Guarantee Program

eCon Network provides ‘Guarantee Program’ to support Supplier and make better progress. The program types are divided into Basic Guarantee, CEU FULL Guarantee, and RV Guarantee as follows.

• Basic Guarantee

Basic Guarantee is a fundamental program to protect Supplier’s risk of outstanding RV amount. In the Negotiation step, this guarantee type is applied if CEU FULL Guarantee is not selected.

If the User does not pay the RV value of the subject matter guaranteed to supplier via eCon-Network in 90 days from the approval date of the Total Loss, eCon-Network will compensate to supplier for 50% of the CEU value used in the request. 

• CEU FULL Guarantee

CEU FULL Guarantee is protective special program for suppliers against Total Loss and Supplier/ User are able to discuss it at Negotiation step.

The guarantee fee is billed to the user’s wallet once at the time of pick up and  every 30 days after free days until the container is returned, based on USD 1 per half of CEU.

If the user does not pay the RV value of the subject matter guaranteed to supplier via eCon-Network in 90 days from the approval date of the Total Loss, supplier can demand 100% of the applicable CEU value in the request to eCon-Network instead of RV value. 

Unless there is overdue payment for guarantee fee, eCon-Network is under obligation to pay for it. 

• RV Guarantee

RV Guarantee is another protective special program for supplier against Total Loss. For guarantee Maximum RV value that supplier estimates, supplier is able to discuss it with service team in eCon-Network by chat room or email at Negotiation step after choice CEU Full guarantee.

The full amount of RV is supposed to review by service team, and they will share guarantee fee terms based on the rule: USD 1 per half of CEU. This guarantee fee is billed to supplier’s wallet once the RV Guarantee program is approved from eCon-Network team.

If the user does not pay the RV value of the subject matter guaranteed to supplier via eCon-Network in 90 days from the approval date of the Total Loss, supplier can demand 100% of the applicable RV value in the Request to eCon-Network. Unless there is overdue payment for guarantee fee, eCon-Network is under obligation to pay for it. 

* To guarantee CEU value of subject matter or RV amount, User or/and Supplier must wire a guarantee fee in time. Otherwise, the above guarantee options could be cancelled automatically.

* In the case of the outstanding for 90 or over days, eCon-Network guide Guarantee program without delay. And, Supplier has to decide and answer in 5 working days about CEU value of subject matter or RV amount in accordance with the option of Guarantee program.

* The CEU value is based on the Initial Price per CEU of pick-up month. 

Thank you.