5%

Having the knowledge to prepare a contract/addendum that will protect your interests makes you look bad? I would think just the opposite.

Anyway, I meant to only send the addendum to your 'problem' account. If they don't want to sign it, that's fine. You know the reason why and if you don't get paid in a reasonable time it' son you.

Yes I am speaking of the real world. I agree that you should just stay away if you don;t like how they pay, but sometimes this is easier said than done. Could be a REALLY good deal for you, except for the slow pay issue.

Have you actually gotten paid by a bonding company? Full amount? Paperwork involved? Cost?

Thanks

 

No. IIRC I have contacted a bondholder twice, maybe three times about payment after moving the load. One time I think they told me it was too early to file and the broker paid shortly thereafter. The other time the broker said "Hold on I will call them right now" and we had a three way conference call right then and there. The broker was very accommodating and we set up payment terms over the phone. I suppose I could have asked for late fees but it was a trivial matter IMO.

So to answer you question, NO I have never cashed a check from a bondholder but YES a broker has facilitated payment on more than one occasion, in full, without fees.

 

Jimmy cracked corn and I don't give a sh1t if it takes brokers to pay a month or more because I have enough cash to stay in business.

 

Yes it makes me look bad. If I have a problem account, I'm not dealing with them. I don't need an addendum. WHat does it say about you if you continue to deal with people that don't pay on time? It says you are desperate and it says you can't get work anywhere else.

 

Great info!

We may have to agree to disagree on that point. Having your rights protected in writing is standard business practice, EXCEPT for truckers evidently. Next time yous sign multi pages of what they expect of you and what happens if you don't hold your end of what they are buying, you think about that. Back in 2001 or so, I had a dispute with the general contractor while working on the Covenant Transport addition. Had a verbal to do whatever it was that they needed in a hurry up yesterday mode. When the paperwork came thru, we were not on the same page. My attorney simply stated that if I did not have it in writing, the conversation did not happen. Lesson learned.

That does not mean I never worked with the GC again, but I do make sure my end of the contract of change orders are in order. Is that weak, poor, or smart?

 

I guess after about 5-6 years of running brokered freight I was able to cull the herd so that 90% of my business was with brokers that I know and trust. We are there to help each other, not argue tooth and nail like lawyers over the fine points in a contract. I know they will look after me. They look after me because I look after them. That is the way I like my business to work.

I have tried addendums. They created more problems than they solved. While The payable dept supervisor and the legal dept reviews the addemdum, the broker is seeking trucks elsewhere and he will probably find one so your addendem just cost you the load. And for what? Something that was probably not going to be an issue anyway.....or is an issue with one of every 15 - 20 brokers?

 

You know what Flatbed. I think I may add that to mine just for fun to see who pays it.

 

its on the bottom of the invoice TERMS

" Net 30 DAYS and 2% per month - 24% per year interest on any Past Due Amounts "

and as its usually the accounting dept that makes up the check they follow standard accounting practice same as when they bill their customers they tack it onto the check.