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Collection Agency Contract
"Need a Collection Agency Contract for my Singapore-based fintech company to engage a debt collection agency for recovering overdue loan payments, with specific provisions for digital lending and requirements for handling sensitive customer data, to be effective from March 2025."
1. Parties: Identifies the collection agency and the client company, including full legal names and registration details
2. Background: Explains the context of the agreement and the client's need for collection services
3. Definitions: Defines key terms used throughout the agreement including 'Debts', 'Services', 'Commission', etc.
4. Scope of Services: Details the specific collection services to be provided and service levels
5. Commission Structure: Outlines the fee structure and payment terms for collection services
6. Compliance Requirements: Sets out legal compliance obligations including PDPA and fair collection practices
7. Term and Termination: Specifies contract duration and termination provisions
1. International Collections: Additional provisions for handling collections involving overseas debtors, including cross-border compliance requirements
2. Legal Proceedings: Procedures and authorization requirements for initiating legal action against debtors
3. Special Industry Requirements: Additional provisions for regulated industries like banking or healthcare, including specific compliance requirements
1. Fee Schedule: Detailed breakdown of commission rates and fees
2. Service Level Agreement: Specific performance metrics and service standards
3. Compliance Procedures: Detailed procedures for ensuring compliance with regulations
4. Data Protection Protocol: Specific procedures for handling personal data under PDPA
5. Reporting Templates: Standard formats for collection activity reporting
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