us before the end of the month, of any overdue invoices from members. For example, if the due date of an invoice is 25th March and payment has not been received, the Overdue Payment Alert form must be completed before 31st March with the full details of the overdue amounts and invoice uploaded. Failure to do so, will invalidate any future claim.
During these difficult times, now more than ever, it is important to support your fellow members and make payments on time. Repeated failure to do so will result in removal from the network.
For your security, we are implementing a new system in the members’ area that can allow for members to be temporarily suspended due to late payments or being overdue on their network membership. Should a member become suspended that said member themselves will not be covered under the financial protection program for further new business. We ask everyone to be vigilant and login daily to check the status of any member before doing business. This information will be live and up to date.
We would also like to use this opportunity to dispel the widespread misconception that by being part of a network you must give 30 days credit. You are not required to give credit and should still operate on your companies’ best practices.
Our network regulations on this matter state:
- The terms of payment among AON members are determined by the quotation for the business concerned. Booking per the quotation without further arrangements is considered acceptance of the payment terms on the quote. Quotation acceptance supersedes any prior contracts or agreements. If no payment terms are included in the quotation and an agency contract is in effect between the parties, the payment terms will follow the contract. In cases where the quote contains no payment terms and there is no agency or other commercial contract between the origin agent and the destination agent, or unless otherwise agreed, AON members will settle all debts within thirty days of invoicing one another.
Thank you for your continued support and we hope everyone is managing ok during this pandemic.