The Landlord Collection Agency
P.O. Box 4795
Waterbury, CT 06704
Email – email@example.com
COLLECTION SERVICE AGREEMENT
This Agreement made and entered by and between the CT Property Owners Alliance LLC, DBA the Landlord Collection Agency, PO Box 9745, Waterbury, CT 06704 herein after referred to as “Agency” and “user” herein after referred to as “Client.”
Client may have unpaid debts which it may desire Agency to collect from time to time, and Agency is qualified to credit report and collect such unpaid debt and desires to handle such accounts as may be referred by Client: the parties do agree as follows.
- The Agency agrees to undertake the collection of such debts as the Client decides to place with the Agency for the purpose of collection, and to use due diligence and employ such lawful means, methods, and procedures as in its judgment, discretion, and experience it believes will best effect the collection of such debt.
- The Agency agrees that the Client will not be liable for any expenses incurred by the Agency for collection except as herein provided.
- The Agency agrees to indemnify and hold the Client harmless against any and all liability, cost, and expenses including attorney fees, occasioned by claims or suits for loss or damages arising out of the acts of the agents, servants, or employees of the Client.
- The Agency agrees to remit monthly to the Client, the full amount of all moneys collected on the debts placed by the Client with the Agency for collection, less the commissions earned by the Agency. The Client understands that from time to time the Agency may receive checks, in payment of debt(s) owed to Client that is made out to the Client. Client and Agency agree that Agency will deposit said funds Into an Agency Escrow Bank Account. This account will be labeled a General Trust Account. Agency will remit the Client’s share of the debt collected less fees owed Agency from this account.
- The Client agrees to advise the Agency immediately on payments made directly to the Client and to indemnify and hold the Agency harmless against any and all liability, loss and expense including attorney fees, occasioned by claims or suits for damages arising out of the failure by the Client to notify the Agency. Agency is entitled to full compensation for any sums collected directly by client while this agreement is in force
- The Client agrees to pay the Agency the following fees: $19.95 for credit reporting the delinquent debt with one of more credit bureaus and 33.33% (Thirty-Three and One-Third percent), of any monies recovered on behalf of the client.
- The Client may, at any time, examine the agencies records pertaining to accounts referred to the Agency under this contract.
- This contract is for a period of one (1) year and shall continue upon the same terms and conditions set forth herein for additional one-year periods until termination is requested by written notice from either party to the other at least ninety (90) days in advance EXCEPT or the account expires due to statutory reporting requirements. If any monies are recovered by Client after Court judgment has been obtained by the Agency; then Agency will be entitled to 50% of all monies recovered and paid to client till said judgment expires.
- It is agreed upon the termination of this agreement, the Agency may, except elsewhere provided herein, retain for collection in accordance with the terms hereof any account upon which a partial payment has been made within the year prior to termination, and any account which the Agency may have placed with attorneys for collection in accordance with the terms hereof.
- The Client agrees that the Agency has the authority to settle Clients accounts for less than the original amount in one lumpsum payment. Minimum settlement offer shall be 75% SEVENTY FIVE PERCENT of the total money owed to Client.
- It is agreed that nothing herein contained shall be construed as obligating the Client to place additional accounts with the Agency for collection, but the client may do so without having to sign a new contract for each additional account they place.
IN WITNESS WHEREOF, the parties have executed this contract in duplicate on the date first above written.