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Terms of Agreement between your business (Subscriber
/ Creditor) and Performance Source II, Ltd., (PS II, Ltd.),
5097 N Elston Ave, Suite 300, Chicago IL 60630. Phone:
773/205-8000. FAX: 773/205-8041.
Serving you, PS II, Ltd. provides all services to
creatively and professionally pursue recovery of bad debts
you electively submit by assignment. Litigation service is
available at your discretion.
Method of Placement - Creditor may place accounts
for collection with Performance Source by any means
convenient to the Creditor. These
Terms and Conditions shall apply to all future placements by Creditor
regardless of method of account submission.
Fees - All services provided by Performance Source.
are subject to Performance Source's regular rate
schedule, which may be amended from time to time by
Performance Source. Invoices for services rendered by
Performance Source are due upon receipt. Creditor shall
incur a late fee of one and one-half percent per month
on any unpaid amounts, and agrees to pay all reasonable
costs of collection including court costs and attorney
Offset - Should Creditor fail to pay Performance
Source sums due, Performance Source has the right to
offset any monies due Performance Source against any
monies due Creditor in addition to any other remedies
provided by law.
Commercial Claim - Creditor represents and warrants
that the Creditor's claim arises out of a commercial
account (a claim against a corporation, partnership or
proprietorship conducted as a business venture) and
that the claim is valid and lawful in all
Information - Creditor consents to Performance
Source's use of any information supplied by Creditor
and warrants and represents to Performance Source the
truth and accuracy of such information. Creditor
authorizes Performance Source to release information
concerning the existence of Creditor's claim to credit
Attorney Involvement - Creditor authorizes
Performance Source, if necessary, to forward accounts
on Creditor's behalf, to attorneys for collection. On
those accounts, the attorneys are the agent of the
Creditor and subject at all times to the Creditor's
direction and control. Performance Source shall not be
responsible for the acts or omissions of such
Hold Harmless - Creditor shall defend, indemnify
and hold harmless Performance Source, its agents and
employees, from and against any and all liability,
loss, claims, demands, suits, actions, damages or
expenses (including reasonable attorneys' fees) of
every nature or description arising out of or resulting
from any of the following: (a) any amendments to the
rate schedule of services provided to Creditor by
Performance Source; (b) the truth and accuracy of the
information provided by Creditor; (c) the validity and
lawfulness of Creditor's claim against the Debtor; (d)
the Creditor's claim arising out of a non-commercial
account; (e) any acts, omissions or claims of any
attorney relating to any account forwarded by
Performance Source on Creditor's behalf for
Endorsement Authorization - Creditor authorizes
Performance Source to endorse in the name of the
creditor and deposit in its escrow account any and all
remittances in any form payable or endorsed to
Creditor, which come into the possession of Performance
Source while performing services for Creditor. Creditor
authorizes Performance Source to deduct Performance
Source's fees from these payments. Additionally,
Performance Source will be entitled to a commission on
all pay directs, merchandise returns or on accounts
withdrawn pending collection.
Withdrawal - Creditor has the right to withdraw an
account at any time. Performance Source reserves the
right to charge a full fee for any account that is
withdrawn pending collection. If attorney involvement
was initiated, the attorney may assess an additional
Business to Business (B2B) collection: 22%
on claims $300.00 or above, 30% on international accounts.
40% on claims over 1 year old, less than $300.00, or non-B2B accounts, with a minimum fee of
Consumer collection - Call for rates, 773 /
Forwarded accounts - On accounts forwarded to
counsel or forwarding agency, the rate is 30% of the amount recovered for B2B
claims, 40% for international accounts or non-B2B claims.
Suit - Where suit is filed, the rate is 40% for
commercial accounts, 50% for international accounts or non-B2B claims. This
includes suit fees. However, some attorneys may request a non-contingent suit
fee in advance, usually not to exceed 5%. This will be credited to the
collection fee upon recovery.
Court costs - Client advances court costs, which
vary by jurisdiction. Suit is never initiated without clients written
Merchandise Return - Acceptance of return of
merchandise for credit shall be charged at 1/2 the published rate.
Withdrawal - Withdrawal of claim by client, pending
collection, is billed at the published rate.
Discovery of payment - Accounts paid prior to
placement shall be billed at 1/2 the published rate.
Expenses - Reasonable expenses, such as bank fees,
credit card processing fees or express delivery fees are charged to client at actual cost.
Amendments - Performance Source may amend the Terms
and Conditions by providing Creditor with written
debtor payments go in full at once to Subscriber, PS II, Ltd. is
licensed and bonded.