COLLECTIONS CONTRACT

This contract commencing on:  ________ (Day) of ____________________(Month)__________ (Year),

is between:

_________________________________ (Company), (hereinafter referred to as “Client”)

_________________________________ (Street Address of Business),

_________________________________ (City),

_________________________________ (State),

_________________________________ (Zip),

and First Federal Collections Group, LLC, (hereinafter referred to as FFCG), who place of business is located at 55 State St., Commerce, GA 30529.

WITNESSETH,

WHEREAS, the client agrees to:

1.     Retain FFCG for its collections services

2.     Submit claims, accounts or other evidences of indebtedness to FFCG

3.     That FFCG will use any information submitted by the Client for the purposes of collecting a debt on their behalf.

WHEREAS, FFCG agrees to:

1.     Provide the Client with collections services for any claims, accounts or other evidences of indebtedness submitted by the Client.

NOW THEREFORE, for and in consideration of the mutual covenant hereinafter set forth, it is mutually agreed by and between the Client and FFCG hereto as follows:

1.     FFCG is a 3^rd party collection agency.

2.     FFCG carries and conforms to and is in compliance with all applicable local, state and federal laws concerning collections.

3.     FFCG is licensed as required by state of Georgia and is insured and bonded.

4.     FFCG acknowledges that the Client will confirm with a “Writ of Assignment” before any legal action can and will be taken against a consumer and/or debtor.

5.     FFCG is primarily compensated on a commission basis, for its collection efforts of any claims, accounts or other evidences of indebtedness submitted by the Client.  (See “Teems and Conditions”)

6.     FFCG primarily accepts Clients on a “Gross Account” basis. 

7.     The Client agrees that if they are set up on a “Net Account” basis, the client will submit deposit receipts every Monday, Wednesday and Friday, of every calendar month for any claims, accounts or other evidences of indebtedness submitted by the Client to FFCG except on holidays.

8.     The provisions of this contract are valid and/or enforceable unless a court of a competent jurisdiction rules differently.  If any portion of this contract is found invalid and/or unenforceable, the remainder of this contract shall not be affected and will remain in full force and effect.

9.     The Client agrees to and insures that all claims submitted to FFCG are valid debts and are legally enforceable.

10.  The Client warrants that all claims submitted to FFCG comply with and meet all local, state and federal guidelines with respect thereto.

11.  The Client agrees that any legal course of action, against a consumer, must be done so with a “Writ of Assignment”.

12.  The Client agrees that any list of claims, accounts or other evidences of indebtedness may be submitted with a national credit reporting agency after the claims have been with FFCG for 30 days or more.

13.  The Client has the right not to have any certain individual claims submitted to a national credit reporting agency.

14.  The Client shall also submit any/all demographic information, that FFCG requests, so FFCG may verify perform its services.

15.  The Client shall submit to FFCG any guarantors, of any claims, accounts or other evidences of indebtedness, different from the original debtor.

16.  The Client agrees that this contract shall be binding, in its entirety, with accordance of local, state and federal laws.

17.  This contract is binding on heirs, legal representatives, successors and assigns of the parties hereto.

18.  This contract can not be modified, except by an amendment in writing.

19.  The Client agrees that any claims, accounts or other evidences of indebtedness, which are in the process of litigation, can not be withdrawn from this contract regardless of any written notice.

20.  Either party may withdraw from this contract with a 30-day written notice.

21.  Both the Client and FFCG acknowledge that this contract must be signed by both, the client and FFCG, before either is enforceable.

22.  Both the Client and FFCG agree to the terms and conditions hereto.

TERMS AND CONDITIONS:

1.     Collection Fees are on a contingency basis.  We are only paid when we collect.

2.     Fees are to be paid to FFCG on all accounts paid directly to FFCG upon invoice.

3.     Fees are also to be paid on any accounts paid directly to the Client upon invoice.

4.     Fees do not change regardless of the accounts circumstances.

5.     Collection Fees may be negotiated on the correctness of data, volume and quantity of claims, accounts or other evidences of indebtedness.

6.     Fees are base on the last payment or last date of service to the Client.

7.     Client agrees to notify FFCG of any payments collected by the Client as described previously.

COMMISSION RATE SCHEDULE:

1.     Collection Fees are base on the time of last payment and/or service date.

a.     25% (00-30 days)

b.    30% (31-60 days)

c.     35% (61-90 days)

d.    40% (91-120 days)

e.     45% (121 – 365 days)

f.     50% (over 1 year)

g.    50% (Writ of Assignments)

IN WITNESS WHEREOF, both the Client and FFCG hereunto set their hands and seals the day and year above written. 

____________________________________                     ____________________________________

Client (Officer)                                                 FFCG