HomeMy WebLinkAboutRickenbacker Group, The - Agreement for Collection Services for FinanceTFlE���4RUN
This agreement made and entered into this day of February 11, 2008, by and between, The City of Gilroy,
hereinafter referred to as "Principal", and Riekenbacker Collection Service, a collection agencY fully
licensed under, and pursuant to the lavers of the State of California, hereiaafter referred to as "Agent ".
Now, therefore in consideration of the promises and of mutual agreements of the parties hereto, it is hereby
agreed as follows:
1. Principal hereby appoints agent to collect, receive, and compromise or settle for principal all sums of
money due or payable to principal for claims which the principal lists with agent.
2. Agent Shall have the authority to receive payment in cash; check or money order, and shall have the
authority to endorse checks, drafts, money orders, and other negotiable instruments, which may be received
in payment. Agent shall have the authority to affect a compromise or settlement on accounts placed with
Agent. Agent shall remit all money less agreed commission monthly, and as otheiwise.required bylaw.
3. On all accounts referred for collection, whether paid directly to principal or to agent, agent shall receive
commissions as follows:
• 0% for the first 90 days of service agreement
33% for accounts collected by Agent after first 90 days of service agreement
• 50% on accounts previously placed with another service for collection
4. All interest occurring after date of listing and actually collected shall be owned by Agent.
5. When referred for suit, Agent shall obtain written authorization from Principal. Agent will advance all cost
of suit, and Will reimburse all legal fees frorn the first monies received.
6. The account(s) assigned to Agent are assigned upon the Principal's express warranty and representation that
said account is accurate and the sums alleged to be due and payable upon said account(s) are in fact due and
payable, principal does hereby indemnify and hold Agent harmless from any claim, cause for action, or
lawsuit against Agent based upon or related to an account assigned which is later found to be inaccurate.
7. This Agreement may be terminated at the option of either party by written notice given at least thirty (30)
days prior to the date of termination_ Principal understands that assignment made effective by this
agreement is not revocable without the consent of Agent, and that any attempted subsequent assignment is
invalid without the written prior consent of Agent. This agreement is executed in Gilroy, California and
Principal agrees that any legal action or proceeding between Agent and Principal for any purpose
concerning this Agreement or the parties' obligations hereunder shall be brought exclusively in a court of
competent jurisdiction sitting in Santa Clara County, California.
8. In the event where legal action is necessary to enforce any part of this agreement, the prevailing party shall
be entitled to attorney fees,
9. This Agree n� constitutes a ntir unde tanding between the parties and can be amended only by a
written ins t signed by� p
Prin ipal Agent:
�h Keith Baker
bate: fthniga 11, 2008
15005 Cor eord Circic • Morgat< F ill, California 95037 • Phone (408) 762.7200 • pax (408) 762 -7201
h 1LNvw.rickenbseketgl;oup.com E -mail: infolarickenbackergroup.com