OSAF LINE UK announces to engage “Financial Protection” rules as sea freight claims shield. "Booking with Confidence" Guarantee Freight forwarders play a crucial role in making sure the seller receives payment from the buyer. For example, if the terms of payment are cash on delivery, it could be the forwarder’s responsibility to ensure that this money is collected when the goods are delivered. In other cases, the forwarder can help payment by ensuring the correct documents are in the right place at the right time. Sellers can often be trading with buyers thousands of miles away whose financial stability is unknown. Because of this, international financial institutions have developed specialist procedures that allow exporters to do business safely - knowing they will be paid on time and in full. IN UK, and no doubt elsewhere, the relationship between shippers, freight forwarders and carriers generally works to the mutual benefit of all. However, in tough economic times, the bankruptcy of a freight forwarder will often leave the carrier and shipper little choice but to litigate a dispute over the freight. The not unusual circumstances involve a situation where the shipper pays the freight forwarder upon being invoiced, but the freight forwarder goes out of business without having paid the freight to the carrier. OSAF Line protects it’s agents against receiving of related freight payments. OSAF Line UK is committed to the highest level of professionalism and honesty between agents. The carrier has the right to take ownership of and salvage the freight if full claim value is awarded. Getting rid of the damaged freight may result in the claim not getting fully paid, or denied altogether. Therefore OSAF Line UK is committed to providing its members with a safe marketplace for finding transportation services. While all transactions, including transactions completed on the internet, can carry some degree of risk. In the event that OSAF Line UK determines an agent and Service Provider have made reasonable attempts to reach a mutually agreeable resolution and are still unable or unwilling to reach an agreement, the OSAF Line Agent may be eligible for the Guarantee award payment. If all Terms & Conditions of this Guarantee are met by the OSAF Line Agent, OSAF Line UK may grant the compensation in an amount equal to the counter party agenct’s actual, out-of-pocket monetary losses, with such amount not to exceed counter party OASF Line Country Agent’s progress payments into OSAF Line Account. The Shipper's losses, and cost of the remedy, must be determined to be reasonable by OSAF Line UK. OSAF Line UK reserves the right, in its sole discretion, to determine the form and/or payment method of the "Booking with Confidence" Guarantee. * Effective for transactions booked on or after September 1st, 2014. * Booking with Confidence Guarantee terms and conditions are described in Standart Operating Procedurs & Guidelines for Network Cooperation in OSAF Line Ltd. UK document.
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