RE: New Credit Term Policy
As our day-to-day lives and work continues to evolve with COVID-19, Kenco Bucket Trucks would like to share an update with our customers. We are taking the pandemic seriously and want to continue to keep all stakeholders fully informed. Please read on for updates to our new credit term policy.
We have already seen Dallas County issue a shelter-in-place order earlier this week, and today, Harris County (where Kenco is located) issued a “Stay at Home” order in response to COVID-19. While Kenco qualifies as an essential business and will continue to provide our full scope of work, similar public orders in other parts of the country have impacted our firm. While we continue to serve our clients—because we believe supporting your projects is necessary to our country’s supply chain—we have been impacted by many of our clients working from home and their inability to process payments at this time.
After speaking with industry professionals and having our clients’ best interest in mind, we are initiating a different approach to our credit term policy and billing methods.
We have adopted the standard utility industry practice of collecting an initial, partial-prepayment retainer, in addition to instituting a milestone payment policy. This will allow us to continue providing essential utility truck services.
This new policy goes into effect immediately and includes the following:
- Upfront, prepaid retainer on any project requiring more than two utility crews and/or three days of transporting. This initial payment will be applied to your total invoice.
- Agreement on milestone payment cadence (mirroring the same cadence you have already established with your client) with final payment due upon delivery.
Additionally, our crews have informed us that many hotels they checked into are anticipating announcements for closures of different properties. Hotels are experiencing difficulty in keeping employees to clean guest rooms and other areas due to health risks and concerns. We wanted to share this information with our clients, since it has the potential to impact all of us.
Last week, we sent out a variety of other changes implemented during this time of uncertainty. Many of those have not changed and you can reference them here. Kenco continues to proactively take measures to minimize potential risk associated with COVID-19. We are also monitoring and following the CDC suggested guidelines.
We appreciate your understanding of the above changes as we all continue to navigate the uncertainties brought about with COVID-19. We encourage each customer to contact Randy Starnes to review their project. He is also available to assist with any conversations via conference call if needed.
Thank you for your trust and business as we create OPEN ROADS for your HIGH LOADS.
Office: 281.459.3100 ext. 108
Chief Executive Officer