Confirmation Letter to the Rules of WIFFA Freight Credit.docVIP

Confirmation Letter to the Rules of WIFFA Freight Credit Union As a Freight Credit Union FCU member of WIFFA, I acknowledge to accept all Rules mentioned below, and hereby to sign this solemn confirmation. 1. Description FCU is a collective security model among WIFFA members to prevent the risk of documents and freight payment. Each FCU member deposit RMB30,000 to WIFFA Service Center as per China official exchange rate to other currency as Union Protection Fund UPF . Through cooperation among FCU members, bill of lading is released within 5 days of BL date, and the freight is paid on mutual fixed time. If there is bad debt default, all FCU members will share equally in the loss claimed and deducted from each account, but less than RMB5,000 each time and each member. Each member of FCU enjoys monthly guaranteed amount is RMB500,000 equal in USD at the highest, and the maximum amount of guarantee for each single business is RMB300,000 equal in USD . Foreign currency exchange rate according to China official rate at the date Credit Application Policy submitted and confirmed. How to join in FCU Firstly become the member of WIFFA, and then deposit specified amount into Union Protection Fund UPF . A receipt will be offered by WIFFA Service Center. WIFFA Service Center will officially upgrade Freight Wholesalers system, open the UPF handling platform for members. 3. Implementation of FCU A All secured business must occur among the members of FCU. All business operations must be conducted according to the Rules of FCU. B Each time through the business operations of FCU, the Credit Application Policy must be submitted to WIFFA Service Center within 3 days of BL date. The system will automatically save the files. Any business without submitting the Credit Application Policy or any discrepancy to the actual business or B/L, will cause no responsibility of FCU for any compensation. D The FCU wholesaler member should release B/L within 5 days