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How is Recovery Fee defined in a legal contract?

• Recovery Fee means a standard charge determined by extra recovery amounts required for the acquisition of more recovery amounts regarding any Mortgage Loan post the period at which this Mortgage Loan morphed into a Liquidated Mortgage Loan. Seen in 18 SEC filings.
• Recovery Fee means a charge that equals the lesser amount between $5,000 or 5% of the quantity of such item, in situations where the Borrower could not submit it by demands of the Agreement. However, under no circumstances should this fee be less than $1,000. Seen in 16 SEC filings.
• Recovery Fee means a standard fee levied for the collection process related to Liquidation Proceeds on any Mortgage Loan post the time when the Mortgage Loan turned to a Liquidated Mortgage Loan. Seen in 7 SEC filings.
• Recovery Fee means a rate that equals to $5,000 for any collections which the Borrower has failed to remit as required by the Agreement. Seen in 5 SEC filings.
• Recovery Fee means all of the costs linked with actions like winching, rolling, dragging, and moving a vehicle onto the roadway. Seen in 4 SEC filings.
• Recovery Fee means the total sum collected during the sale of a Preneed Funeral Contract. Seen in 3 SEC filings.
• Recovery Fee means a standard fee determined based on supplementary recovery amounts charged for the collection of those additional recovery amounts on any mortgage loan following the date such mortgage loan became a Liquidated Mortgage Loan. Seen in 2 SEC filings.
• Recovery Fee means a usual fee calculated based on additional recovery amounts charged for the collection of such additional recovery amounts on any Home Loan after the date such Home Loan became a Liquidated Home Loan. Seen in 2 SEC filings.

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Which definition should you use?

🤔 has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

Recovery Fee means a standard charge imposed for the collection of additional owing amounts following the loan conversion to a liquidated status.

Relevant Contract Types

• Loan Agreement
• Mortgage Contract

Relevant Circumstances

• When a loan defaults and the lender is recovering the balance.
• If the Mortgage Loan is liquidated.

Relevant Sectors

• Banking
• Financial Services

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Genie Definition 2

Recovery Fee means a fee for collections not remitted as required by the [Agreement].

Relevant Contract Types

• Payment Agreement
• Supply Agreement

Relevant Circumstances

• When the borrower fails to pay the amount as per agreement.
• If Services or Goods are not delivered as per the agreement.

Relevant Sectors

• Retail Trading
• Manufacturing

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Genie Definition 3

Recovery Fee means costs associated with vehicle recovery actions onto a [Roadway].

Relevant Contract Types

• Vehicle Lease Agreement
• Comprehensive Automobile Insurance Agreement

Relevant Circumstances

• When vehicle recovery services are required.
• If the vehicle needs to be moved to a roadway.

Relevant Sectors

• Automotive
• Insurance

Genie Definition 4

Recovery Fee means the total amount collected during the [Asset] sale.

Relevant Contract Types

• Property Sale Agreement
• Business Sale Agreement

Relevant Circumstances

• When a business or asset is sold.
• At the time of property sale.

Relevant Sectors

• Real Estate
• Business Consultancy

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