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Collection Agency Contract for Malaysia

Collection Agency Contract Template for Malaysia

A comprehensive agreement governed by Malaysian law that establishes the terms and conditions under which a collection agency provides debt collection services to a client company. The document incorporates compliance requirements under Malaysian legislation, including the Debt Collectors Act 2019 and Personal Data Protection Act 2010, while outlining the scope of services, fee structures, operational procedures, and mutual obligations of both parties. It includes specific provisions for debt collection practices, data protection, reporting requirements, and regulatory compliance within the Malaysian jurisdiction.

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Collection Agency Contract

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What is a Collection Agency Contract?

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.

What sections should be included in a Collection Agency Contract?

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.

What sections are optional to include in a Collection Agency Contract?

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

What schedules should be included in a Collection Agency Contract?

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

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Malaysia

Publisher

Ƶ

Document Type

Agency Agreement

Cost

Free to use
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

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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