Hold backs

The outfit Im with now, who is owned by another pretty big tanker/bulker outfit is 60 days to payday. Start on Apr.1 n first pay for half of April is end of May...2nd half payable mid June. I kinda like it this way as I get paid twice a month n whatever comes at the end of the month, the following one will be the same pay...

 

I've never heard of a company taking 90 days to pay their o/o. Many oilfield outfits take 90 days to pay their suppliers and vendors, but that's not the same thing at all. I was at a company for several years that paid me out 30 days in arrears (May will be paid out at the beginning of July). Start-up was a little rough if you didn't have the first 60 days covered, but there were no games in that regard. You knew that going in.

 

Thats not a holdback, you are just unknowingly financing their operations. Figure it out.....50 drivers x $3000 a week......interest free to boot.

 

Company i am O/O with had holdback of 1 week plus $3000 security deposit. Recently they changed it to 2 weeks plus security deposit. If someone can tell me how legal it is under Canadian law. I have 2 trucks and have $10000 stuck with them in security and holdbacks.

 

when I ran for heavy crude they paid 45 days after starting and they hold 5000 per truck for 90 days after contract termination. they take the 5000 after the very next pay after termination even though they still owe you another 30 days work

their sister company ecan was 30 day hold to pay and 10000 per truck for 90 days.

 

I found that as well, I had the opposite and had a salesman who was also a ex owner op try and sell me my first truxk which I realized later was so under specd and geared that it was rediculous.


on another note, change jobs. haul lcv.... sysco is hiring last time I checked edmonton to ft mac. gardwine has ads all over kijiji for super b flat deck. trimac edmonton. why not use the heavy spec truck to make heavy spec money?

 

I take it you either signed an agreement or verbally agreed to the terms???

 

Verbally

 

My perception on holdbacks is that most times, the carrier is on net 30 terms on their invoicing. Knowing that, the broker or shipper who is payin the carrier thinks most of the time that they dont have to 'mail' the cheque untill 30 days has passed...so with the snail mail system, 40-45 days can be expected. I can understand a 45 or maybe even a 60 day hold back, but anything beyond that is nuts. If the carrier can hold your money until they get paid, then there is no disruption in cash flow and everything runs smoothly. If you are an O/O and you go broke waiting for your first pay, then I guess you wernt prepared enough to start with n its probably for the best before you cause yourself more financial ruin...theres my $0.02 on the matter...