The Collection Agency Contract is essential for businesses in Singapore seeking to engage professional debt collection services. This agreement is particularly relevant given Singapore's evolving regulatory landscape, including the proposed Debt Collection Bill and existing frameworks under PDPA and fair trading regulations. The contract establishes clear parameters for debt collection activities, defining commission structures, compliance requirements, and operational procedures while protecting both parties' interests. It's designed to ensure collection activities comply with Singapore's strict regulatory requirements while providing effective debt recovery services.
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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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