I would like to comment that after analyzing in detail the new law MAP-21, I noticed, what I consider to be a loophole in the legislation. This bill will allow freight brokers who do not have the resources to get their Surety Bond or Trust Fund on their own to adhere to other freight intermediaries so that they can purchase a Group Surety Bond. This is a situation of which many bond companies are already taking advantage.
The purpose of increasing the bond was to raise the bar in order to protect the carriers of unscrupulous intermediaries (either a Freight Broker or Freight Forwarder), but because this legislation allows any Freight Broker or Forwarder to obtain their own Surety Bond through a Group Surety Bond, in which the freight intermediary may ... Read more
Starting next October, brokers will need to file a $75,000 surety bond or trust fund agreement. The increase is due to the Moving Ahead for Progress in the 21st Century Act (MAP-21), also known as the Highway Bill. It was signed into law on July 6, 2012. Certain provisions within the law have an effective date of October 1, 2013.
his legislation was designed in part to assist the Federal Motor Carrier Safety Administration (FMCSA) with its goal of increasing highway safety and to prevent fraud in the trucking industry through ... Read more
Past due receivables in United States and Canada are considerably high in the transportation industry, with an average cost between 2 to 5% of the total sales. In Mexico, it is even more expensive since the average is over 25% of the total sales. In addition to this, carriers need to cover operating costs in the recovery process; for example: legal costs, payroll, and the financial costs of idle capital.
Never overlook the fact that the cost of past due receivables is ultimately extremely high, one which often goes unnoticed. The additional costs... Read more
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