Debt recovery terms and conditions

DEBT RECOVERY TERMS AND CONDITIONS

THIS AGREEMENT is made the ______________ day of ________________ 20__

BETWEEN:

(1)  //NAME OF COMPANY// LIMITED (Company) whose registered office is at ________________________________; and

(2)  THE CLIENT whose name and address is set out in the Schedule to this

Agreement

RECITALS:

(A) COMPANY operate the business of providing debt recovery services;

(B) The Client is owed money (“the Debt”) for the supply of goods or services to certain persons or companies (“the Debtor”) and has provided full details of the Debt and the Debtor to COMPANY;

(C) The Client wishes to instruct COMPANY to recover the Debt and COMPANY has agreed to act on behalf of the Client to recover the Debt from the Debtor on the terms and conditions of this Agreement

NOW IT IS AGREED as follows:

1. OBLIGATIONS OF COMPANY

1.1 COMPANY hereby accepts the Client’s instructions to act on the Client’s behalf

in the recovery of the Debt from the Debtor

1.2 COMPANY will use all reasonable endeavors to recover the Debt on behalf of

the Client and will, if and when necessary in the discretion of COMPANY, instruct

a firm of Solicitors to act on behalf of the Client in this respect

1.3 COMPANY will keep the Client informed on a regular basis of its progress in

recovering the Debt and will inform the Client within 7 days of any and all

sums recovered by COMPANY or the Solicitors from the Debtor

2. OBLIGATIONS OF THE CLIENT

2.1 The Client will provide COMPANY with full information and copies of all relevant

documentation (such as agreements, invoices, statement of account etc)

regarding the Debtor, the Debt and any goods and/or services provided by

the Client to the Debtor and will provide such reasonable assistance and

further information and instructions as COMPANY or the Solicitors instructed in

accordance with Clause 1.2 may require to recover the Debt

2.2 The Client will advise COMPANY of any grounds known to the Client which the

Debtor has advised or may have for defending any legal proceedings

which may be brought for the recovery of the Debt or for bringing any

counter-claim against the Client

2.3 The Client will, if necessary, confirm his instructions to the Solicitors in

writing and will authorize the Solicitors to issue legal proceedings for the

recovery of the Debt from the Debtor in the Client’s name and sign any

Claim Form or Particulars Company of Claim or other documents which the

Solicitors may advise are required to be signed by the Client in order to

issue or pursue any such legal proceedings

2.4 The Client will irrevocably authorize and direct the Solicitors, for the

duration of the Agreement, to pay all money recovered from the Debtor to

COMPANY

2.5 The Client will pay the following fees to COMPANY for acting on its behalf in the

recovery of a Debt which is not defended in Court proceedings:

3. DURATION AND TERMINATION

This Agreement shall remain in effect until:

3.1 The whole amount of the Debt (with all interest thereon) has been paid by

or recovered from the Debtor and all fees and such sums due to COMPANY

have been paid; or

3.2 Any legal proceedings issued in the name of the Client for recovery of the

Debt have become defended and all fees and

such sums due to COMPANY up to that date have been paid; or

3.3 COMPANY shall give written notice to the Client to terminate this Agreement; or

3.4 The Client shall due, be declared bankrupt or (in the case of a company)

be dissolved or put into liquidation; or

3.5 COMPANY shall commit a material breach of this Agreement and shall fail to

remedy any such breach within 14 days of the Client giving COMPANY written

notice requiring it to do so

THE SCHEDULE

(the Client)

AS WITNESS the parties have set their hands the day and year first before

Written

SIGNED : ________________________________________

(duly authorized signatory)

For and on behalf of

ACCOUNT RECOVERY

SERVICES LIMITED

SIGNED : _________________________________________

(duly authorized signatory)

FULL NAME : _________________________________________

For and on behalf of

THE CLIENT