Referred Account definition
Examples of Referred Account in a sentence
At any time upon the request of Client, Agency shall return all Confidential Information concerning a Referred Account in its possession to Client.
Agency shall maintain records for all Referred Accounts, which shall contain at least the following information: date of referral, balance owing, records of all collection activity, all payments made on the Referred Account and Contingent Fee deducted.
Client shall be reimbursed first for all court costs from any recovered proceeds from the Referred Account prior to calculation of the Contingent Fee.
Client authorizes Agency to settle any Referred Accounts, within its reasonable discretion and in good faith to maximize recovery of the balance owing on the Referred Account, without written authorization by Client.
Notwithstanding Client’s recall of any Referred Account, Agency shall retain the right to receive a Contingent Fee on any payment, settlement, insurance account or judgment earned on a Withdrawn Account, in accordance with the terms in Section 4.D, below, unless other arrangements are made with Client.
Client will use reasonable efforts to monitor any payments and/or settlements actually received directly from the obligor in connection with a Referred Account (a “Direct Payment”).
Upon receipt of information that the obligor on a Referred Account has filed for bankruptcy or receivership, Agency shall immediately cease all efforts to collect on the Referred Account.
Thereafter, Client shall provide, in a timely manner, all reasonably necessary assistance, information, and documents that Agency may need to respond to obligor validation requests or discovery inquiries relating to a Referred Account.
In such case, Client acknowledges that the Agency will return the Referred Account to Client upon request.
Client shall promptly notify Agency if it receives notification, whether oral or written, of a bankruptcy of an obligor on a Referred Account.