(For Diamond member only)
Honoris causa(It is a free of charge benefit for Diamond member only)
This Honoris causa special highlights the credit and reliability of a Diamond member, the Association provide coverage, which is in case a Diamond member fails to pay to other valid members, the Association will provide USD20,000 (Maximum liability) for compensation to the lawful claimant.
Subject to the following terms & Conditions:
1) Maximum liability (US$20,000) in all cases and/or claims accumulated in a year of each Diamond member.
2) Only protected for a Diamond member where the city registered as Member in the Association but NOT included the member other Associated, Affiliated and/or any network firm/companies with a different legal entity.
3) The claimant MUST submit an official potential bad debts report to the Association 150 calendar days (as a deadline) from the Invoice date if a Diamond member fails to pay after 120 calendar days from the invoice date.
4) If a Diamond member going to a Bankruptcy procedure and disable to reply or submit any needed documents to the Association, so, the Claimant has to provide the related document, such as Invoice, B/Ls, Current statement of Account correspondence to prove the Diamond member un-paid.
5) If the claimant fails to report or report after the deadline(Point 3) the Association reserve a right to reject this claim, however, the Association will attempt to secure payment of the outstanding debt via negotiation.
6) Only for business to the business invoice but not include duty, tax, VAT, loan & asset purchasing.