We work on a contingency basis, so our fee is only earned when we have successfully collected our clients' outstanding receivables. For collection of past due accounts involving commercial debts (business-to-business transactions), the following fees are applied, after collection:
| FEE: |
AMOUNT OR TYPE OF COLLECTION |
| 50% |
For each first placement claim of $499.99 or less that still has a good telephone number and address and is not disputed. |
| 33.4% |
For each first placement claim of $500.00 or more that has a good telephone number and address and is not disputed. |
| 50% |
For each second placement claim, or for any first placement claim over 1 year from latest invoice date. This rate also includes as international accounts over USD$500.00.
*****This rate also applies to consumer accounts over $500 that are less than one year from latest invoice date. |
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| 65% |
For all claims older than 2 years.
*****This rate also applies to consumer accounts that are less that $500 and/or over 2 years from latest invoice date.
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All funds recovered will be deposited by Whitney & Richardson, Inc. (WAR) and remitted to you after deduction of our fees. You will be liable to WAR for the fees set forth in this agreement on funds which you receive directly from debtors whose accounts have been placed with WAR pursuant to this agreement. You hereby authorize WAR to receive and endorse in your company's name any and all checks, notes, drafts, bills of exchange or other orders for the payment of money payable or endorsed to you which come into WAR's possession by virtue of its acting as your collection agent, and to remit the proceeds to you, less any fees which may be due WAR, whether or not such fees relate to the account for which the funds were received. WAR may use any funds collected to offset any open fees due WAR for any account submitted to WAR for collection. If merchandise returns are made, you will pay fees at our regular rates, based upon the invoiced value of such merchandise. If you withdraw an account submitted to WAR pursuant to this agreement before WAR has effected collection, or before WAR deems the account uncollectable, you will still be liable to WAR for the fee WAR would have earned had it collected the withdrawn account in full. If WAR discovers payment had been made prior to the claim being placed (discovered pay), you will still be liable to WAR for our full fee. If debtor re-instates for future business in substitution of either full or partial payment of claim, you will be liable to WAR for our full fee. WAR would require your authorization to have debtor re-instate for future business in substitution of either full or partial payment of claim.
...Finally, An Agency After Your Money!!
© 2009 Whitney & Richardson, Inc.
