Issuance of Credit

Team PRP does not require partners to issue credit terms to each other. Team PRP partners have full discretion to do business with who they please, and may issue credit as they see fit.

Financial Practices and Standards

8.3. Accounts Payables and Exceptions Regarding Payments

As part of your participation in Team PRP, you agree to make sure that all of your company pays fellow Team PRP partners no later than the end of the month. This means that your payment checks for brokered parts needs to ARRIVE to your Team PRP partners, PRIOR to the end of the month in which you received the statement.

Remember that every part you purchase from your partners carries a substantial discount, and it is both courteous and expected that you pay Team PRP partners as quickly as possible after you receive your statement. Team PRP holds its members accountable for paying their partner’s statements quickly and correctly. However, any individual invoices in dispute must be notated along with your payments for documentation and as reminders to each other that there may be credits that remain un-issued.

It is the goal for each of the members to have their partner’s statements reconciled by the 10th and checks mailed so they arrive no later than the end of the month. Failure to pay your Team PRP partners on a timely basis as defined herein may be subject to dispute resolution. When submitting payments to another Team PRP facility, a listing of all the invoices and the amount being paid on each invoice must be submitted with the check. If there are invoices on a member’s statement that are not being paid, include an explanation accompanying the payment indicating why the check does not total the amount due. If you do not receive a statement please request one so both members can reconcile their records to the others and proactively take care of any issues. You may not deduct cleanup costs without prior authorization from the seller.

Payments from all Team PRP facilities must be applied as the paying facility specifies on their payment remittance.

You are expected to pay other Team PRP facilities so the payment is received by the 28th of the month. If payment is not received by the beginning of the following month, then the member can contact the past due member’s accounting department to make immediate payment arrangements.

If payment is not made within seven (7) business days of that phone call, the member’s Owner/Manager that is due payment can then escalate the issue to the member’s Owner/Manager that is past due to arrange payment. If it is still not received within seven (7) business days of that documented call, then a “Final Request” email needs to be sent to the past due Owner/Manager with a copy to the Team PRP Regional Manager documenting the failure to resolve or by submitting the issue for Dispute Resolution or Corrective Action.

If the debt is not settled within sixty (60) days of the statement date then the delinquent member will be considered out of compliance with the Team PRP guidelines. At this time, the issue will be brought up for the Board of Directors for appropriate action.

The only exception to this process is invoices that are in dispute. If payment is received from another Team PRP member and there are outstanding invoices that were not included in the payment, communicate with your salesperson to make sure there is not an issue with the transaction or a credit pending. In the event a dispute remains unresolved, the resolution process described in the Dispute Resolution Section, below, shall be followed. If the issue cannot be resolved within a reasonable amount of time, a mediation request can be submitted. Partners that have chronic past due account as a result of disputes may be subject to dispute resolution or investigated by the Board and appropriate action taken at their discretion