Terms and Conditions of Account Placement
Terms and Conditions
We assign the(se) account(s) to you for third-party collection. If the option, “10-Day Free Demand,” is selected, you will immediately make a demand upon the debtor. If payment is received within the “10-Day Free Demand,” period no fee will be due NACM Southwest. If we do not receive a payment within ten days, you, as our agent, are authorized to proceed at once to collect the account on your established rules and rates, to accept payments and to endorse checks, notes, money orders, or drafts for a deposit, the net proceeds of which you are to remit to us. In the circumstance where payment is made directly to our office, we will notify you immediately, and expect an invoice for NACM Southwest’s fee. In the event merchandise is returned in settlement of the account, we understand NACM Southwest will invoice our company for 50% of the applicable rate. Additionally, a finder’s fee of 10% will be invoiced by NACM Southwest for credits negotiated in the settlement of the account.
In the event it becomes necessary to forward the claim to an attorney for legal action, we direct and authorize you with our approval, as our agent, and as a convenience to us, to send the account to an attorney designated by NACM Southwest in the domiciliary jurisdiction of the debtor or, to the jurisdiction wherein prosecution of a judgment is most likely to effect recovery. In all cases, the attorney(s) selected will be chosen from a law list publication approved by the American Bar Association, upon prevailing rates in the area, net to the attorney. Special authorization is required to file suit or compromise.
If an account is closed and/or abandoned by a creditor, NACM Southwest may reimburse itself for charges/expenses incurred in pursuit of recovery of the claim from any unused portion of the costs advanced and held on deposit at that time.