PLATINUM PLUS PROGRAM
Updated April 2014
The Platinum Plus Program is the vehicle that the Globalink Network has constructed to provide for our member-to-member financial protection in the case of a Globalink Member filing for bankruptcy, notification of insolvency or special cases of fraud. It is not protection against unpaid receivables between members. Globalink has other programs to assist in this case, but members are strongly advised to manage their credit policies carefully. As a benefit of membership, only active Members in Good Standing are allowed to access the Platinum Plus Program.
PURPOSE OF PLATINUM PLUS
The purpose of the Platinum Plus Program is to amass a pool of funds from which member companies may be compensated for money lost in the handling of a transaction for or with another member company that has become insolvent or has declared bankruptcy or otherwise disbanded. Platinum Plus will not pay to settle disputes between companies who remain in business except in extreme cases relating to fraud as determined by the Globalink President with input from the Advisory Board. Such disputes must have been brought to the attention of Bill Siemens for resolution within 30 days of awareness of the occurrence. The Globalink President has the right to ask for all documents and underlying invoices relating to the claim, and all correspondence. Such requests must be honored on a timely basis; otherwise the claim may be rejected. The purpose of the Platinum Plus Program is to protect the amount of money a member stands to lose in a transaction and not to compensate for the profit of the transaction. Therefore claims must be made for the net amount of money at risk without profit or markup, with substantiating backup. Such things as document fees, or service fees that do not directly relate to money at risk might not be honored in the claim’s final calculation. If such a claim is approved for payment, the claimant must sign over the debt to Platinum Plus for collection. In case of claim rejection, the member company will remain free to pursue any other means of collection at its disposal, and the decision Globalink Network should not be
construed as having any legal bearing on the collection process.
The amount of compensation would be limited to US$20,000 per participating company per year up to a maximum aggregate claim of 80 percent of the fund balance to be divided proportionately among the claimants.
It is a condition of membership that all Globalink Members contribute to the fund for each annual membership period. The contribution to the fund is $500.00 per membership term and these funds are kept in a separate Platinum Plus bank account. Members in Good Standing enjoy the protection of the fund on an annual basis, much the same way one might consider an annual insurance cover. Platinum Plus is not insurance nor does it represent this in any way. Members in Good Standing pay for access to the fund on an annual basis. Should a member lose their status as a Member in Good Standing, they lose the protection of the fund. Globalink will make no profit from the activities of the corporation and contributes its administrative services at no charge.
COST AND ELIGIBILITY GUIDELINES
The annual per-company contribution to the fund will be $500. All members of the Globalink Network, in good standing, will be eligible for full available coverage once they have paid the annual fee and have been a member of Globalink for at least three months. There will be no refund in the case of a Member departing the Globalink Network for any reason, nor does any departing Member have any claim to any funds they may have contributed to the fund. Globalink Members understand that its contributions to the Platinum Plus Fund revert to the Platinum Plus Fund in the event the Member discontinues membership from the Globalink Network for any reason. A member who has reached a total Platinum Plus contribution of $5,000 will be considered as “capped” and will no longer have to pay annually into this fund. If for any reason Platinum Plus has declined to 30% remaining or less, all capped members will contribute as usual the following year.
FUND PAYOUT RESTRICTIONS
Checks will be written against the fund balance by the administrators only for:
1. Loss compensation as described above, not to include profits,
2. Collection expenses incurred by the program administrators,
3. Income taxes payable by the corporation. Under the Federal and State rules governing the incorporation of Platinum Plus, all funds collected will be considered revenues taxable after expenses as income at the corporate rate. The alternatives of setting up an insurance corporation or offshore corporation are deemed to be equally as costly, of dubious legality, and far more time consuming. Viable tax-saving alternatives to the initial setup of Platinum Plus may certainly be considered by Globalink Management and the Advisory Board and the Globalink members at any time.
4. Any professional fees and other out-of-pocket expense such as may be incurred by Globalink in the setup and operation of the fund.
Globalink will provide an accounting of any disbursements from the fund to the Advisory Board on an annual basis.
Members shall make claims against the fund with the following in mind;
a) Claims must be made within 30 days of notice of Bankruptcy or Insolvency. Notice is defined as either notice by Globalink or notice by the party declaring Bankruptcy or Insolvency.
b) In cases of fraud Globalink reserves the right to terminate the membership of the guilty party and notify all members of the action. Claims for Fraud must be made with 30 days of the discovery of the fraud.
c) Payments will not be made on losses by non members or terminated members.
d) Payments will not be made on losses that are otherwise covered by other insurance, including errors and Omissions Insurance.
e) Payments will not be made for losses resulting from war, rebellion, hostilities, riot, civil commotion and natural disasters.
f) Payments will not be made for subsequent losses after a claim is filed resulting from contribution of business between a member company filing the claim and the member company identified as debtor in the claim.
g) Claims must be filed within the term of the claimant’s membership with Globalink.
h) Claims will be paid in the order of submission.
i) Only member offices enrolled and listed in the Globalink Directory are covered by the Platinum Plus Fund.
Funds will be deposited in an interest-bearing account.
The Platinum Plus fund will be overseen by the Globalink President with assistance by the Advisory Board.
Globalink Members agree that as a condition of participation in the Platinum Plus Fund that they agree to indemnify and hold harmless all agents, officers, owners and board members of the Globalink Network (Glnk Inc.), for all decisions made pursuant to the evaluation of a claim involving the program and for all other actions or in actions taken by them. Globalink Members also agree to hold Glnk, Inc. harmless in the event of errors or omissions in the execution of its business.
The Governing Law for the Platinum Plus Fund shall be the Laws of the State of Texas, USA.
DISBANDING OF THE FUND
If the fund is ever disbanded for any reason and monies remaining in the fund, shall be paid out to all currently participating contributors on a pro rata basis.