Common use of COLLECTION OF DEBTS Clause in Contracts

COLLECTION OF DEBTS. 8.1 We shall have the sole and exclusive right of collecting and enforcing payment of any Debt in such manner as we consider appropriate. You have no right to collect Debts unless condition 8.6 applies or you have our written authority. 8.2 Except where provided to the contrary in this Agreement: 8.2.1 you will give written notice to each Customer of the assignment of Debts to us on all invoices, statements of account and other documents in such format and at such times as we shall tell you; and 8.2.2 we shall be entitled to give notice to your Customers of the assignment of Debts to us at any time and in such format as we shall in our complete discretion determine. 8.3 We shall have the right to: 8.3.1 appropriate any Collection, credit or Allowance in or towards the satisfaction of Approved Debts in priority to Disapproved Debts even though the Customer may have allocated the Collection, credit or Allowance against invoices evidencing specified Disapproved Debts; 8.3.2 accept payment from a Customer of a sum less than the Notified Value of the Debt in satisfaction of such Debt; 8.3.3 commence, conduct, defend or compromise any proceedings in your and/or our name for the recovery of a Debt or resolve any dispute with a Customer on such terms as we consider appropriate; 8.3.4 make payment to a Customer of any credit balance on the Customer's account; and 8.3.5 take possession of any Returned Goods and to sell them on such terms as we shall decide. The net proceeds of sale, after deduction of all costs and expenses incurred in securing possession of and selling the goods, shall be treated as a Collection and applied by us in or towards payment of the relevant Debt. 8.4 You will be bound by our decisions even if the Purchase Price of a Debt is reduced as a consequence. 8.5 If requested by us, you will: 8.5.1 fully co-operate with us to collect Debts and resolve disputes with Customers; 8.5.2 provide us free of charge with all evidence required by us; 8.5.3 ensure the attendance at any hearing of all witnesses required in connection with any proceedings; and 8.5.4 exercise your rights under a Contract of Sale to enforce any Related Rights. 8.6 If we appoint you as our agent to collect Debts: 8.6.1 you will act as our agent solely for the purpose of collecting and enforcing payment of Debts and enforcing and protecting all Related Rights relating to Debts; 8.6.2 you undertake to act promptly and efficiently at your expense in carrying out your duties as our agent; 8.6.3 you will not hold yourself out as our agent for any other purpose; 8.6.4 you will not appoint any other person to collect payment of Debts without our prior written consent; 8.6.5 condition 8.2 will not apply unless we terminate your agency under condition 8.7; 8.6.6 you will manage the accounts of Customers, render statements to Customers and maintain such accounts and records in respect of the Debts as we shall from time to time stipulate and will conspicuously mark your ledgers to show that the Debts have been assigned to us; 8.6.7 we may open a bank account in your name and you will deliver to the relevant bank an irrevocable mandate under which officers of ours are appointed as the only authorised signatories. You will pay into such bank account all payments tendered by Customers in or towards the discharge of Debts purchased by us under this Agreement (excluding Non-notifiable Debts); 8.6.8 no Prepayments shall be made in respect of Debts payable by standing order or direct debit until you have provided us with satisfactory evidence that payment under such standing order or direct debit will be made to the bank account identified in condition 8.6.7; 8.6.9 we may communicate with Customers in our or your name for the purpose of verifying the existence and amount of Debts; 8.6.10 you will provide us with the following documents completed to the month end by the 12th day of the following month: 8.6.10.1 a reconciliation of your sales ledger to your Sales Ledger Control Account in a format specified by us; 8.6.10.2 an open item aged Customer listing, including the Customer's name, address and telephone number; 8.6.10.3 copies of all Customer statements; 8.6.10.4 an aged creditors' listing; and 8.6.10.5 copies of your bank statements for all accounts maintained by you (procuring your bankers to send such statements direct to us); 8.6.11 you will provide us with monthly management accounts for each month by the end of the calendar month following the month to which the accounts relate; and 8.6.12 you will allow us to audit your sales ledger and inspect your accounting records at your premises at such frequency and cost to you as we shall stipulate. 8.7 We may at any time terminate your agency to collect Debts. Upon termination of such agency: 8.7.1 we may ask you to comply with condition 8.2.1, if previously you have not been required to do so; 8.7.2 you will not hold yourself out as our agent for any purpose; 8.7.3 we shall collect all Debts or supervise their collection by a third party; 8.7.4 you will ensure that Customers pay all Debts directly to us; 8.7.5 you will immediately deliver to us such accounts, documents and records relating to the Outstanding Debts as we specify; and 8.7.6 we shall be entitled to charge you a collection fee of 15% of the Notified Value of all Debts Outstanding at the date of the termination of the agency (which we may debit to your Client Account at any time after such date) and of all Debts Notified to us after such date (which we may debit to your Client Account at any time after each Debt is Notified). Such collection fee is to cover the additional work we will be required to perform to carry out the obligations you agreed to undertake under the terms of your agency. You acknowledge that such collection fee represents a genuine pre-estimate of the loss we are likely to sustain in consequence of the termination of your agency to collect Debts.

COLLECTION OF DEBTS. 8.1 We shall have the sole and exclusive right of collecting and enforcing payment of any Debt in such manner as we consider appropriate. You have no right to collect Debts unless condition 8.6 applies or you have our written authority. 8.2 Except where provided to the contrary in this Agreement: 8.2.1 you will give written notice to each Customer of the assignment assignation of Debts to us on all invoices, statements of account and other documents in such format and at such times as we shall tell you; and 8.2.2 we shall be entitled to give notice to your Customers of the assignment assignation of Debts to us at any time and in such format as we shall in our complete discretion determine. 8.3 We shall have the right to: 8.3.1 appropriate any Collection, credit or Allowance in or towards the satisfaction of Approved Debts in priority to Disapproved Debts even though the Customer may have allocated the Collection, credit or Allowance against invoices evidencing specified Disapproved Debts; 8.3.2 accept payment from a Customer of a sum less than the Notified Value of the Debt in satisfaction of such Debt; 8.3.3 commence, conduct, defend or compromise any proceedings in your and/or our name for the recovery of a Debt or resolve any dispute with a Customer on such terms as we consider appropriate; 8.3.4 make payment to a Customer of any credit balance on the Customer's account; and 8.3.5 take possession of any Returned Goods and to sell them on such terms as we shall decide. The net proceeds of sale, after deduction of all costs and expenses incurred in securing possession of and selling the goods, shall be treated as a Collection and applied by us in or towards payment of the relevant Debt. 8.4 You will be bound by our decisions even if the Purchase Price of a Debt is reduced as a consequence. 8.5 If requested by us, you will: 8.5.1 fully co-operate with us to collect Debts and resolve disputes with Customers; 8.5.2 provide us free of charge with all evidence required by us; 8.5.3 ensure the attendance at any hearing of all witnesses required in connection with any proceedings; and 8.5.4 exercise your rights under a Contract of Sale to enforce any Related Rights. 8.6 If we appoint you as our agent to collect Debts: 8.6.1 you will act as our agent solely for the purpose of collecting and enforcing payment of Debts and enforcing and protecting all Related Rights relating to Debts; 8.6.2 you undertake to act promptly and efficiently at your expense in carrying out your duties as our agent; 8.6.3 you will not hold yourself out as our agent for any other purpose; 8.6.4 you will not appoint any other person to collect payment of Debts without our prior written consent; 8.6.5 condition 8.2 will not apply unless we terminate your agency under condition 8.7; 8.6.6 you will manage the accounts of Customers, render statements to Customers and maintain such accounts and records in respect of the Debts as we shall from time to time stipulate and will conspicuously mark your ledgers to show that the Debts have been assigned to us; 8.6.7 we may open a bank account in your name and you will deliver to the relevant bank an irrevocable mandate under which officers of ours are appointed as the only authorised signatories. You will pay into such bank account all payments tendered by Customers in or towards the discharge of Debts purchased by us under this Agreement (excluding Non-notifiable Debts); 8.6.8 no Prepayments shall be made in respect of Debts payable by standing order or direct debit until you have provided us with satisfactory evidence that payment under such standing order or direct debit will be made to the bank account identified in condition 8.6.7; 8.6.9 we may communicate with Customers in our or your name for the purpose of verifying the existence and amount of Debts; 8.6.10 you will provide us with the following documents completed to the month end by the 12th day of the following month: 8.6.10.1 a reconciliation of your sales ledger to your Sales Ledger Control Account in a format specified by us; 8.6.10.2 an open item aged Customer listing, including the Customer's name, address and telephone number; 8.6.10.3 copies of all Customer statements; 8.6.10.4 an aged creditors' listing; and 8.6.10.5 copies of your bank statements for all accounts maintained by you (procuring your bankers to send such statements direct to us); 8.6.11 you will provide us with monthly management accounts for each month by the end of the calendar month following the month to which the accounts relate; and 8.6.12 you will allow us to audit your sales ledger and inspect your accounting records at your premises at such frequency and cost to you as we shall stipulate. 8.7 We may at any time terminate your agency to collect Debts. Upon termination of such agency: 8.7.1 we may ask you to comply with condition 8.2.1, if previously you have not been required to do so; 8.7.2 you will not hold yourself out as our agent for any purpose; 8.7.3 we shall collect all Debts or supervise their collection by a third party; 8.7.4 you will ensure that Customers pay all Debts directly to us; 8.7.5 you will immediately deliver to us such accounts, documents and records relating to the Outstanding Debts as we specify; and 8.7.6 we shall be entitled to charge you a collection fee of 1510% of the Notified Value of all Debts Outstanding at the date of the termination of the agency (which we may debit to your Client Account at any time after such date) and of all Debts Notified to us after such date (which we may debit to your Client Account at any time after each Debt is Notified). Such collection fee is to cover the additional work we will be required to perform to carry out the obligations you agreed to undertake under the terms of your agency. You acknowledge that such collection fee represents a genuine pre-estimate of the loss we are likely to sustain in consequence of the termination of your agency to collect Debts.

COLLECTION OF DEBTS. ‌ 8.1 We shall have the sole and exclusive right of collecting and enforcing payment of any Debt in such manner as we consider appropriate. You have no right to collect Debts unless condition 8.6 applies or you have our written authority. 8.2 Except where provided to the contrary in this Agreement: 8.2.1 you will give written notice to each Customer of the assignment assignation of Debts to us on all invoices, statements of account and other documents in such format and at such times as we shall tell you; and 8.2.2 we shall be entitled to give notice to your Customers of the assignment assignation of Debts to us at any time and in such format as we shall in our complete discretion determine. 8.3 We shall have the right to: 8.3.1 appropriate any Collection, credit or Allowance in or towards the satisfaction of Approved Debts in priority to Disapproved Debts even though the Customer may have allocated the Collection, credit or Allowance against invoices evidencing specified Disapproved Debts; 8.3.2 accept payment from a Customer of a sum less than the Notified Value of the Debt in satisfaction of such Debt; 8.3.3 commence, conduct, defend or compromise any proceedings in your and/or our name for the recovery of a Debt or resolve any dispute with a Customer on such terms as we consider appropriate; 8.3.4 make payment to a Customer of any credit balance on the Customer's account; and 8.3.5 take possession of any Returned Goods and to sell them on such terms as we shall decide. The net proceeds of sale, after deduction of all costs and expenses incurred in securing possession of and selling the goods, shall be treated as a Collection and applied by us in or towards payment of the relevant Debt. 8.4 You will be bound by our decisions even if the Purchase Price of a Debt is reduced as a consequence. 8.5 If requested by us, you will: 8.5.1 fully co-operate with us to collect Debts and resolve disputes with Customers; 8.5.2 provide us free of charge with all evidence required by us; 8.5.3 ensure the attendance at any hearing of all witnesses required in connection with any proceedings; and 8.5.4 exercise your rights under a Contract of Sale to enforce any Related Rights. 8.6 If we appoint you as our agent to collect Debts: 8.6.1 you will act as our agent solely for the purpose of collecting and enforcing payment of Debts and enforcing and protecting all Related Rights relating to Debts; 8.6.2 you undertake to act promptly and efficiently at your expense in carrying out your duties as our agent; 8.6.3 you will not hold yourself out as our agent for any other purpose; 8.6.4 you will not appoint any other person to collect payment of Debts without our prior written consent; 8.6.5 condition 8.2 will not apply unless we terminate your agency under condition 8.7; 8.6.6 you will manage the accounts of Customers, render statements to Customers and maintain such accounts and records in respect of the Debts as we shall from time to time stipulate and will conspicuously mark your ledgers to show that the Debts have been assigned to us; 8.6.7 we may open a bank account in your name and you will deliver to the relevant bank an irrevocable mandate under which officers of ours are appointed as the only authorised signatories. You will pay into such bank account all payments tendered by Customers in or towards the discharge of Debts purchased by us under this Agreement (excluding Non-notifiable Debts); 8.6.8 no Prepayments shall be made in respect of Debts payable by standing order or direct debit until you have provided us with satisfactory evidence that payment under such standing order or direct debit will be made to the bank account identified in condition 8.6.7; 8.6.9 we may communicate with Customers in our or your name for the purpose of verifying the existence and amount of Debts; 8.6.10 you will provide us with the following documents completed to the month end by the 12th day of the following month: 8.6.10.1 a reconciliation of your sales ledger to your Sales Ledger Control Account in a format specified by us; 8.6.10.2 an open item aged Customer listing, including the Customer's name, address and telephone number; 8.6.10.3 copies of all Customer statements; 8.6.10.4 an aged creditors' listing; and 8.6.10.5 copies of your bank statements for all accounts maintained by you (procuring your bankers to send such statements direct to us); 8.6.11 you will provide us with monthly management accounts for each month by the end of the calendar month following the month to which the accounts relate; and 8.6.12 you will allow us to audit your sales ledger and inspect your accounting records at your premises at such frequency and cost to you as we shall stipulate. 8.7 We may at any time terminate your agency to collect Debts. Upon termination of such agency: 8.7.1 we may ask you to comply with condition 8.2.1, if previously you have not been required to do so; 8.7.2 you will not hold yourself out as our agent for any purpose; 8.7.3 we shall collect all Debts or supervise their collection by a third party; 8.7.4 you will ensure that Customers pay all Debts directly to us; 8.7.5 you will immediately deliver to us such accounts, documents and records relating to the Outstanding Debts as we specify; and 8.7.6 we shall be entitled to charge you a collection fee of 1510% of the Notified Value of all Debts Outstanding at the date of the termination of the agency (which we may debit to your Client Account at any time after such date) and of all Debts Notified to us after such date (which we may debit to your Client Account at any time after each Debt is Notified). Such collection fee is to cover the additional work we will be required to perform to carry out the obligations you agreed to undertake under the terms of your agency. You acknowledge that such collection fee represents a genuine pre-estimate of the loss we are likely to sustain in consequence of the termination of your agency to collect Debts.

COLLECTION OF DEBTS. ‌ 8.1 We shall have the sole and exclusive right of collecting and enforcing payment of any Debt in such manner as we consider appropriate. You have no right to collect Debts unless condition 8.6 applies or you have our written authority. 8.2 Except where provided to the contrary in this Agreement: 8.2.1 you will give written notice to each Customer of the assignment of Debts to us on all invoices, statements of account and other documents in such format and at such times as we shall tell you; and 8.2.2 we shall be entitled to give notice to your Customers of the assignment of Debts to us at any time and in such format as we shall in our complete discretion determine. 8.3 We shall have the right to: 8.3.1 appropriate any Collection, credit or Allowance in or towards the satisfaction of Approved Debts in priority to Disapproved Debts even though the Customer may have allocated the Collection, credit or Allowance against invoices evidencing specified Disapproved Debts; 8.3.2 accept payment from a Customer of a sum less than the Notified Value of the Debt in satisfaction of such Debt; 8.3.3 commence, conduct, defend or compromise any proceedings in your and/or our name for the recovery of a Debt or resolve any dispute with a Customer on such terms as we consider appropriate; 8.3.4 make payment to a Customer of any credit balance on the Customer's account; and 8.3.5 take possession of any Returned Goods and to sell them on such terms as we shall decide. The net proceeds of sale, after deduction of all costs and expenses incurred in securing possession of and selling the goods, shall be treated as a Collection and applied by us in or towards payment of the relevant Debt. 8.4 You will be bound by our decisions even if the Purchase Price of a Debt is reduced as a consequence. 8.5 If requested by us, you will: 8.5.1 fully co-operate with us to collect Debts and resolve disputes with Customers; 8.5.2 provide us free of charge with all evidence required by us; 8.5.3 ensure the attendance at any hearing of all witnesses required in connection with any proceedings; and 8.5.4 exercise your rights under a Contract of Sale to enforce any Related Rights. 8.6 If we appoint you as our agent to collect Debts: 8.6.1 you will act as our agent solely for the purpose of collecting and enforcing payment of Debts and enforcing and protecting all Related Rights relating to Debts; 8.6.2 you undertake to act promptly and efficiently at your expense in carrying out your duties as our agent; 8.6.3 you will not hold yourself out as our agent for any other purpose; 8.6.4 you will not appoint any other person to collect payment of Debts without our prior written consent; 8.6.5 condition 8.2 will not apply unless we terminate your agency under condition 8.7; 8.6.6 you will manage the accounts of Customers, render statements to Customers and maintain such accounts and records in respect of the Debts as we shall from time to time stipulate and will conspicuously mark your ledgers to show that the Debts have been assigned to us; 8.6.7 we may open a bank account in your name and you will deliver to the relevant bank an irrevocable mandate under which officers of ours are appointed as the only authorised signatories. You will pay into such bank account all payments tendered by Customers in or towards the discharge of Debts purchased by us under this Agreement (excluding Non-notifiable Debts); 8.6.8 no Prepayments shall be made in respect of Debts payable by standing order or direct debit until you have provided us with satisfactory evidence that payment under such standing order or direct debit will be made to the bank account identified in condition 8.6.7; 8.6.9 we may communicate with Customers in our or your name for the purpose of verifying the existence and amount of Debts; 8.6.10 you will provide us with the following documents completed to the month end by the 12th day of the following month: 8.6.10.1 a reconciliation of your sales ledger to your Sales Ledger Control Account in a format specified by us; 8.6.10.2 an open item aged Customer listing, including the Customer's name, address and telephone number; 8.6.10.3 copies of all Customer statements; 8.6.10.4 an aged creditors' listing; and 8.6.10.5 copies of your bank statements for all accounts maintained by you (procuring your bankers to send such statements direct to us); 8.6.11 you will provide us with monthly management accounts for each month by the end of the calendar month following the month to which the accounts relate; and 8.6.12 you will allow us to audit your sales ledger and inspect your accounting records at your premises at such frequency and cost to you as we shall stipulate. 8.7 We may at any time terminate your agency to collect Debts. Upon termination of such agency: 8.7.1 we may ask you to comply with condition 8.2.1, if previously you have not been required to do so; 8.7.2 you will not hold yourself out as our agent for any purpose; 8.7.3 we shall collect all Debts or supervise their collection by a third party; 8.7.4 you will ensure that Customers pay all Debts directly to us; 8.7.5 you will immediately deliver to us such accounts, documents and records relating to the Outstanding Debts as we specify; and 8.7.6 we shall be entitled to charge you a collection fee of 15% of the Notified Value of all Debts Outstanding at the date of the termination of the agency (which we may debit to your Client Account at any time after such date) and of all Debts Notified to us after such date (which we may debit to your Client Account at any time after each Debt is Notified). Such collection fee is to cover the additional work we will be required to perform to carry out the obligations you agreed to undertake under the terms of your agency. You acknowledge that such collection fee represents a genuine pre-estimate of the loss we are likely to sustain in consequence of the termination of your agency to collect Debts.