Trading Terms And Conditions - Recoup Limited
Terms and conditions for services provided by Recoup Limited
1. Definitions
.1 "RECOUP LIMITED" means Recoup Limited whose registered address is Recoup House, Castlecomer Road, Kilkenny
.2 "The Client" means the company instructing RECOUP LIMITED to carry out services required.
.3 "Services" means any of the activities carried out by Recoup Limited on behalf of the Client, these services include collection of accounts, tracing absconding debtors, legal services and bespoke credit management assistance. RECOUP LIMITED may sometimes require the assistance of agents when providing the above mentioned services.
2. Agreement
.1 Irish Law shall govern this agreement and all parties shall submit to the exclusive jurisdiction of the courts of the Republic of Ireland.
3. Debt Recovery
.1 RECOUP LIMITED is registered with the data protection commissioner
.2 RECOUP LIMITED has in place professional indemnity insurance to the sum of €50,000 and the Client accepts that the liability to the Client shall be limited to the sum insured provided always that RECOUP LIMITED shall not be liable for any indirect or consequential loss or damage which may be suffered or incurred as a result of the recovery services provided by the company.
.3 RECOUP LIMITED maintains a separate Client account with its bankers and undertakes to notify the client whenever possible of any payment received and which requires processing through the Client account.
.4 RECOUP LIMITED will always endeavour to recover cheques from Client's debtors made payable to the Client.
.5 Any monies received and processed through RECOUP LIMITED's Clients account will be accounted to the Client as soon as such funds have been cleared.
.6 RECOUP LIMITED reserves the right to charge the Client for any charges incurred for the processing of funds through the Client account, to a charge not exceeding €7 + VAT for each transaction (with the exception of foreign transactions where currency fluctuations and conversion-charges would apply).
.7 In the event that the Client requires RECOUP LIMITED to take payment of debts by way of credit card then RECOUP LIMITED will charge the client 2.5% merchant service charge for all types of card payments. In the event that payment taken by card is paid to the client and then at a later point that card payment is charged back then the client agrees that the monies paid to them will be paid back to Recoup Limited.
.8 RECOUP LIMITED will enforce the Late Payments in Commercial Transactions Regulations 2002 on all outstanding commercial debts unless otherwise agreed (a copy of this act can be found on our website at www.DebtCollectionIreland.net).
.9 RECOUP LIMITED reserves the right to terminate the collection of any outstanding debts either prior to the commencement of the collection process or at any time during the collection process.
.10 Fees and / or commissions due to RECOUP LIMITED will be charged on all accounts collected for the Client, whether in whole or in part, in accordance with the current rates agreed between the Client and RECOUP LIMITED and all charges, with the exception of court fees, will be subject to VAT.
4. Credit Management Assistance
.1 RECOUP LIMITED will, on application, provide Clients with other credit management services, tailored to the Client's specific requirements and for which a separate and or additional agreement or charges will be reached if requested by the Client.
.2 Such services may involve sales ledger management, outsourcing of credit control functions, door to door collections, legal services or general consultancy and for which the Client will be liable for all incumbent overheads, disbursements and charges whatsoever incurred by RECOUP LIMITED or its agents at the prescribed rates notified or agreed separately with the Client.
5. Clients Liabilities
.1 The Client warrants that all debts referred to RECOUP LIMITED for collection services are true and a valid.
.2 Where the Client receives any payments directly, credit or the return of the goods, which necessitate the collection of, or the reduction in the value of, an account already placed for collection by RECOUP LIMITED to be stopped, full details must be notified immediately by the Client to RECOUP LIMITED who will charge the Client the normal fees and or commission payable as if that account had been successfully collected by RECOUP LIMITED. Similarly, where the Client instructs RECOUP LIMITED to stop collection of an account for no valid reason other than the legal insolvency, death or any other demise of the debtor acceptable to RECOUP LIMITED, then RECOUP LIMITED will charge the Client the normal fees and or commission payable as if that account had been successfully collected by RECOUP LIMITED. In the event that an all or part of an instruction is confirmed during our chase process as having been previously paid then RECOUP LIMITED will charge the Client the normal fees and or commission payable as if that account had been successfully collected.
.3 RECOUP LIMITED may require additional information from the Client to enable RECOUP LIMITED to collect the outstanding debt. Any request for additional information by RECOUP LIMITED to the Client should be produced as soon as possible. In the event that the Client has failed to provide such additional information after the expiry of 14 days, RECOUP LIMITED reserves the right to re-assign the age of the debt and adjust the commission rate accordingly.
.4 In the event that the Client instructs RECOUP LIMITED to institute any form of legal action, the Clients will be liable in such cases for all charges, costs, fees and disbursements of whatever nature incurred by or billed to RECOUP LIMITED until or unless recovered or where non-recoverable from the Clients debtor(s) by RECOUP LIMITED or any other party acting on behalf of RECOUP LIMITED and or the Client. RECOUP LIMITED will not be liable for any losses or damages arising out of any incorrect information contained in such legal processes.
6. Prices and charges
.1 The prices and charges payable by the Client are those quoted prior to the commencement of work unless otherwise separately agreed in writing to the Client prior to RECOUP LIMITED being instructed to act by the Client.
.2 Where prices and charges are not quoted, RECOUP LIMITED undertakes as far as is reasonable and is possible to notify the Client of any extraordinary or additional charges before such charges are incurred or likely to be incurred.
.3 All fees and charges are subject to VAT at the prevailing rate where applicable.
.4 RECOUP LIMITED reserves the right to deduct collection fees from all direct payments received on behalf of the Client.
.5 Standard payment terms for RECOUP LIMITED are 10 days from invoice date unless agreed in writing with a Director of RECOUP LIMITED.
.6 RECOUP LIMITED charges interest and costs at the rates set out in Late Payments in Commercial Transactions Regulations 2002.
.7 In the event that an account is closed prematurely by the client then RECOUP LIMITED reserves the right to charge an administration fee of 2% of the debt value or €25.00 whichever is greater.
7. General Conditions
.1 RECOUP LIMITED accepts no liability for errors or negligence caused by actions of employees, representatives, suppliers or any other third party contracted by RECOUP LIMITED in fulfilling its responsibilities and duties towards the Clients.
.2 RECOUP LIMITED cannot be held responsible for stoppages of work, delays in delivery of post, strikes, lockouts, wars or any other calamity considered an act of God or nature beyond the control of RECOUP LIMITED.
.3 In the event of a Client failing to pay any charges or invoices due to RECOUP LIMITED, then RECOUP LIMITED reserves the right not to provide the Client with continuing services and to withdraw all or any services without notice.
.4 RECOUP LIMITED will at all times maintain complete secrecy as regards the information obtained from the Client in the performance of the services and shall not disclose such information to any third party.
.5 Nothing in these Terms and Conditions or the provision of the Services shall create or be deemed to create a partnership or the relationship of principal and agent or employer and employee between the Client and RECOUP LIMITED.
.6 The Client is not permitted under these terms to attempt to employ any RECOUP LIMITED staff whilst employed by RECOUP LIMITED or for a period of six months after leaving RECOUP LIMITED.