Terms and Conditions
1.0 Definitions
1.1 "Company" refers to Commercial Collections Ltd.
1.2 "Client" refers to the individual or entity engaging the Company for debt collection services.
1.3 "Debtor" refers to the individual or entity from whom the Client seeks to recover debt.
1.4 "Debt" refers to the unpaid financial obligations owed to the Client by the Debtor.
2.0 Services
2.1 The Company will provide debt collection services, including contacting Debtors, negotiating payment terms, and, if applicable, taking legal action.
2.2 The Company will make reasonable efforts to collect the Debt; however, results are not guaranteed.
3.0 Client Obligations
3.1 Exclusive Engagement: The Client warrants that no other entity has been or will be instructed to act on the Debt once it has been assigned to the Company.
3.2 Debtor Communication: Once the account has been transferred to the Company, the Client agrees not to contact the Debtor or enter into any compromise, negotiation, or settlement with the Debtor.
3.3 Direct Payments: The Client shall report all direct payments made by the Debtor to the Client within 3 business days of receipt.
3.4 Privacy Compliance: The Client confirms that any and all information concerning the Debtor has been collected, obtained, used, and disclosed in accordance with the Privacy Act 2020 and the Credit Reporting Privacy Code 2004.
3.5 Debt Authenticity: The Client warrants the validity, amount, and authenticity of all claims and accounts placed with the Company for collection. Upon request by the Company, the Client agrees to provide documentation to prove the amount and authenticity of the claim.
3.6 Credit Reporting: The Client grants the Company the authority, at its sole discretion, to forward all undisputed debts to a nationwide credit reporting database after 14 days of lodgement.
4.0 Fees and Commission
4.1 The Company charges a commission of 30% of the total amount recovered from the Debtor.
4.2 Additional charges may apply for legal fees, court costs, adjudication applications, service of documents, or other third-party costs if legal proceedings are pursued (subject to Client approval).
4.3 Commission and fees are subject to New Zealand GST (Goods and Services Tax).
5.0 Payment of Collected Funds
5.1 Collected amounts, minus the commission and any applicable fees, will be transferred to the Client by the 20th of the month following receipt.
5.2 Payments will be made to the Client’s nominated bank account.
5.3 In the event that the Debtor makes payment directly to the Client, the Client shall immediately advise the Company and transfer the commission to the Company’s nominated bank account within 2 working days (the Due Date).
6.0 Liability and Disclaimer
6.1 The Company shall not be liable for any failure to collect the Debt or for any consequential, indirect, or other loss incurred by the Client.
6.2 The Client acknowledges that if a liquidator, receiver, or other insolvency representative reclaims money collected by the Company, the Company was acting solely as a service provider to the Client and was executing the Client's instructions. Accordingly, the Company remains entitled to payment of its commission, fees, and disbursements ("costs"), and these costs shall not be refunded to the Client.
6.3 The Company’s liability in any circumstance will be limited to the amount of commission collected for that particular debt collection effort.
6.4 Indemnity: The Client agrees to indemnify and hold the Company, its employees, agents, and subcontractors harmless from any claims, damages, liabilities, costs, or expenses (including legal fees) arising from: ( a ) Any breach by the Client of its obligations under this agreement. ( b ) Any claim or action brought by the Debtor or any third party as a result of the information provided by the Client or actions taken on the Client’s instructions. ( c ) Any breach by the Client of applicable privacy laws, including the Privacy Act 2020 and the Credit Reporting Privacy Code 2004.
6.5 This indemnity will survive the termination or expiration of this agreement.
7.0 Confidentiality
7.1 The Company will keep all information related to the Debt confidential, disclosing information only when required by law or to further the debt collection process.
8.0 Termination of Services
8.1 Either party may terminate this agreement with 60 days’ written notice.
8.2 Upon termination, any commission owed to the Company for amounts collected prior to termination will remain payable by the Client.
9.0 Governing Law
9.1 These Terms of Trade are governed by New Zealand law, and any disputes arising from them shall be subject to the jurisdiction of New Zealand courts.
10.0 Acceptance of Terms
10.1 By engaging Commercial Collections Ltd for debt collection services, the Client acknowledges and agrees to these Terms of Trade.
11.0 Interest and Charges on Overdue Amounts
11.1 Interest Charges: If the Client fails to pay any amounts due to the Company under this agreement by the due date, the Company reserves the right to charge interest on the overdue amount at the rate of 2.5% per month, calculated daily from the Due Date until full payment is received.
11.2 Collection Costs for Overdue Amounts: The Client agrees to pay all costs and expenses (including legal fees on a solicitor/client basis) incurred by the Company in recovering any overdue amounts owed under this agreement.
1.0 Definitions
1.1 "Company" refers to Commercial Collections Ltd.
1.2 "Client" refers to the individual or entity engaging the Company for debt collection services.
1.3 "Debtor" refers to the individual or entity from whom the Client seeks to recover debt.
1.4 "Debt" refers to the unpaid financial obligations owed to the Client by the Debtor.
2.0 Services
2.1 The Company will provide debt collection services, including contacting Debtors, negotiating payment terms, and, if applicable, taking legal action.
2.2 The Company will make reasonable efforts to collect the Debt; however, results are not guaranteed.
3.0 Client Obligations
3.1 Exclusive Engagement: The Client warrants that no other entity has been or will be instructed to act on the Debt once it has been assigned to the Company.
3.2 Debtor Communication: Once the account has been transferred to the Company, the Client agrees not to contact the Debtor or enter into any compromise, negotiation, or settlement with the Debtor.
3.3 Direct Payments: The Client shall report all direct payments made by the Debtor to the Client within 3 business days of receipt.
3.4 Privacy Compliance: The Client confirms that any and all information concerning the Debtor has been collected, obtained, used, and disclosed in accordance with the Privacy Act 2020 and the Credit Reporting Privacy Code 2004.
3.5 Debt Authenticity: The Client warrants the validity, amount, and authenticity of all claims and accounts placed with the Company for collection. Upon request by the Company, the Client agrees to provide documentation to prove the amount and authenticity of the claim.
3.6 Credit Reporting: The Client grants the Company the authority, at its sole discretion, to forward all undisputed debts to a nationwide credit reporting database after 14 days of lodgement.
4.0 Fees and Commission
4.1 The Company charges a commission of 30% of the total amount recovered from the Debtor.
4.2 Additional charges may apply for legal fees, court costs, adjudication applications, service of documents, or other third-party costs if legal proceedings are pursued (subject to Client approval).
4.3 Commission and fees are subject to New Zealand GST (Goods and Services Tax).
5.0 Payment of Collected Funds
5.1 Collected amounts, minus the commission and any applicable fees, will be transferred to the Client by the 20th of the month following receipt.
5.2 Payments will be made to the Client’s nominated bank account.
5.3 In the event that the Debtor makes payment directly to the Client, the Client shall immediately advise the Company and transfer the commission to the Company’s nominated bank account within 2 working days (the Due Date).
6.0 Liability and Disclaimer
6.1 The Company shall not be liable for any failure to collect the Debt or for any consequential, indirect, or other loss incurred by the Client.
6.2 The Client acknowledges that if a liquidator, receiver, or other insolvency representative reclaims money collected by the Company, the Company was acting solely as a service provider to the Client and was executing the Client's instructions. Accordingly, the Company remains entitled to payment of its commission, fees, and disbursements ("costs"), and these costs shall not be refunded to the Client.
6.3 The Company’s liability in any circumstance will be limited to the amount of commission collected for that particular debt collection effort.
6.4 Indemnity: The Client agrees to indemnify and hold the Company, its employees, agents, and subcontractors harmless from any claims, damages, liabilities, costs, or expenses (including legal fees) arising from: ( a ) Any breach by the Client of its obligations under this agreement. ( b ) Any claim or action brought by the Debtor or any third party as a result of the information provided by the Client or actions taken on the Client’s instructions. ( c ) Any breach by the Client of applicable privacy laws, including the Privacy Act 2020 and the Credit Reporting Privacy Code 2004.
6.5 This indemnity will survive the termination or expiration of this agreement.
7.0 Confidentiality
7.1 The Company will keep all information related to the Debt confidential, disclosing information only when required by law or to further the debt collection process.
8.0 Termination of Services
8.1 Either party may terminate this agreement with 60 days’ written notice.
8.2 Upon termination, any commission owed to the Company for amounts collected prior to termination will remain payable by the Client.
9.0 Governing Law
9.1 These Terms of Trade are governed by New Zealand law, and any disputes arising from them shall be subject to the jurisdiction of New Zealand courts.
10.0 Acceptance of Terms
10.1 By engaging Commercial Collections Ltd for debt collection services, the Client acknowledges and agrees to these Terms of Trade.
11.0 Interest and Charges on Overdue Amounts
11.1 Interest Charges: If the Client fails to pay any amounts due to the Company under this agreement by the due date, the Company reserves the right to charge interest on the overdue amount at the rate of 2.5% per month, calculated daily from the Due Date until full payment is received.
11.2 Collection Costs for Overdue Amounts: The Client agrees to pay all costs and expenses (including legal fees on a solicitor/client basis) incurred by the Company in recovering any overdue amounts owed under this agreement.