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The Collection Agency Contract is essential for businesses operating in Saudi Arabia that require professional debt collection services. This document is used when a creditor needs to formally engage a collection agency to recover outstanding debts while ensuring compliance with Saudi Arabian laws and Sharia principles. It becomes particularly relevant when internal collection efforts have been exhausted or when specialized collection expertise is required. The contract addresses crucial aspects such as the scope of collection services, commission structures, compliance with SAMA regulations, data protection requirements, and operational procedures. It's specifically designed to operate within the Saudi Arabian legal framework, incorporating necessary provisions for Sharia compliance and local regulatory requirements. This agreement is fundamental for establishing clear parameters for debt collection activities while protecting the interests of all parties involved.

1. Parties: Identification of the creditor/client and the collection agency, including full legal names, registration numbers, and addresses

2. Background: Context of the agreement, including the creditor's need for collection services and the agency's qualifications

3. Definitions: Key terms used throughout the agreement, including 'Debts', 'Collection Services', 'Commission', 'Compliance Requirements'

4. Appointment and Scope: Terms of the agency's appointment and detailed scope of collection services

5. Collection Agency's Obligations: Detailed responsibilities including collection methods, reporting, compliance with Sharia and Saudi laws

6. Client's Obligations: Responsibilities of the creditor, including providing accurate debt information and necessary documentation

7. Compliance Requirements: Specific compliance obligations under Saudi law, SAMA regulations, and Sharia principles

8. Commission Structure: Detailed fee arrangement and payment terms compliant with Sharia principles

9. Reporting and Accounting: Requirements for financial reporting, reconciliation, and accounting procedures

10. Confidentiality and Data Protection: Obligations regarding data privacy and confidential information handling

11. Term and Termination: Duration of the agreement and circumstances for termination

12. Governing Law and Jurisdiction: Specification of Saudi law application and dispute resolution procedures