1.Sterling Resolutions Ltd is a registered company in England and Wales.
Company number 16258135.
Providers of debt recovery services and assistance (here in after called “the provider”)
2. The claimant is owed or due monies (hereby called “the debt”) for the supply of goods and/or services to a third party (hereinafter called “the debtor”) and has provided on a full disclosure basis complete details of the debt and of the debtor to the provider.
3. The claimant wishes to engage the services of the provider to recover the debt for a commission of 20% (plus VAT) of collected funds, unless otherwise agreed in writing and the provider has agreed to act on behalf of the claimant as set out in these conditions contained.
4. The claimant authorises the debtor and any third party acting on the debtors behalf to pay the debt and any part there of or lawful addition there to provided or to its order.
1. DUTIES OF THE PROVIDER
1a – To accept the claimant’s instruction to act on the claimant’s behalf. In the recovery of the debt from the debtor.
1b – To use reasonable actions to recover the debt and will at its discretion where necessary or advisable to instruct an independent firm of lawyers chosen as shall be suitable for the right cause of action to act on behalf of the claimant in this respect but that the provider shall be the client of the said lawyer acting as agent for the client.
1c – To keep the client informed on at least a bi-weekly basis on how the case is going and to notify the claimant within 7 days any and all sums recovered by the provider or solicitors. Monies will not be released to the claimant until full payment is made (including costs) unless otherwise agreed in writing by the parties or unless this agreement is terminated by the provider as here in after provided.
1d – The provider will subject to clause 1c above to the account to the claimant for the sums recovered from the debtor in respect of the debt within 28 days of sums or the final element thereof clearing the providers bank account after deduction from such sums any amounts due but unpaid to the provider from the claimant under the terms hereof. For the avoidance of doubt the provider shall not be obliged to pay interest to the claimant on any sums recovered from the debtor unless otherwise agreed in writing.
2- DUTIES OF THE CLAIMANT
2a – To provide Sterling Resolutions Ltd with information and copies of all relevant documentation regarding the debtor, the debt and any goods and/or services provided by the claimant to the debtor and will provide such reasonable assistance and further information and instructions as the provider or the lawyers instructed in accordance with the clause 1b.
2b – To advise the provider of any grounds known to the claimant which the debtor has advised or may have non-payment or in defending any legal proceedings which may be brought for the recovery of the debt or for bringing any counterclaim against the claimant or any third party.
2c – To sign any claim form or particulars of the claim or other documents which the lawyers may advise as being required to be signed by the client in order to issue any such legal proceedings.
2d – To irrevocably authorise and direct the lawyers to pay all monies recovered from the debtor to the provider.
2e – To pay the fees agreed above to the provider for action on its behalf in the recovery of the debt together with a sum equal to the cost of instruction agents to attend court if required.
2f – The fees referred to in clause 2d and 2e shall be payable upon payment by or recovery from the debtor of any amount in respect of the debt and court fees referred to shall be due before the provider will instruct the commencement of court action.
2g – The claimant irrevocably authorises the provider (and any lawyers instructed pursuant to clause 1b) to deduct and withhold from any money paid by or recovered from the debtor in respect of the debt (or interest and costs) an amount equal to the fees set out in clause 2e shall apply to such sum as they would apply had such sum been paid to the provider or the solicitors.
2h – The claimant will advise the provider of any amount of money paid directly to the claimant by the debtor within two working days of receipt of such sum and the claimant acknowledges that the fees set out in clause 2e shall apply to such sum as they would apply to had such sum been paid to the provider.
3: DURATION OF THE AGREEMENT;
The agreement will remain in full effect until;
3a – The amount of debt (with interest and costs) has been paid by or recovered from the debtor and all fees and such sums due to the provider have been paid Or;
3b – Any legal proceedings issued in the name of the claimant for the recovery of debt have become defended and all fees and such sums due to the provider have been paid; or
3c – The provider shall give written notice to the claimant to terminate this agreement; or
3d – The claimant shall due, be declared bankrupt or (in the case of a company) be dissolved or liquidated; or
3e – The provider shall commit a material breach of this agreement and shall fail to remedy any such breach within 14 days of the claimant giving the provider written notice requiring it to.
3f – If the claimant shall breach or fail to comply with its duties hereunder or shall appoint a third party to act on the claimants behalf in connection with the recovery of the debt or shall cancel or terminate its instruction to the provider after commencement of this agreement then on the occurrence of any of the events stated in the sum equivalent to 80% of the commission that the provider would have earned on recovery of the debt plus VAT which sum shall be considered as liquidated damages in the respect of breach thereby effected.
4 If the legal entity which has instructed Sterling Resolutions Ltd goes into insolvency, the director of the company will be personally liable for any commission, fees or money owed to Sterling Resolutions Ltd.