| Board of Directors
Customer Service |
Human Resources |
File Type: Word
Sometimes, when all internal
collection efforts are exhausted, it becomes necessary to
hire an outside agency or collection specialist to recover
the debt owed. This collection agreement formalizes such an
arrangement and documents the terms and conditions of the
agreement including the responsibilities of both parties and
remittance / payment directions.
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The foregoing Collection Agreement is (Company Name) this day
of , ________ , by and between (COMPANY NAME)
Collection Agency, LLC, located at
through the authorization of _________________,
President, hereinafter known as
and , located at , hereinafter known as
sets forth the following terms and conditions:
The AGENCY agrees to:
Carry out reasonable collection efforts for
accounts placed in compliance with all
applicable federal, state, and local laws.
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
Maintain privacy and confidentiality of any
information obtained during the regular course
of performing debt collections relative to
accounts placed with AGENCY by CLIENT.
Provide periodic status reports for all
placements, up to and including quarterly
Notify CLIENT in the event settlement (below
authorized percentage) and/or legal remedy is
recommended for placed accounts.
The CLIENT agrees to:
Immediately cease all direct collection efforts
and provide a copy of any and all documentation
that will enable the verification of debt upon
request of a debtor or AGENCY.