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Complete Home & Office Legal Guide
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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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1993-08-01
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COLLECTION AGREEMENT
Shooting Star Collection Agency, Inc., referred to as AGENCY and
Frank's Used Auto Heaven, referred to as CLIENT, agree:
AGENCY represents that it is properly licensed, bonded, with a
capable and trained (if required) staff of collectors, and can
effect reasonable and lawful effects to collect accounts
receivable of CLIENT.
CLIENT shall provide to AGENCY, from time to time, accounts
receivable to collect. CLIENT represents that any accounts which
it turns over to AGENCY are legally due and owed. CLIENT shall
provide upon request to AGENCY source documentation for any and
all accounts due, and, verification of any balance due.
AGENCY shall at all times conduct collection activity on behalf of
CLIENT in compliance with all lawful regulations and laws and
shall hold CLIENT harmless from any claims related to unlawful
collection activity. A periodic report of the status of all
collections shall be provided to CLIENT by AGENCY at least every
month.
AGENCY shall receive a fee of 33 percent from all sums collected
on behalf of CLIENT. AGENCY may deduct from sums collected its
fee; however, all sums which are due to the CLIENT shall be held
in a separate trust account. In the event that a debtor returns
merchandise, the value for the purposes of the agreement shall be
the net sales price received for the same, or if the merchandise
is accepted by CLIENT, 1/2 its wholesale value.
CLIENT shall be entitled to, either itself or through designated
agents, auditors and accountants, conduct audits of the books and
records of AGENCY to verify accountings.
CLIENT shall be entitled to withdraw accounts once assigned from
AGENCY, however, if any collections are made as related to such
accounts shall be reported to AGENCY, and the AGENCY fee paid.
AGENCY shall be responsible for all expenses related to its
collection efforts, other than court costs and attorneys' fees, if
suit is authorized, and expenditure is approved for court costs
and attorney's fees. Any suit fees or court costs shall be
approved in writing prior to their expenditure.
Dated: _________________
____________________________________________________
Shooting Star Collection Agency, Inc.
____________________________________________________
Frank's Used Auto Heaven