TERMS AND CONDITIONS
ACCEPTANCE ~ L.C.A. accepts the Creditors accounts and 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 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 it’s 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and expenses to date if the Creditor is unwilling or unable to support his claim to a judgment or where accounts are withdrawn pending collection.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 the Goods and Services Tax will be charged on any amount 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 in the event that any account listed for collection becomes statute barred. These terms and conditions will also apply to any future accounts listed with L.C.A.
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.
REGULAR OR RETAIL COLLECTION SERVICE
Accounts over $10,000.00 25%
Regular accounts 35%
Skips, locates, balances less than $150.00, 50%
Forwarded Accounts (sent by us to distant cities) 50%
COMMERCIAL OR BUSINESS TO BUSINESS COLLECTION SERVICE
Commercial accounts over $300.00 and under 4 months old 25%
Both Creditor and Debtor still operating business when account paid and age less than 4 months from date services performed or regular rates apply
PRE-COLLECTION ACCOUNT SERVICE (ONLY IF REQUESTED BY YOU)
Applies to accounts less that 5 months old 10% ($9.00 listing fee for each account listed)
No commission charge for any account less than $300.00 during the 29 day pre-collection program. All unpaid pre-collection accounts are automatically entered for direct collection at regular rates 29 days after listing with L.C.A. 1 JAN 99
NO COLLECTION ~ NO COMMISSION
Download ACCOUNT LISTING FORM