Business Terms

 

Recoup Limited offers services under the following terms and conditions:

 

A: Definitions

  1. “RECOUP LIMITED” means Recoup Limited whose registered address is Recoup House, Castlecomer Road, Kilkenny.
  2. “The Client” denotes the firm that gives instructions to RECOUP LIMITED to undertake services.
  3. “Services” signifies all the client’s jobs undertaken by Recoup Limited. Recoup Limited collects accounts, traces absconding debtors, gives legal services, and offers assistance in credit management. Once in a while, Recoup Limited seeks an agent’s help to carry out these services.

B: Agreement

  1. The agreement will be interpreted in the light of Irish Law. All the disputes will come under the exclusive jurisdiction of Ireland’s courts.

C: Recovery of Debt

  1. RECOUP LIMITED is registered with the data protection commissioner.
  2. RECOUP LIMITED has professional indemnity or liability insurance for €50,000, and the Client agrees that the liability would be restricted to the money insured on the condition that RECOUP LIMITED will not be liable for any consequential or indirect damage or loss that might be caused due to the recovery services offered by the firm.
  3. RECOUP LIMITED holds an exclusive account for the client with its bankers. RECOUP LIMITED agrees that it would inform the client with regard to receipt of a payment, and process it through the client’s account.
  4. RECOUP LIMITED will always try to recoup cheques (from Client’s debtors) payable to the Client.
  5. We apprise the Client of the clearance of the funds after it is received, and we process it through the Client’s account.
  6. RECOUP LIMITED may charge its Client if it has to pay any charges while processing the funds through the Client’s account. This charge does not exceed £7 + VAT for each transaction; however, it excludes foreign transactions because they involve conversion-charges and currency fluctuations.
  7. If the Client asks RECOUP LIMITED to collect payment of debts through credit card, then RECOUP LIMITED charges the client 2.5 percent merchant service charge for all types of card payments. If payment collected by card is given to the client and later the card payment is charged back, then the client has to pay back the money, which was earlier paid to them, to Recoup Limited.
  8. RECOUP LIMITED has decided to implement the Late Payments in Commercial Transactions Regulations 2002 on each outstanding business debt, unless a contract or an agreement says something else. You can have this act’s copy on www.DebtCollectionIreland.net.
  9. RECOUP LIMITED is entitled to end the collection of any outstanding debts. RECOUP LIMITED can do it in the course of the process or even before it starts the process of debt collection.
  10. For each account collected wholly or in part for the Client, RECOUP LIMITED charges fees and/or commissions as per the current market rate agreed between the client and RECOUP LIMITED. And, other than court fees, all the charges are subject to VAT.

D: Credit Management Assistance

  1. If required by its clients, RECOUP LIMITED offers a number of other customized credit management solutions. However, it requires an exclusive or an additional contract with the client.
  2. The other credit management solutions provided by RECOUP LIMITED includes conducting door-to-door collections, managing sales ledger, outsourcing credit control functions, providing legal services, and consultancy. However, the Client would be responsible for all the costs and overheads incurred by RECOUP LIMITED or its agents. There will be a separate agreement between the Client and RECOUP LIMITED regarding this.

E: Client’s Liabilities

  1. The Client assumes responsibility for the validity of all the debts that they refer to RECOUP LIMITED for debt collection services.
  2. The Client must notify to RECOUP LIMITED at its earliest if any direct payments, credit, or the return of the goods are received by the Client, which makes it necessary to collect or reduce the value of, or stop the collection of an account already with RECOUP LIMITED. In this case RECOUP LIMITED will ask the Client to pay the normal fees and/or commission payable as though the debt was collected successfully. In the same way, if the Client tells RECOUP LIMITED to stop doing collection of an account and gives no valid reason besides the legal insolvency or death of the debtor, then RECOUP LIMITED will ask the Client to pay the normal fees and/or commission payable as though the debt was collected successfully. In case all or part of an order is confirmed while we are carrying out our chase process as having been previously paid, then RECOUP LIMITED will ask the Client to pay the normal fees and/or commission payable as though the account was collected successfully.
  3. We may ask the Client to furnish additional information so it could collect the outstanding debt. The Client will be bound to produce the additional information as soon as possible. In case the Client fails to furnish the information following the end of 14 days, we can re-assign the age of the debt and, accordingly, change the commission rate.
  4. If the Client asks RECOUP LIMITED to start any kind of legal action, then the Client will be legally bound to pay all the charges, costs, fees, and disbursements incurred by or billed to RECOUP LIMITED. We won’t be legally responsible for any damages or losses caused by incorrect information in these legal processes.

F: Prices and charges

  1. Unless otherwise agreed in written, the Client will pay the prices and charges quoted before the beginning of work.
  2. If no prices and charges are quoted, we charge the Client a reasonable price. We duly inform the Client if there is any likelihood that an additional or extraordinary charge will be incurred.
  3. The fees and charges will depend on the prevailing rate of VAT.
  4. While collecting debt on behalf of the Client, we have the right to deduct our collection fees from all the direct payments received by us.
  5. Unless it is agreed in advance in writing with RECOUP LIMITED, the standard payment terms for RECOUP LIMITED will be 10 days from the date the invoice is issued.
  6. We charge interest and costs as per the rates presented in Late Payments in Commercial Transactions Regulations 2002.
  7. If the Client closes an account prematurely, then RECOUP LIMITED can charge the Client an administration fee of two percent of the debt value or £25.00 —whichever is greater.

G: General Conditions

  1. We are not responsible for any error or negligence that may be caused by the actions of our staff, suppliers, representatives, or any other third party in contract by RECOUP LIMITED to complete the job of our Clients.
  2. We are not liable for a halt in work, delay in the delivery of post, lockouts, a natural calamity, and a war.
  3. If a Client fails to pay any charges or invoices that are due to RECOUP LIMITED, then RECOUP LIMITED has the right to discontinue its services without sending any notice.
  4. RECOUP LIMITED is bound to maintain secrecy regarding Client’s information. It is committed not to divulge any of the Client’s information to a third party.
  5. The Terms and Conditions and the Provision of the Services furnished over here should not be deemed to forge a partnership, or a relationship of an employer and an employee, or the relations of principal and agent between the Client and RECOUP LIMITED.
  6. Under these terms, we do not permit our Client to employ an employee of RECOUP LIMITED while he/she is on the staff, or for six months after he/she leaves RECOUP LIMITED.