VM Holdings: 714-845-1900
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This Collection Agreement, (hereinafter "Agreement") is made by and between Organization name, its subsidiaries and affiliates (hereinafter "Client") and Specialized Collections Bureau, d.b.a Debt Collectors., its representatives, subsidiaries and affiliates, (hereinafter "Agency").
AGENCY agrees to:
1. Carry out reasonable collection efforts for accounts placed incompliance with all applicable federal, state, and local laws,
2. Remit all monies collected, less any applicable commissions, to the CLIENT by the 15th of each month for all funds received for the previous calendar month, including a monthly statement detailing same,
3. Maintain privacy and confidentiality of any information obtained during the regular course of performing debt collections relative to accounts placed with AGENCY by CLIENT,
4. Provide periodic status reports for all placements upon request of CLIENT, 5. Notify CLIENT in the event settlement possible and/or legal remedy is recommended for placed accounts, and
5. Pay all attorney's fees, court costs, and filing fees if litigation is determined necessary for effective collection of an account and only after approved to do so by CLIENT.
CLIENT agrees to:
1. Immediately cease all direct collection efforts after date of placement to AGENCY and provide a copy of any and all documentation that will enable the verification of debt upon request by a debtor or by AGENCY.
2. Report all payments, bankruptcy notices, and/or any other relevant communications from debtors and/or their representatives directly to the AGENCY upon the CLIENT'S receipt or knowledge of the existence of same,
3. Permit AGENCY to negotiate any monetary instrument (checks, money orders, etc.) made payable to CLIENT which is received by AGENCY in payment against a placed account, and 4. Pay any and all commission owed from direct debtor payments upon receipt of the AGENCY'S monthly statement.
Specilized Collections Bureau makes no representations or guarantees with respect to the outcome of recovery efforts on placed accounts. All accounts are placed with AGENCY at no cost to CLIENT.
Commissions are payable by CLIENT to AGENCY under any of the following circumstances:
1. AGENCY collects any monies due to the CLIENT by the debtor on a placed account, 2. CLIENT receives any monies directly from the debtor on a placed account, 3. CLIENT pursues direct collection efforts after the placement of an account with AGENCY and receives any monies due CLIENT by the debtor for the same as a result, 4. CLIENT and/or AGENCY collects any monies due CLIENT on a placed account within thirty (30) days after the cancellation of this Agreement.
Payments made directly to CLIENT will be invoiced subject to the standard rates. Cedar Financial payment terms are “Payable upon Receipt”.
This Agreement represents a legal, binding contract between AGENCY and CLIENT. All terms and conditions are enforceable by the laws of the State of California. The Agreement term is commencing on date entered and is cancelable by either party upon delivery of a written, thirty (30) day notice.
I accept the Terms and Conditions.