The Accounts Receivable Collection Agreement is essential for businesses operating in Malaysia that need to engage professional collection services for managing outstanding receivables. This document is typically used when a company decides to outsource its debt collection activities to a specialized agency, requiring a formal framework that ensures compliance with Malaysian regulations while protecting both parties' interests. The agreement encompasses crucial elements such as collection procedures, fee structures, compliance with the Personal Data Protection Act 2010 and Anti-Money Laundering regulations, reporting requirements, and operational protocols. It's particularly relevant in today's business environment where efficient receivables management is critical for maintaining healthy cash flows while ensuring regulatory compliance.
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1. Parties: Identifies the contracting parties - the creditor/client and the collection agency
2. Background: Establishes context of the agreement and business relationship
3. Definitions: Defines key terms used throughout the agreement
4. Appointment and Scope: Defines the appointment of the collection agency and scope of services
5. Collection Services: Details the specific collection services to be provided
6. Compliance Requirements: Outlines compliance with Malaysian laws including PDPA and AML requirements
7. Fees and Commission: Specifies fee structure, commission rates, and payment terms
8. Operating Procedures: Details day-to-day operational procedures and requirements
9. Reporting Requirements: Specifies reporting obligations and frequency
10. Confidentiality: Addresses confidentiality obligations and data protection
11. Representations and Warranties: States the representations and warranties of both parties
12. Term and Termination: Specifies contract duration and termination provisions
13. Liability and Indemnification: Addresses liability limitations and indemnification obligations
14. General Provisions: Contains standard boilerplate clauses including governing law, notices, etc.
1. Special Collection Procedures: Used when specific types of receivables require unique collection approaches
2. International Collections: Include when collections involve international debtors
3. Legal Proceedings: Added when the agreement covers litigation services
4. Performance Metrics: Include when specific performance standards are required
5. Sub-contracting: Used when collection agency may need to sub-contract certain services
6. Insurance Requirements: Added when specific insurance coverage needs to be maintained
7. Data Security Measures: Detailed section when handling sensitive data requires specific security protocols
8. Service Level Agreement: Include when specific service levels need to be maintained
1. Schedule 1 - Fee Structure: Detailed breakdown of fees, commissions, and payment terms
2. Schedule 2 - Collection Procedures: Detailed collection procedures and protocols
3. Schedule 3 - Reporting Format: Templates and formats for required reports
4. Schedule 4 - Compliance Checklist: Detailed compliance requirements and procedures
5. Schedule 5 - Contact Details: Key contact information for both parties
6. Schedule 6 - Service Levels: Detailed service level requirements and metrics
7. Appendix A - Power of Attorney: Standard power of attorney form if required
8. Appendix B - Data Protection Protocol: Detailed data protection and security requirements
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