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Client Contract |
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TRUSTMAN & CO 8/11, FF, First floor, Jangpura Extension
1. We authorize Trustman or its associates for collection and we shall, in respect to each account referred herein (hereinafter referred to as the 'Accounts'), provide Trustman with copies of all necessary documentation of the debt and any other such information concerning the debtor and the Account. Trustman has not made any representations regarding the recovery as to the volume or monetary amounts of
cases which are referred herein. 2. In performance of its services hereunder, it is intended that, in general, Trustman will be free of domination or control by us over manner and time of rendering such services provided. Trustman shall comply with all Federal, State and Local consumer and collection laws, bankruptcy laws, and any and all other laws, regulations, rules and ordinances governing debt collections in general.
3. All monies collected on Accounts shall be held by Trustman or its associates in the current trust account in trust for us, and no monies shall be commingled with the Trustman's general funds. 4. Trustman's compensation and/or the Attorney's compensation shall be on a contingent fee basis as specified in Attachment A to this letter and we agrees to notify Trustman immediately of all direct payments received after the file opening date. If any counterclaim is asserted, we agree to compensate the Trustman, in an amount to be mutually agreed upon, for services rendered. It is understood and agreed
that we may not withdraw claims from the Trustman after booking by us unless appropriate commissions are paid to Trustman, it is further agreed that due to our lack of support or hindrances shall entitle Trustman & or its Attorney's to full collection fees and Trustman reserves right of offset.
5. All attorney's fees, costs and disbursements awarded to us pursuant to any agreement between ourself and the debtor or pursuant to any court order or appropriate statue shall be monies due to us and shall become part of the gross collection for billing purposes as part of the gross payment received (see paragraph 6 herein). Trustman 's fees pursuant
to this understanding shall be calculated on the basis of the gross payment, recovery of principal, penalties and attorney's fees provided for under the contract. Interest may be charged from the receivable due date at the prevailing rate in the state where the debtor receives mail and said interest may be waived or retained by Trustman as an offset for credit reports, litigation reports, UCC searches, investigatory reports and other overhead.
6. We authorizes Trustman or its associates to endorse negotiable instruments received in payment of claims assigned to Trustman for collection and/or deduct commissions on claims paid direct to us from any monies due to us and Trustman agrees to handle our money from a non-interest bearing trust account. Trustman agrees to remit payments on the 15th day from deposit together with a report in such form and containing such information regarding the Accounts as we shall reasonably require. We shall reimburse Trustman for all authorized and verifiable out-of-pocket costs and disbursements. Billed fees will be paid by us within a reasonable period of time after receipt and review of the voucher. Trustman will be entitled to fees on any money or returns received in any manner on or after Trustman file opening date. 7. Trustman shall provide us with copies of forms utilized and procedures employed in connection with collection of Accounts. 8. Trustman shall, upon receipt or service of any claim, demand or lawsuit against Trustman or us / or both, arising from the Trustman's services performed hereunder, either directly or through the acts of the Trustman's agent as set forth in this letter, immediately notify us in writing, of such claim, demand or lawsuit. We shall have the right, in its sole discretion, to retain its own counsel to defend it
against any such claim, demand or lawsuit or to request Trustman to undertake such defense. We agrees to indemnify and save harmless Trustman from and against any and all loss, cost, damage, claims, or injury on account of anything made, done, permitted or neglected by the Trustman in connection with the information provided Trustman on Accounts placed for collection. 9. Trustman shall have no authority to settle any debt referred to it for collection for less than the full amount due and owing (principal and interest or judgment amount) without our authorization. 10. Trustman shall immediately notify us of any potential or threatened counterclaim or actual counterclaim denominated as such, asserted either by answer, motion, or otherwise and forward to us all relevant pleadings containing such counterclaims. 11. Trustman is authorized to refer cases to an attorney to institute litigation and to file such litigation.
12. This understanding shall become effective immediately and shall govern the Accounts hereafter referred to Trustman and shall remain in effect until terminated by either of us as provided herein. 13. This understanding may be terminated for reasonable cause, by either of us on giving 30 days written notice to the other at its respective addresses above or to any other address designated in writing. However, if Trustman breaches this understanding in any way, we may terminate this authorisation immediately upon written notice to Trustman. Upon the withdrawal of any Account (s) or the termination of this
authorisation, Trustman shall return to us all papers or other documents in connection with the Accounts. All rights and obligations arising under this authorisation prior to termination shall survive such termination. Files assigned to any attorney, the attorney's right to retain files and fees earned remain intact. 14. The
15. The Trustman may assign any of its rights, duties and obligations under this authorisation without our prior written consent. 16. This authorisation contains the entire understanding of the parties with respect to the subject matter and supercedes all previous verbal and written understanding; there are no other agreements, representations or warranties not set forth herein. 17. Any and all notices required or permitted to be given under the provisions of this Agreement shall be in writing and mailed to the parties. Either we or the Trustman may change the mailing address or person (s) to receive notices by serving written notice of such change and such new name (s) and address on the other party. 18. This understanding/ authorisation shall apply to all matters referred to Trustman before or after the date of execution hereof.
FEE SCHEDULE 'A'
FOR RECOVERY WITHOUT LITIGATION :- ____% for the first USD 2000.00 per claim AND ____% for above USD 2000.00 per claim
If Trustman is unable to recover and the litigation is required to recover the amount, then the cost of the suit and additional 10% of contingent fess is to be paid.
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