Payment Plan
First, it is important to explain that when you have a quality case and a solution is agreed upon, you must guarantee that this agreement is fulfilled. When the agreed solution involves a financial solution, then you should take into account the following:
- Ensure that the solution is formalized in the written format so that the case is closed. It is essential that this is your first step since once the case is closed and formalized with a written format, it cannot be reopened. This way you will avoid future discussions regarding the case.
- Also, make sure you have all receipts for expenses, as expenses will not be reimbursed without receipts. And, ensure that the receipts contain the date of the expenses since it is the necessary conversion so that you can do it according to the conversion date of the expense.
- You must send all expense receipts to the other entity, if the new expenses could be credited with receipts after the confirmation of the total amount at the ECB level, the claiming party will automatically be responsible for reimbursing the EP and/or OP with the Amount.
- Remember that both AIESEC entities are responsible for following up on the implementation. To follow up, you must know on which dates the payments must be made, we suggest that you add a reminder in your calendar so as not to have any delay, also, monthly be evaluating that the implementation is being carried out.
- Always, keep and send the receipt of the refund, in order to show compliance with the payment plan.
What should your payment plan contain?
- The exact amount you agreed to compensate.
- The date of payments
- The number of months within which it will be compensated (If you agreed with ECB Peru to have payments in parts)
- The amount for each month (If you agreed with ECB Peru to have payments in parts)
- Payment dates per month. (If you agreed with ECB Peru to have payments in parts)
- The conversion used in USD or CAD
- Method of payment.
How to agree on a payment plan?
- Once you have the agreement of the solution with the compensation that will apply according to Annex 2. Compensation Policies. As a Claiming Party, you must send the first proposal on the payment plan together with the evidence of the receipts. Make sure that your payment plan contains the elements that I mentioned previously.
- Respondent party, you must confirm or propose another solution of the payment plan. In the case of proposing a solution, it is advisable to explain the reason for not accepting the proposal in order to have a better understanding between both entities.
- The complaint party, according to the payment plan proposal, must confirm or make the necessary adjustments taking into consideration the comments of both entities.
Why is it important to comply with the payment plan? The consequence of the deadlines to proceed with the refund were not followed, is that the entity who is expecting the payment can raise an Official Case Application to ICB.
Recommendations:
It is highly recommended that you provide a payment plan template to the LCs, in order to ensure that all payment plans will be clear and contain the necessary elements. In such a way that if later, the case is raised to ECB or ICB, the violation is clear if the payment plan is not fulfilled.
Carla
ICB CS Team