IAM Pays Members Over $200,000 USD to Settle RPP Claims
Following the final claims review for the 2017 fiscal year, IAM is paying out $200,514.01 USD to settle qualified Unpaid Invoice Compensation claims submitted through the Receivable Protection Program (RPP). This follows the $198,969 USD IAM paid out to settle qualified Unpaid Invoice Compensation claims from 2016. This is the primary benefit of the RPP - IAM compensates your company if its invoices were not paid by another member who went out of business. RPP Unpaid Invoice Compensation protects your company from financial loss when conducting work on behalf of another IAM member.
In addition to the Unpaid Invoice Compensation paid out for the 2015 and 2016 fiscal years, the RPP has now reimbursed 96 IAM members a total of $486,101.84 USD since it became an inclusive member benefit for all IAM Governing and Core Members on January 1, 2015.
If your company is owed money by another IAM member and the invoice is 120 days old or less, please submit your claim through IAM's new Online Submission Tool and we will contact you after our initial review of your claim. If you have any feedback about the new tool, please let us know at email@example.com so we can improve it for all IAM users.
Please remember that IAM must now be notified within 120 days of the invoice date for the claimed invoice to be eligible for Unpaid Invoice Compensation. For more information about the RPP, we encourage all members to read through the RPP Operating Rules and Regulations, where you can learn more about claiming for Unpaid Invoice Compensation as well as other RPP features like the Invoice Dispute Resolution Process and the IAM Alleged Debtor List.
Over the next few months, IAM will be profiling specific members who were compensated through the RPP, providing a member's perspective on the program and why it is such a valuable benefit. Feel free to pose any specific questions to us at firstname.lastname@example.org or in response to this post.