The following constitute the agreement between you, the client, and us, the service provider.
1. Your Instructions
1.1 We will act in your best interests to carry out your instructions.
1.2 We reserve the right to cease to act where we are of the opinion that you have misled or deceived us in any material way.
1.3 We will take reasonable steps to keep you informed of the steps taken to carry out your instructions.
1.4 By instructing us you accept liability to pay the accounts that we will render for work done together with all disbursements incurred in respect of your instructions, and you agree to be bound by the terms of this agreement.
2. What are our obligations to you?
2.1 We agree to:
(1) act competently, in a timely way, and in accordance with any arrangements made between us and you;
(2) protect and promote your interests and act for you free from compromising influences or loyalties;
(3) discuss your objectives and how they should best be achieved;
(4) provide you with information about the work to be done, who will do it and the way in which our services will be provided;
(5) charge you a fee that is fair and reasonable, and let you know when you will be billed;
(6) give you clear information and advice;
(7) protect your privacy and ensure appropriate confidentiality;
(8) treat you fairly, respectfully, and without discrimination;
(9) keep you informed about the work being done and advise when it is completed;
(10) let you know how to make a complaint, and deal with any complaint promptly and fairly.
3. How do we charge?
3.1 Our fees are structured on a commission and disbursement basis:
(1) 45% commission on recovered monies for debts equal to or below $1000;
(2) 35% commission on recovered monies for debts above $1000 and up to $5000;
(3) 25% on recovered monies over $5000;
(4) an $80 plus GST administration or 1.5% of the debt (whichever is higher) fee if you cancel the collection request within 30 days of initial instructions;
(5) Third party disbursements and fees where required and with agreement from you plus a 15% margin.
(6) Monies collected are considered money we receive or you receive from the debtor or goods or services to an agreed value.
3.2 Client net funds are remitted to the client’s nominated bank account once per month on or around the 15th of each month for funds received the previous month.
3.3 Any professional services work outside the previous items are charged hourly at $180 / hour plus GST, minimum of one hour per service request.
3.4 In the event you have misinformed or misled us relating to a collection that then results in additional costs (including but not limited to fines, court fees and legal costs) you accept full liability for said costs.
4. When will you be billed?
4.1 Commission is payable monthly on any monies collected on the account, and are payable within seven (7) days;
4.2 Disbursements will be invoiced weekly, and are payable within seven (7) days.
4.3 Fixed consultancy charges will be invoiced upon acceptance of work, and are payable in advance of work being undertaken.
5. What about out of pocket payments you have to make?
5.1 Filing fees for lodging a debt with a credit reporting agency, external legal services, or any court fees are payable by you. You will be contacted before incurring any said fees.
6. When do you have to pay?
6.1 Our accounts are all due within seven (7) days of issue of our invoice. If we are holding any money for you, you authorise us to deduct our fees and disbursements from that money.
7. Joint and Several Liability
7.1 If there is more than one person comprising you, each person is jointly and severally liable for payment in due time of all our accounts and other charges such as those under clause 10. This includes directors and partners of legal entities.
8. What if you cannot pay on time?
8.1 If you anticipate difficulty in the payment of any account, you must contact us immediately and discuss arrangements for payment.
8.2 Interest is payable on any account more than seven (7) days overdue. Interest shall be calculated at the rate of 3.5% per month, calculated daily. Interest is not compounded.
8.3 If we have to take steps to recover any unpaid account, an administration fee of $180 plus GST and the costs of recovery (including debt collectors’ charges) are all payable by you.
8.4 If you fail to make payment of our reasonably rendered accounts for a period of over fourteen (14) days we reserve the right to refer the matter to a third party credit reference agency at our discretion.
9. Lien
9.1 Where work has been done by us but we have not been paid by you, then we have the right to retain the original documents and the correspondence on your files until such time as all outstanding fees, disbursements and other expenses have been paid. This is known as a lien. This will be particularly important in circumstances where you decide for whatever reason to instruct another collection agency. You must pay all outstanding fees, disbursements and other expenses before we release your files to other collection agents. Alternatively that other firm may be obliged to give an undertaking to us to pay all outstanding fees and disbursements before your file is released.
10. Retention of Records
10.1 Files and documents will be retained by us for a period of five (5) years after which they will be destroyed.
10.2 Subject to the lien in paragraph 9 and if you wish to inspect these or require copies to be made, a charge may be made for this.
11. Confidentiality
11.1 We will hold all information concerning the business and affairs of you in strict confidence, and will not divulge such information except where required or permitted to do so by law, or you expressly or implicitly authorise us to make such disclosure.
12. Termination
12.1 Either party may terminate the agreement for any reason by providing 28 days written notice. Administration fees may apply;
12.2 In the event you have falsified or mislead Sentinel; we reserve the right to terminate this the agreement immediately and seek all reasonable costs.