Financial Terms

1. The terms of payment among AiO 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, AiO members will settle all debts within thirty days of invoicing one another.

2. Unless otherwise agreed, AiO members will keep FOB, clearance, delivery / inland transportation, etc., charges for themselves. For international ocean or air carriage, a 50/50 profit share will be assumed.

3. Unless otherwise noted and agreed, it is automatically assumed that AiO members will quote each other in United States Dollars. Quotations from AiO members to AiO members must specifically state other currencies, if this is a requirement.

4. Unless otherwise agreed, payments to AiO members will be in the currency quoted.

5. For on going business between members, monthly statements should be provided by the creditor.

6. For all ongoing AiO business requiring offsets, unless otherwise agreed, both parties should provide statements for settlement by the 10th of each month.

7. Prior to the end of each month members should report all overdue amounts through the overdues payment alert form. In addition, any amounts that pass the 60 day overdue mark should be reported directly to the AiO Coordinator within five business days of that mark. Failure to report the said overdues at either juncture will jeopardize future claims for non-payment, should such claims be required.

8. When an AiO member supports a policy that a credit application is a requirement to do business, this should be clearly stated in quotations to all other AIO members. Otherwise this will not be assumed to be a requirement.

9. All transactions between members are to be paid as agreed bi-laterally between members (or multi-laterally should the trade be cross trade arrangements between members). Payment between members for due invoices, debits, or other agreed debts which are incurred by the trade, unless previously agreed between the concerned members, will not ever require or depend upon the actions, payments, or motions of any third or fourth parties (shippers, consignees, customers, or agents otherwise). If a debt with another member was incurred then it shall be duly paid by responsible party ordering the transaction as agreed. Awaiting payment from someone else is not an excuse for non-payment to another member unless these were the terms prior to the trade.

10. Members are required to pay presented invoices according to terms of quotations regardless of their own internal company regulations or policies of their banks. Should any member have internal company regulations regarding vendor payments that may potentially delay payments to other network members, whether the delays may be foreseen or unforeseen, these internal regulations must be disclosed at the time of, or prior to, the acceptance of any quotations before work commences. Booking of any cargo or work without such notification denotes complete acceptance of the quote as proffered. Acceptance of terms of quotations are final contracts, thus superseding any internal vendor policies whether such policies include applications for credit, vendor registration, banking documentation or other bureaucratic commercial applications or registrations. Conversely, should the quoting party agree in writing prior to booking to accept the other member’s internal policies over their own quotation terms, then the quoting party is deemed to have deferred the payment terms of their quotation.