Account Collection Clause Samples
The Account Collection clause outlines the procedures and responsibilities related to collecting payments or outstanding balances owed under an agreement. Typically, it specifies the methods by which the party owed money may pursue collection, such as invoicing, follow-up communications, or engaging third-party collection agencies, and may set timelines for payment or escalation steps if payment is not received. This clause serves to ensure that there is a clear, enforceable process for recovering owed funds, thereby reducing disputes and providing a structured approach to handling non-payment.
Account Collection. S4W may, at its discretion, forward details of any outstanding amounts and/or overdue payments, to a recovery agency of S4W’s choosing, for the purpose of effecting collection of any monies owing under this agreement. Should S4W utilise the services of a recovery agent, including but not limited to, a debt collection company, private investigator, legal agent or solicitor, the school undertakes to indemnify and make payment to S4W all costs, whether these costs be on a fixed or contingent basis, regarding the collection of any monies owed by the school. If a decision is made by S4W to recover the costs using legal proceedings, these costs may, at the discretion of S4W, form part of the Statement of Claim, and be added to the amount owed by the school.
Account Collection. Borrower shall direct each Account Debtor (and each depository institution where proceeds of Accounts are on deposit) to remit payments with respect to the Accounts to an unrestricted account of Borrower maintained with Bank, consistent with past practices.
Account Collection. When an Event of Default occurs and continues, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify the amount of the Account. Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.
Account Collection. 19.1. The Customer indemnifies and undertakes to make payment to TCG of all cost and interest, including cost as between attorney and client, debt collection costs, or any other cost on fixed or contingent basis regarding the collection of any monies owed by the customer to TCG.
Account Collection. Unless Lender shall otherwise consent in writing, Borrower will forthwith upon receipt, transfer and deliver to Lender in the form received all cash, checks, chattel paper, drafts, items or other instruments for the payment of money (properly endorsed where required, so that such items may be collected by Lender) which may be received by Borrower at any time in full or partial payment or otherwise as proceeds of any Collateral. Unless Lender shall otherwise consent in writing, any such items which may be received by Borrower shall not be commingled with any other of Borrower's funds or property, but will be held separate and apart from its own funds or property and upon express trust for the Lender until delivery is made to Lender. Borrower has agreed to stamp all existing and future invoices to notify all customers that payment is to be made directly to Lender. Lender will within two working days after receipt of funds wire transfer or Fed Ex 90% of all collected funds to Borrower. The 10% retained shall be retained by Lender until the retained amount aggregates 10% of the entire outstanding loan balance, to be turned over to Borrower when the loan is paid in full. Lender shall open and maintain while this Agreement is in effect an account with Bank of America in Borrower's name but controlled solely by Lender (hereinafter referred to as the "Collection Account"). Lender shall, at its sole option, do one of the following: (a) remit to Borrower, along with a statement of account, 90% of the amount collected in the Collection Account with respect to all of the Receivables or any particular Receivable less any and all interest, fees, and other charges due and payable to Lender with respect to such Receivables or Receivable or the Loan, or (b) remit to Borrower, along with a statement of account, 90% of the amount collected in the Collection Account with respect to all Receivables or any particular Receivable, along with an invoice to Borrower for all interest, fees, and other charges accrued to the date of such invoice, and Borrower shall pay such invoice within 10 days from the date of such invoice, Borrower will send copies of all invoices together with all backup material (purchase order and bill of lading) to Lender. In the event that Lender makes any particular advance hereunder based upon certain Receivables of Borrower, then payment shall not be deemed received by Lender with respect to any one of such Receivables until Lender has received payment wit...
Account Collection. After Closing, UHS will promptly remit to Intellamed any collections received by UHS on accounts receivable of the Division belonging to Intellamed. For six months after Closing (or such earlier date by which all Intellamed accounts receivable as of the Closing Date have been collected), UHS shall provide to Intellamed a monthly report (within 15 days after the close of each month) of collections from customers (by customer) who were customers of Intellamed as of the Closing Date. All payments received by UHS after Closing from customers who were customers as of the Closing Date shall be allocated first to outstanding accounts receivable of Intellamed, unless the customer specifically identifies payment to a UHS post-Closing invoice. After Closing, UHS agrees to use commercially reasonable efforts to assist Intellamed in collecting its outstanding accounts receivables.
Account Collection. In the event that the nonpayment dispute is not resolved by the earlier of the eightieth day after the Request Date, or thirty days prior to the expiration of any applicable statute of limitations, SoftServe may in its sole discretion elect
Account Collection. When an Event of Default occurs and continues, Agent ------------------ may notify any Person owing Borrower money of Agents security interest in the funds and verify the amount of the Account. Borrower must collect all payments in trust for Agent and, if requested by Agent, immediately deliver the payments to Agent in the form received from the account debtor, with proper endorsements for deposit.