ACCEPTANCE ~ Lincoln Collection Agencies Limited hereinafter referred to as L.C.A. accepts the Creditors accounts now listed together with any subsequent accounts listed subject to these terms and conditions. Creditor represents and warrants that the information provided is true and accurate to the best of the Creditors knowledge and belief.
AUTHORIZATION TO ENDORSE ~ L.C.A. is authorized to endorse and negotiate any item made payable to the Creditor for credit to accounts placed with L.C.A. Creditor hereby gives L.C.A. power of attorney to endorse for that purpose.
COMMISSION CHARGES ~ L.C.A. will charge a commission on all payments made and/or goods returned either directly to the Creditor or to L.C.A. Creditor agrees to report all direct payments and returns as received and agrees to pay all amounts billed by L.C.A. on receipt of statement. L.C.A. may charge a fee to compensate for its' work and expenses to date if the Creditor is unwilling or unable to support his claim to a judgment or where accounts are withdrawn pending collection. Full commissions will be due to L.C.A. as closing fees if the Creditor revokes or attempts to revoke the authority of L.C.A. to collect any account listed for collection or makes any direct arrangement with the debtor without advising L.C.A. forthwith. L.C.A. is hereby authorized to deduct all charges due to it from any amount due to the Creditor. It is understood and agreed that HST will be charged on any amounts billed by L.C.A.
COURT ACTION ~ Court action will only be commenced with the written permission of the Creditor. The Creditor agrees to reimburse L.C.A. any expenses for court costs and/or legal fees. A $10.00 suit preparation fee will be charged for any account filed with the Courts.
MINIMUM TERM OF LISTING ~ The Creditor agrees to leave the accounts with L.C.A. for a minimum term of one year after which any or all accounts may be canceled with written notice to L.C.A., provided that the accounts are not actively being collected at that time. The Creditor hereby gives L.C.A. an irrevocable agency for the term of this and subsequent listings. L.C.A. shall bear no responsibility should any of the Creditors account(s) become statute barred after being listed with it for collection.
CREDIT REPORTING ~ Creditor agrees to the release of information to credit reporting facilities and others as to the existence of Creditors claim against any debtors listed with L.C.A. and agrees to reimburse reasonable costs of obtaining credit reports, as necessary, on accounts placed for collection.
COMMERCIAL AND RETAIL COLLECTION SERVICE
|Accounts less than 6 months old or amount paid over $10,000.00||25%|
|Commercial and Retail accounts over $150.00||35%|
|Skips, locates, accounts less than $150.00, accounts previously filed with others, accounts requiring excessive work to effect collection and forwarded accounts.||50%|
Download ACCOUNT LISTING FORM
NO COLLECTION ~ NO COMMISSION
(1 JUN 2018)