Debt Collection Terms & Conditions:
This Agreement is a legal contract between you and Corporate Debt Collection Services, To use our services, you must agree to this agreement before submitting your Debt Placement or use any of our services. Upon submitting a debt, you are bound by the terms and conditions of this Agreement.
We may amend this Agreement at any time by posting the amended terms on our site. The amended terms shall automatically be effective immediately upon posting on our site.
Unless otherwise agreed and confirmed in writing by Corporate Debt Collection Services, IT IS HEREBY AGREED that the following terms and conditions shall apply and all previous terms and conditions whether stated in writing or orally shall be null and void.
"Company" - Corporate Debt Collection Services,
"The Client" - You / Your Company
(Hereinafter referred to as "the client") hereby appoints Corporate Debt Collection Services,, through its appointed agent SME Bank Limited of 40 Jhang Building Blue Area Islamabad (hereinafter referred to as "THE COMPANY") to act as its agent for the client, on the following terms and conditions:-
- Once an account has been placed for collection, no arrangements or negotiations will be made with the debtor without the COMPANY being notified immediately.
- Where the CLIENT has authorized the COMPANY in writing, to proceed with legal action on its behalf, the CLIENT hereby agrees to pay the COMPANY all expenses (e.g. legal/Solicitors Costs and disbursements) incurred on its behalf. Such expenses to be charged during the month as incurred and payable on receipt of the monthly statement issued by the COMPANY. Such expenses paid by the CLIENT shall be refunded as and when recovered from the debtor.
- The CLIENT agrees to pay the COMPANY a commission in accordance with the schedule of rates appearing on the face hereof, and to reimburse the COMPANY for all disbursements as they are incurred by it on the CLIENTS behalf.
- The commission rate applicable shall be the rate stated at the head of this letter of Authority (which rate is hereinafter called the present rate.) Any increase in "the present rate" must be given by the COMPANY to the CLIENT thirty (30) days in advance in writing and agreed to by the CLIENT after which, the CLIENT agrees to be bound by any such increase.
- The CLIENT agrees to commission being paid to the COMPANY pursuant to the agreed schedule of rates immediately: a) The CLIENT has instructed the COMPANY to commence action and the debtor makes payment or partial payment. b) An account is withdrawn, settled by way of contra or a credit is passed after proceedings have begun.
- If either party terminates this appointment pursuant to paragraph 1 hereof the provisions of paragraph 5(a) and (b) of this appointment shall apply and in addition all outstanding costs and disbursements whatsoever then owing to the company shall be paid by the CLIENT to the COMPANY within (7) days of receipt of a statement headed "Termination Statements".