Doggie Daddy
Veteran Expediter
I guess *****ing, and moaning, and whining really does work.
Sent from my DROID BIONIC using EO Forums
Sent from my DROID BIONIC using EO Forums
Recruiting Manager at LRT Expedite
- Thread starter jerryc
- Start date
Brisco
Expert Expediter
Do what??
The Filing against a Brokers Bond for PAYMENT of services rendered is a very very common practice in the trucking industry. "True" IOO's (not all you "contractors" around here) should know the correct procedure on how to file against a brokers bond before they agree to any load.......just in case.
For one to say that "you can't file against a broker bond if you are an O/O and haven't been paid" on an open discussion board is giving false information to future IOO's who are seeking advice on how to collect their money for loads they haven't been paid on yet from Brokers who dispatched loads for them.
But, since LRT is now closed down......and NOBODY will likely ever get their $$$.....this discussion is probably dead now.....
If you need to know the correct way to file against a Brokers / Carriers "Bond" for payment.....let me know. I'll send you information to discussion boards that are full of IOO's (Not CONTRACTORS) in both the LTL/HotShot & Auto Hauling Industry who know how to do this in their sleep..........
Seems your argument is more about the definition of words than the actual facts. Your basicly saying the same thing Blizzard said, with different labels. You did do a fine job of degrading those of us who are contractors though, I'll give ya that. I understand the frustration though. When one is sitting on his butt wanting to do what others are out here doing, there is very little tolerance for such a huge mistake as using the wrong terminology on an internet message board?
Im not exactly sure what the perfectly accurate terminolgy is, but I believe that Blizzard's use of the term O/O is at least as accurate as your use of IO/O? I doubt we'll find either term used in any of the FMCSA regulations which is probably where we need to be looking if we're going to get our panties in a wad over terminolgy?
I do not believe that an owner operator can file on a broker bond. That bond if for loads brokered to other carriers from a broker. Now with that said, if the owner operator has copies of the bills of lading they could try going back to the shipper and demand payment.
purgoose10
Veteran Expediter
WOW! Watch out for my crystal ball. I was going to bring a new lawn chair to the Expo and set up in front of their booth and watch the entertainment. Anything else going on???
Even if an Owner Operator could file against his Broker Bond, you would find that the $10,000 from the bond was claimed by one carrier. That carrier was the lucky first to stake his claim.
Exactly. Now, for the other question. If the feds do raise the bond requirement to $75k or even $100k, is that enough?
Personally, I dont think it would be enough for many carriers. I believe it should based on the amount of business a carrier is doing...somehow.
I do agree that it would raise the bar some and make the entry threshold a little tougher, hopefully insuring a more financially stable new entrant.
I mentioned that in another post....fixing the bond to the business volume.....or number of units...
Outsidegirl
Active Expediter
Well, I am assuming that they changed their email to add the "e" so no one that he owed money to could contact him. Also, I'm sure by now you know that he went under. I used to work for him and he was horrible!!...When I found out that he went under I said that he would probably have to go back to driving, but who the hell would hire him????...He is definately a douche (and I'm sure someone will comment on this, but why hide the truth) and does nothing but scream at people, drivers, employees, etc. Sorry to hear that you lost out on all that money, but at least people know now the kind of person he is and seriously doubt anyone would want him to run for their company!...Best of luck to ya!
wvcourier
Expert Expediter
Yeah, it was the best new I heard all week. I learned a valuable lesson....dont work for a Tour Bus Driver.
Dont steal, the government hates competition. ~Ron Paul~
What you will see when the Feds increase the minimum bond requirement is an increase in the levels of business the bonding companies will be doing, and a serious rate increase for the price of the bond in "per thousand" dollar increments.
If you think about the claims against one brokers bond, is $100,000 enough? - probably not. It does not take long for a broker to become indebted to a number of Carriers for $100,000. Many times that could be a half days worth of shipments.
That's my story and I'm stickin' to it.
The new bond is going to put a lot of people out of business. If you do not have A-1 credit, a lot of business volume, and assetts to secure the bond - then you go out of business. There aren't many actual bonding companies left in th eindustry as it is due to the high risk nature of the freight brokering industry. A lot of the bonds are just BMC-85 broker trust funds. The new rules for obtaining a BMC-85 broker trust fund is going to be 10k down and then you will have to fund the bond within 3-4 years.
A lot of small brokers won't be able to cover that. Now the brokers that have been in business for a while might be able to fork that kind of cash over because they do a lot of business - but the smaller guys won't be able to do so. Or if some smaller to mid-sized brokers remain in business - they might pass the higher cost to maintain a broker bond to the carrier. Also, this does not address the carriers who do not pay the drivers. Carriers can still rip off drivers all day long because there is nothing to file on a carrier other than a judgement! When a carrier like LRT goes out of business and disappears there isn't even a 10k bond to file on.
They should have done three things with this transportation bill. 1. require all carriers to have a 75k bond for drivers to filel against if they are not paid. 2. require all shippers to have a 75k bond for brokers and carriers to file against if they are not paid. 3. require a broker to have a 75k bond for carriers to file against if they are not paid. Then you would have a nice stand off situation where everyone has some credit and skin in the game and more people would be paid on time and crooks would no longer be able to operate in this business.
A lot of small brokers won't be able to cover that. Now the brokers that have been in business for a while might be able to fork that kind of cash over because they do a lot of business - but the smaller guys won't be able to do so. Or if some smaller to mid-sized brokers remain in business - they might pass the higher cost to maintain a broker bond to the carrier. Also, this does not address the carriers who do not pay the drivers. Carriers can still rip off drivers all day long because there is nothing to file on a carrier other than a judgement! When a carrier like LRT goes out of business and disappears there isn't even a 10k bond to file on.
They should have done three things with this transportation bill. 1. require all carriers to have a 75k bond for drivers to filel against if they are not paid. 2. require all shippers to have a 75k bond for brokers and carriers to file against if they are not paid. 3. require a broker to have a 75k bond for carriers to file against if they are not paid. Then you would have a nice stand off situation where everyone has some credit and skin in the game and more people would be paid on time and crooks would no longer be able to operate in this business.
No..probably not. But, this America. They should be able to if they want. They do need to be regulated to whatever degree that would keep them from bailing out so easy and not paying their bills. My 2
exactly.....
Over 4000 views or more, are u all bored yet, LRT was never this popular. Just another EOL quilting partying?
http://youtu.be/Vxslz-5X6es
Lets change it up some::
http://youtu.be/Vxslz-5X6es
Lets change it up some::
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Don't brokers need some sort of license? Like a real estate salesperson ?....I agree they should be regulated because they are working within a regulated industry to begin with.....they should have some sort of qualification, besides being just an ex driver or whatever.....and be able to put up enough CASH that ANYONE they deal with can have access to IF they go belly up....the way it is now any dofus can be a broker....