Collection Agreement

In consideration of Vanco Recovery Network Inc. (hereinafter referred to as Vanco) agreeing to undertake collection of delinquent accounts on behalf of the undersigned, the undersigned agrees as follows:

  1. To pay to Vanco a collection fee of 25% on 1st. placements and 45% on 2nd.
  2. For the purpose of this agreement monies shall be deemed to have been collected and Vanco deemed to have earned its fee.
    (a) Upon receipt by Vanco of any monies due and owing delivered to it for collection.
    (b) Upon receipt by the undersigned of any monies due and owing on any account delivered to Vanco for collection.
    (c) Upon an agreement being concluded by the undersigned for the re-financing or consolidation or postponement of any account delivered to Vanco for collection.
  3. Vanco is authorized to deduct the fees herein provided for from any monies recovered by Vanco and received by it.
  4. Vanco is authorized to endorse any cheques, drafts or money orders sent to their offices in the Creditor's name.
  5. To save and keep harmless Vanco from all claims and actions which may be brought against Vanco by reason of Vanco undertaking collections as herein provided and that it, the said undersigned, waives against Vanco all of its, the undersigned's, claims and demands for any act or omission by Vanco and its employees, agents or others acting at its, the said Vanco's, discretion or authority with respect to acts of Vanco and the said Vanco's employees and agents in its, the said Vanco's, exercise of discretion in the collection of accounts delivered pursuant hereto.

The Creditor agrees to leave these accounts in the hands of Vanco at least ninety days. Upon Written request, Vanco agrees to return all accounts, after ninety days, that are not in the actual process of collection.