Common use of Collecting Agent Clause in Contracts

Collecting Agent. The Bank reserves the right to employ collection agent(s) and third parties to collect any outstandings or overdue amount owed by the Customer. The Customer shall keep the Bank indemnified for costs and expenses including without limitation legal fees, costs of engaging collection agent(s) (and such other third parties) and other expenses which are of reasonable amount and which are reasonably incurred by the Bank in demanding, collecting, suing or recovering such outstandings or overdue amount.