The Collection Agency Contract serves as a crucial legal framework for businesses in Malaysia seeking to engage professional debt collection services. This document is essential when a company needs to outsource its accounts receivable collection to a specialized agency, ensuring compliance with Malaysian regulations including the Debt Collectors Act 2019, Financial Services Act 2013, and Personal Data Protection Act 2010. The contract outlines the authorized collection methods, commission structures, compliance requirements, and operational procedures while protecting both parties' interests. It's particularly important in sectors with significant consumer debt or business-to-business receivables, providing clear guidelines for ethical debt collection practices and regulatory compliance.
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1. Parties: Identification of the client company and the collection agency, including registration numbers and registered addresses
2. Background: Context of the agreement and brief description of the parties' business relationship
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment and Scope of Services: Formal appointment of the collection agency and detailed description of authorized collection services
5. Term and Termination: Duration of the agreement and circumstances under which it can be terminated
6. Agency's Obligations: Detailed obligations of the collection agency, including compliance with laws and professional standards
7. Client's Obligations: Responsibilities of the client, including provision of accurate information and documentation
8. Fees and Payment Terms: Commission structure, payment terms, and any other financial arrangements
9. Compliance Requirements: Specific compliance obligations under Malaysian law, including debt collection regulations
10. Representations and Warranties: Standard representations and warranties from both parties
11. Confidentiality and Data Protection: Obligations regarding confidential information and compliance with PDPA 2010
12. Indemnification: Mutual indemnification provisions for breach of agreement or applicable laws
13. General Provisions: Standard boilerplate clauses including notices, amendments, governing law, etc.
1. Insurance: Requirements for professional liability insurance - include if the client requires specific insurance coverage
2. Performance Metrics: Specific KPIs and performance standards - include if the client wants to measure agency performance
3. International Collections: Provisions for cross-border debt collection - include if international collection services are required
4. Dispute Resolution: Alternative dispute resolution procedures - include if parties prefer specific resolution methods
5. Sub-contracting: Terms for engaging sub-contractors - include if the agency may need to sub-contract services
6. Force Majeure: Provisions for unforeseen circumstances - include for longer-term contracts
1. Schedule 1 - Fee Structure: Detailed breakdown of commission rates, fees, and payment calculations
2. Schedule 2 - Operating Procedures: Specific collection procedures, reporting requirements, and operational guidelines
3. Schedule 3 - Compliance Checklist: Detailed compliance requirements and procedures under Malaysian law
4. Schedule 4 - Required Reports: Templates and formats for regular reporting requirements
5. Schedule 5 - Data Protection Protocols: Specific procedures for handling personal data in compliance with PDPA 2010
6. Appendix A - Power of Attorney: Standard power of attorney form if required for collection activities
7. Appendix B - Communication Templates: Approved templates for debtor communications
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Insurance
Telecommunications
Utilities
Healthcare
Retail
Commercial Services
Real Estate
Education
Relevant Teams
Legal
Finance
Compliance
Risk Management
Operations
Accounts Receivable
Treasury
Credit Control
Business Development
Procurement
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Accounts Receivable Manager
Legal Counsel
Compliance Officer
Risk Manager
Operations Director
Collections Manager
Treasury Manager
Financial Controller
Business Development Manager
Contract Manager
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