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The No-Nonsense Credit & Collection Company / Force

No Collection, No Charge Plan

            Pro Forma Contract

Full Time Collection Service Force

          Pro Forma Contract

Para-Legal Assistance Services

          Rates

The No-Nonsense Credit & Collection Company / Force

    Negligence of commission or omission is the proximate cause of all delinquent, distressed and bad accounts receivable.

    Bad accounts receivable may either be any of the following kinds of receivables; secured or unsecured money claims, unsatisfied money judgments or simple debts which creditors/lenders may have no adequate manpower and/or time to collect, aggravated by ambivalent, inexperienced, under trained collectors, sales personnel.

    The reasons for uncollectibility or frustrations in collecting out of court or through the courts ranges from; unknown whereabouts, no apparent properties of debtors, absence, lack of actionable documents, failure to notarized and/or register legal documents, closure of business operations, apparent lack of financial means, incapability to pay or absconding debtors, dishonored or bounced checks, unpaid surety or performance bond and similar reasons.

    Despite these aggravating reasons for increasing delinquency and bad accounts receivable, commerce and industry must make critical, pragmatic credit decisions whether or not to continue extending credit. There is no choice for credit grantors and sellers but to continue granting and extending credit; expeditiously, cautiously if they want to compete not lose market survive, compete and grow. The business world go round and grow via the grant or extension of credit; which must always be accompanied by no-nonsense collection efforts.

    BAGCO CREDIT continues to operate successfully, profitably and consistently grow within its market niche by always being the no-nonsense credit and collection company that it was and is, more than four decades ago in good or bad times.

    In the continuing education, training of the men and women in the acquisition of the much needed skills, art of credit and collection discipline, BAGCO CREDIT blazes and leads the way, not a follower or copycoat within its industry.  It is one of the acknowledged institutions from where to acquire non-nonsense skills and art of collection.

    For almost five decades, since 1963 when it began business as a credit bureau, BAGCO CREDIT metamorphosized into a no-nonsense credit and collection professional company that it is today.  This is due principally to its lean and mean, no-nonsense operations, the faithful, unstinting support and patronage of its clientele locally and abroad and most especially its rank and file.

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 BAGCO CREDIT SERVICE MIX

No Collection, No Charge Plan

BAGCO CREDIT’s more than four decades, trail blazing collection plan for any and all kinds of bad, distressed, delinquent accounts receivable pursued out of or through the courts.  It is the model, envy of the collection agency industry.

No single centavo is paid by the creditor as collection fee if no money, property, service or combination thereof as acceptable payment of a creditor’s (client’s) money claim is made; provided that, the suggested strategy, tactic of collection is implemented.  That, the account endorsed to be collected is not frustrated, withdrawn or cancelled by the client for no valid, logical and legal reason, particularly on fully or partially secured collectible account receivable, claim.

Inclusive of this plan is the collection through court of account(s) receivable where no acceptance, retainer and/or appearance fees are generally charge against a creditor/ client; except for the fees and expenses necessary, needed to file and pursue the case legally in court.

In applicable cases, the transportation, board lodging and necessary expenses of the attorney or assigned counsel of record shall be for creditor’s / client’s account if the venue of the case is not within the Greater Metro Manila area.

For service fee and/or attorney’s fee to be charged against a creditor/ client for a favorable decision must be obtained in creditor’s or client’s favor said decision must be satisfied /collected against the debtor/ defendant; otherwise, no fee shall be paid to BAGCO CREDIT and/or its assigned attorney on the legal case.

This No Collection, No Charge Plan is available throughout the Philippines, if your venue of a legal action is under any  of the courts in Metro Manila.

At present, our rates of fees for collection are as follows:

1.   Collection Out of Court in Metro Manila and Central Luzon

For collecting any kind and age of accounts within Metro Manila, Central Luzon area the service fee for the Collection Company shall be 25% of the amount collected;

2.   Collection Out of Court in Other Parts of Luzon, Visayas and Mindanao

For collecting any kind and age of account in other places outside of Metro Manila, and Central Luzon area the service fee for the Collection Company shall be 30% of the amount collected;

3.  Attorney's fee agreed to be paid and/or obtained from the debtor, extra-judicially shall inure to the Collection Company's retained counsels to be deducted proportionately from any collection made;

4.   Collection Service Fee for Collection through Court Action

The Collection Company shall charge 35% on any and all amount(s) collected and /or paid directly to the Client after the endorsement of the account.  Any and all attorney's fees collected prior to a court action or those awarded by the court and collected shall inure exclusively to the account of the Collection Company's retained counsels, to be paid proportionally from any partial or full payment or collection made;

5.  The service fee of the Collection Company to be paid out of any partial or full collection shall be the balance after deducting; court costs and attorney's fee; In the payment of the attorney's fee, the percentage prayed for  in the complaint or the percentage agreed to be paid by the defendant/debtor and/or the one adjudged by the court and actually collected shall be used;

6.   Service Fee for Extrajudicial Foreclosure of Mortgage or Replevin or Pledge

For extrajudicial foreclosure of mortgage or replevin or pledge, the Collection Company shall be paid out of the attorney's fees charged against the Mortgagor or in no case lower than 10% on the bid price whichever is higher.

If, the foreclosure proceeding shall take place outside of Metro Manila, transportation, board and lodging, and necessary expenses for the officer and/or representative who will conduct the auction sale shall be for the account of the Client.  When a foreclosure become or turn into a judicial foreclosure, it is deemed a collection through court & the service fee rate provided in paragraph 2.4 applies.

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Pro Forma Contract for No Collection No Charge Plan:

TERMS and CONDITIONS:

1.        DEFINITION  OF  TERMS

1.1     For the purpose of this offer / agreement, “amount collected” shall mean any partial or full payment or collection of a debt or performance of an obligation made by the debtor/defendant or by a third party in favor of the debtor made by the Collection Company or directly paid to the Client after the account(s) was assigned or endorsed to the Collection Company. It may be in the form of money, Philippine currency or foreign monies and/or property whether real or personal, intangibles and/or combination thereof, in payment of the Client’s claim;

1.2    Also, for the purpose of this agreement “collection efforts” shall mean any and all generally accepted business and legal efforts exerted by the Collection Company after receipt of account from the Client for collection such as; credit, property and/or whereabouts checking, writing collection or demand letter, delivery of communication to and from the debtor and/or his lawyer; and, the physical efforts of collection exerted by Collection Company’s employees, agents and lawyers;

Collection Company, refers to business assistance, credit corporation (BAGCO CREDIT) including its retained counsel or agents.

1.3  Our “ NO COLLECTION, NO CHARGE PLAN ” must not be given a very literal interpretation.  It shall be construed in the context of what is be mutually reasonable and equitable to the parties hereto.  The Collection  Company  shall be given   every reasonable  time,  chances and opportunities to exert collection  strategies, tactics and procedures out of court and/or through the courts to effect positive partial or full collection without the Client  aborting, frustrating, stopping, withdrawing, canceling and the like, this agreement; without due process and equitably  paying the collection efforts exerted by the Collection Company on partially or fully collectible account(s);

2.        RATES  OF  SERVICE  FEES

2.1  Collection Out of Court in Metro Manila and Central Luzon

For collecting any kind and age of accounts within Metro Manila, Central Luzon area the service fee for the Collection Company shall be 25% of the amount collected;

2.2 Collection Out of Court in Other Parts of Luzon, Visayas and Mindanao

For collecting any kind and age of account in other places outside of Metro Manila, and Central Luzon area the service fee for the Collection Company shall be 30% of the amount collected;

2.3  Attorney’s  fee  agreed to  be paid  and/or  obtained  from  the debtor extra-judicially shall inure to the Collection Company’s retained counsels to be deducted proportionately from any collection made;

2.4  Service Fee for Collection through Court Actions    

The Collection Company shall charge 35% on any and all amount(s) collected and/or paid directly to the Client after the endorsement of the account. The attorney’s fees awarded by the court and collected, shall inure exclusively to the account of the Collection Company’s retained counsels; to be paid proportionally from any partial or full payment or collection made;  

2.5  The  service  fee of the  Collection  Company to be paid out of any partial or full collection shall be the balance after deducting court  costs and attorney’s fee;

In the payment of the attorney’s fee, the percentage prayed for in the complaint or the percentage agreed to be paid by the defendant/debtor in case of amicable settlement; or the amount  adjudged by the court and  actually collected shall be used;

For criminal action filed against client’s debtors such as for; B.P. 22, estafa and similar criminal cases by the collection company’s retained counsels which does not result to any collection but to criminal conviction and prison sentence to the debtor/accused shall nonetheless render the client to pay attorney’s fee to the counsel of record on the case equivalent to twenty (20%) on the client’s principal claim, exclusive of vat; payable upon rendition of the sentence if not appealed by the debtor/accused; otherwise, upon finality  and execution of the sentence;

2.6  Service Fee for Extrajudicial Foreclosure of Mortgage or Replevin

For extrajudicial foreclosure of mortgage or replevin, the Collection Company shall be paid out of the attorney’s fees charged against the Mortgagor; or, in  no case lower than 10% on the bid price whichever is higher;

If, the foreclosure proceedings shall take place outside of Metro Manila, transportation, board and lodging and necessary expenses for the officer and/or representative who will conduct the auction sale shall be for the account of the Client.  When a foreclosure become or turn into a judicial foreclosure, it is deemed a collection through court & the service fee rate provided in paragraph 2.4 applies;

2.7  The   rate  of fees enumerated in  paragraphs  2.1  to  2.6  excludes the   cost of suit, summons fees, preliminary attachment bond premium when it is applied for, sheriff’s, guard’s fees or expenses for transcript of  stenographic notes, commissioner’s fee; and,  government taxes such as: VAT and the like , are for the account of  the Client;

2.8  In cases where the Collection Company  and/or its  retained counsel are to exert collection efforts judicially or extrajudicially outside of Metro Manila; board, lodging, transportation expenses and necessary miscellaneous expenses shall be for the account of  the Client;

2.9  A   case  or account  is  deemed  a collection  through  the court by the filing of a court case against the debtor and/or the filing by the debtor and / or by a third party of a court action against the Client and/or the Collection  Company;   either to question, dismiss,  seek redress, injunction, interpleader, declaratory relief, judicial foreclosure and the like;

3.        AREA OF OPERATION

The Collection Company shall operate and exert collection efforts against any account endorsed for collection within the principal towns, provinces and cities of the Philippines.  However, it reserves the right to determine whether or not to accept an account for collection taking into consideration the peace and order situation, economics and feasibility of collection.

4.    EQUITABLE SERVICE FEE FOR COLLECTIBLE WITHDRAWN ACCOUNT 

The Client has the right to supervise, direct the collection efforts of the Collection Company out of the court or the through the court. In this regard, it may delay, suspend or withdraw any account it had endorsed for collection within a period not more than thirty (30) days from endorsement; and, must equitably compensate the collection efforts of the Collection Company on the account; provided; that, in all cases the Collection Company can prove the partial or fully collectibility of the account under the following instances.

4.1  Account  which is not yet pursued  in court, not collateralized but partially  or fully collectible but is withdrawn from  collection within 10 days from endorsement; or, the collection efforts suggested thereon is suspended or delayed by more than (30) days; or finally withdrawn for collection will render the Client to pay an equitable fee of P2000.00.

4.1-1  If the account is not yet pursued in court and is secured or collateralized; the equitable fee for the collection company is --- 15%  of the principal claim;

4.2  If the case withdrawn is already filed in court, and withdrawal is made before the pre-trial conference, the equitable fee for the collection company is --- 20% of the principal amount;  and the reduced attorney’s  fee agreed to be  paid   by the defendant;

4.2-1  If the withdrawal of the case  is  made within  the period after the pre-trial to the presentation of evidence; the equitable fee for he Collection Company is ---20% of the total amount due; which is composed of  principal interest and charges.

4.2-2  If the withdrawal of the case in court is within the period from the resting of the case to submission for decision; the equitable fee for the Collection Company is --- 25%  of the total amount due; composed of the  principal, interest and  charges and any attorney’s fee agreed to be paid the defendant.

4.2-3  If the withdrawal of the case is made within the period from the rendition of judgment to the securing of the writ of execution; The equitable fee for the Collection Company is --- 30% of the total amount due which is composed of   the   principal,  interest charges and attorney’s fee awarded;

4.3.  If the case to be withdrawn by the client is covered by a compromise agreement and the joint and several undertaking of the defendant and his co-obligor/defendant; the equitable fee of  the  collection company is 30% of the total amount due which is composed of the principal, interest, charges and attorney’s fee awarded;

4.3-1  If the case to be withdrawn by the Client is covered by a compromise agreement, secured by a collateral and/or has joint and several obligors/ defendants; the Collection Company’s equitable fee is the rate provided in paragraph 2.4 of this agreement;

4.4  The Client shall not, without due and proper consultation and agreement in writing of the counsel of record on the case, reduced, alter or suspend the  payment of the attorney’s fee awarded by the court;

The payment of the equitable fee(s) due to the Collection Company or attorney’s fee, shall be made  within ten (10) days from presentation of the invoice  or bill therefor;

5.        REMITTANCE OF COLLECTION & PAYMENT OF SERVICE FEES

5.1  All collection of cash or checks payable to the order of the Client shall be remitted the next business day.  If the collection is in check,  payable to the order Collection Company’s, the same shall be remitted  upon its clearance with the drawee bank;

5.2  Any  and  all  fees due the  Collection  Company  and/or  its  counsels shall be paid not later than five (5) days from presentation of the bills therefor; 

5.3  Delayed payment of fees due the Collection Company or its retained counsels shall be charged interest at 18% per annum;

5.4  Only cash, Philippine legal  tender  is  acceptable payment  of the Collection Company’s service fee, reimbursable expenses and the like; even if the “amount collected” was not in money;  unless payment in kind is acceptable as payment of the Collection Company’s fees.

6.     COMPUTATION OF THE COLLECTION FEE FOR COURT COLLECTION EFFORTS

6.1  The computation of the service fee due the Collection Company  on the amount collected or won by the Client  in an auction sale or dacion en pago or other from of payment arrangement shall be the bid price or the agreed valuation  of the property;

6.2  The service fee of the Collection Company shall not be computed on an amount over and above the actual nor below the Client’s claim. In case of disagreement, the property paid shall be appraised by a mutually selected, acceptable appraiser; whose valuation shall be deemed  conclusive and final between the parties hereto. The fee for the appraiser shall  equally be divided between the parties hereto.

7.        PROGRESS  REPORT

The Collection Company shall render regular monthly  report, without  prejudice for the Client to inquire within the interim on the status or  progress on any account endorsed to the Collection Company’s for its comment and recommendation;

8.        VALIDITY  &  EFFECTIVITY  OF  CLIENT’S  ACCOUNT(S)

The Client expressly  warrant that,  the account it endorsed  for collection to the Collection Company against its debtor are; legitimate, valid and existing claim.  Any claim for damage, loss and the like; by virtue of any reason or similar therewith, shall be for the exclusive account of the Client; provided, that, the Collection Company was not negligent in the exercise of its collection efforts;

The Client agrees nonetheless to reasonably compensate, the Collection Company for its exerted collection efforts on the subject account, in the amount not less than 15% of the principal amount being collected;

9.        ACT,  OMISSION,   NEGLIGENCE,  LOSSES  &  DAMAGES

9.1  The Collection Company shall be held responsible for the act, omission,  negligence of its employees or agents;

9.2  This agreement does not prohibit the Collection Company to solicit similar business from competitors of the Client and other entities. The Collection Company warrants that it shall work on the Client’s on endorsed accounts  first come, first serve basis; and, that it  covenant to deal with any and all of its clients on the highest and generally accepted norms of business and professional ethics;

9.3  Nothing in this agreement shall be constructed to make the Collection Company and/or its officer, employees or agent as employees of the Client.

10.      DELIVERY  OF  AMOUNT  COLLECTED  IN  THE  FORM OF REAL AND/OR  PERSONAL  PROPERTY

10.1  The  Collection  Company is deemed  to have  delivered the  property the Client  won in an auction sale as the highest, winning bidder by the physical delivery  of the property to the Client;  if, it is movable or personal property.  That, it is  not prevented from delivering by reason of an unpaid lien or encumbrance by a third party who filed a lien thereon; and, which fact or lien was made known to the Client before the auction sale.   The title over the property shall be registered in Client’s name if required by law, with the proper government office(s);

10.2  If the amount  collected is a  real   property,  physical  delivery  of  the same is waived; and in lieu thereof, delivery is deemed complied with by the Collection Company by the submission to the Client of the certificate of sale in its favor, duly annotated with the proper government office(s);

10.3  After the redemption period, the Collection Company shall  secure a new title and possession over the property for the Client; including ejectment of any occupant(s) thereon; who have occupied  the property prior to the  auction sale of the property  without further service fee to pay; except the expenses necessary to effect this provision against the occupant.  This obligation shall not be a condition precedent however to the payment in full of what  is due the Collection Company and/or its attorney;

10.4  It  is  expressly  agreed  that  the expiration of any “redemption period” or extension thereof and/or conversion of the amount  collected in property or sale thereof, shall not  be a condition  to the payment in full within 5 days from presentation of the bills of the Collection Company’s service fee and/or reimbursement of its expenses, including its retained counsel’s attorney’s fees;

10.5  The   failure   of   the  Client    to  pay   any  prior  or  superior   lien or encumbrance by a third party on an auctioned property; which fact, was duly brought to the attention of the Client prior to the auction sale of the same; and, duly  instructed to bidded upon  by the Client  in its favor; and, which resulted to less or no benefit to itself, shall in no way be a reason and/or be a bar to the collection and/or payment of the fees and/or reimbursement of expenses due the Collection Company;

The payment of such lien or encumbrance shall not be deducted from the amount upon which the fees of the Collection Company shall be computed;

10.6  When  the amount collected is a real  property which was acquired by the Client under an execution sale pending appeal, the Collection Company after  compliance with the provisions of paragraphs 10, 10.1, 10.2, 10.3,  hereof as the case may be, shall be fully reimbursed its reimbursable  expenses, be paid in full its service fee as well as the attorney’s fees due to its counsels, if there be any, within five (5) days from presentation of the bill therefor;

10.7  When   the  Client on  its  own  discretion  allow,  extend,  postpones, accommodate and the like; the debtor and/or its assignee/representative to delay payment, vacate any property acquired by it from an auction sale, the Collection  Company is unconditionally deemed to have fully, completely performed and rendered its obligation under this agreement, for which reason, it shall forthwith be paid all its claims for fees, expenses and counsel’s  attorney’s fees;

11.      ENGAGEMENT  OF  ATTORNEY’S  SERVICES  TO  PROSECUTE

A CLIENT’S MONEY CLAIM THROUGH COURT

The prosecution of the Client’s accounts in court shall be handled by the Collection Company’s recommended retained counsel(s). The attorney selected by the client shall be its counsel of record on the particular case(s); and, whose professional conduct action strategy and tactics on the case shall be his own. The counsel of record selected handles the case for the Client, with no initial fee such as; retainer, acceptance or appearance fee for case(s) filed within any of the courts in Metro Manila. For cases filed outside of Metro Manila area, the transportation, board and lodging and necessary miscellaneous supported expenses are to be paid by the client;

In no case is the counsel of record on a case be deemed the retained attorney for the Client; other than for the case assigned to him to prosecute in court;

11.1  It  shall not be the  obligation of  the Collection Company’s attorney to prosecute  a case  on an account such as; the clearing of cloud from any auctioned or dacioned property; or, titling, striking out of inferior or subsequent lien on real property; or, ejectment of any party after the auctioned/delivery thereof and the like; unless the Client agrees to pay a separate and reasonable fee therefor to the attorney selected/engaged  by the Collection Company for the purpose;

11.2  This agreement  does not include the prosecution of criminal or a civil action other than a sum of money case against the debtor/third party;  unless the Collection Company deems it necessary to undertake as a tactical  collection effort;

If the  Client  insist that a criminal or a  civil action other than a sum of money  case be taken against the debtor or a third party, the Client must pay the attorney’s appearance fee to wit:  P1,000.00 appearance fee in Manila;  P2,500.00 appearance fee in Luzon, Visayas and Mindanao;  and, in all cases outside of Metro Manila, the transportation, board, lodging, and necessary;  needed expenses in connection with case shall be for the account of the Client; The Client in addition, must pay upon obtaining a favorable decision in favor of the Client, a service fee equivalent to the fees provided under paragraph 2.4, exclusive or any attorney’s fee.

12.      PRIOR  PAYMENT  OF  ACCOUNT BEFORE  ENDORSEMENT

Payment, either in money and/or in kind/service made by the debtor or a third party for the account of the debtor, prior to its endorsement or discovery of the fact that the claim is not an account or obligation of  the debtor; which fact was brought to the attention of the Client, but did not rectify its errors within thirty days (30) days; shall be deemed an equitable collection made by the Collection Company;  in which case, it shall be paid 15% of the payment made prior to the endorsement  of the account to the Collection Company;

13.      TERM  OF  THIS  AGREEMENT

13.1  This  agreement  shall  be for one (1) year from date hereof;  after which; both parties may or may not enter into a renewed agreement.  In the absence of a  new renewed  agreement and, after 15 days from its expiration this contract is deemed renewed for the remaining account(s) pending with the Collection Company;

13.2  This  agreement  and all rights and  obligations derived hereunder by the Collection Company shall be deemed one of those rights and obligations the Client shall require its successors in interest/buyer and the like, in case of a sale, take over, merger, etc., to acknowledge, abide by and perform; otherwise, the party signing hereon is unconditionally deemed jointly and severally liable for any unpaid claims of the Collection Company;

13.3  This  agreement  maybe  terminated after  a  thirty  (30)   day  prior, written notice  by either party to the other for any reason; provided; that it is without prejudice to the right of any party hereto to claim for damage and/payment of earned, expected service/attorney’s fees due to any party  hereto.

14.      VENUE  OF COURT ACTION,  INTEREST,  ATTORNEY’S FEES AND PENALTIES

14.1  Venue  of  court action between the parties hereto, shall be brought in the proper  court of Makati City;

14.2  Attorney’s fees shall be paid by the losing party in an amount not less than  P20,000.00 or 20% of the total amount due whichever is higher; plus costs and expenses of litigation;

14.3  Any  and all amount overdue to  either party shall  earn interest at the rate of 18% per annum from date of invoice and/or supporting documents.

15.      CREDIT EDUCATION & DISCIPLINE

The Client agrees to the Collection Company’s listing of its endorsed bad debt accounts form its clients which are not collected with the negative list – Infonet of C.I.B.I. Information, Inc. to educate, deter and discipline bad debtors.

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Full Time Collection Force

BAGCO CREDIT  is the only collection company that offers the services of trained, experienced, bonded, full time collectors or force for any lack or need for no-nonsense field collectors.  The need for full time collectors may be due to resignation, strikes, personnel pirating by other employers or no hire policy and the like.

Included in this service plan is apartment, condominium or building administration or management.  

The cost and expense for maintaining a collection force is burgeoning.  There is no let up in the demand of labor for increase in their salaries / wages, benefits and perks.

It's about time that you out source or contract your day to day collection efforts to a competent, credible, positively experienced and bonded collection force - the FULL TIME COLLECTION FORCE.

Our Full Time Collection (Plan) Force is the practical-cost-effective-efficient collection effort you may use for daily collection needs. It's available for as long as you need it; there is no hidden or unexpected demand for increases or adjustment in the monthly retainer charge.   Our collection force are rigidly screened and selected, educated, trained regularly and bonded.

Our present monthly retainer fee, for non-motorized collector retained, exclusive of actual transportation expense and vat is; Php  15,00.00.  For motorized collector our monthly fee, exclusive of actual fuel allowance and vat is: Php 18,500.00.  The area of our Full Time Collection Force is within the greater Metro Manila area.  The minimum period of retainership shall not be less than six (6) months.

Generally, the supervision and control of retained collector(s) is left with the client.

Collection is turned over daily to the client.

The work schedule of a BAGCO CREDIT collector is Monday thru Friday, 8:00 a.m. to 5:00 p.m.; Saturdays at 8:00 a.m. to 12:00 p.m.

The fidelity bond we put up is the average monthly collections of a collector.

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Pro Forma Contract for Full Time Collection Force:

 

TERMS and CONDITIONS:

            I - PERIOD, AREA OF COLLECTION and WORK DAYS/OVERTIME

          This is a monthly retainership is for a minimum period of not less than one (1) year from date of signing hereof.

          The collection area shall be within the Greater Metro Manila area only; properly taking into serious consideration the matters of transportation availability, collection days, time and inherent problems of the area.

          Assignment of accounts for collection outside of Greater Manila area shall substantially be covered by this agreement except that the retainer’s fee shall be adjusted.

            Our collectors’ work days is from Monday thru Friday; 8:30 a.m. to 5:00 p.m.

          Any prior, known and advised absence of an assigned or retained collector shall, correspondingly be replaced.  Any overtime rendered shall be paid at the rate of time and a half of the collector’s monthly retainer’s fee.

 

            II - RETAINERS' FEE (Exclusive of Value Added Tax); TRANSPORTATION EXPENSES

 

            A-        Non-Motorized Collector

 

          The monthly retainer fee for each non-motorized collector retained is;  Seventeen Thousand Five Hundred Pesos (P17,500.00);  exclusive of actual transportation allowance and VAT, which are for your account.

            B-        For Motorized Collector

          The monthly retainer fee for each motorized collector retained is; Twenty Two Thousand Five Hundred Pesos (P22,500); exclusive of actual gasoline allowance and VAT which are for your account.

          All our collectors are insured at our expense for 24 hours against accidental death and homicide.

          For our retainership, we are willing to post the corresponding fidelity bond in an amount equivalent to their average monthly collection, but not to exceed P100,000.00 per collector.

          In case of any absence of our assigned or retained collector, whom we are not able to replaced timely, his corresponding daily retainer shall be deducted from our monthly retainer’s fee and shall be computed based on a 22 working days each month.

 

            C-        Tele – Collection Service Fee

          For daily Tele-Collection Services our service is fifteen (15%) per centum of the amount collected exclusive of VAT. 

Your accounts for telephone collection will be worked on daily by our brigade of tele-collectors generally under no collection, no charge basis.

There must be a good number of accounts endorsed for this collection service; and, depending on the collection goals set, an incentive collection program maybe discussed and set for us to accomplish.

 

 III -  MANAGEMENT, SUPERVISION and CONTROL

             You shall have the substantial management, supervision and control over our retained or assigned collectors over their day to day collection assignments and performance.  It is expressly understood that our retained collector is not in any way, your employee and are, deemed contractual personnel under our company and payroll.

           A daily collector’s assignment and accomplishment report must be submitted by our retained collector for control and evaluation of their performance.

 

           IV - HANDLING and TURN-OVER OF COLLECTION

           Our assigned/retained collector(s) shall be issued a booklet of provisional receipts which they shall be held accountable for and will use in acknowledging payment made by your clients/customers.

           At the end of the day, between the hours of 4:00 p.m. to 4:30 p.m., their collections, together with their accomplishment report shall be turned over to your assigned personnel in-charge of receiving collection.  Any unremitted collection due to some valid, good reasons must be turned over first thing the following day to your company.

           All collector’s provisional receipts must, for internal control purposes be reassigned unannounced to other different collector regularly.

 

           V - LOSSES and DAMAGES

           For the purpose of this proposal, it is understood and agreed that our collector(s) shall be given assignment directly pertinent and related with the collection of your customer accounts receivable, like among others; delivering invoices, collection letter and the like.

          We bind to answer for any acts or omissions of our retained collectors resulting to losses, damages except those brought about by force majeure, fortuitous events and civil commotions; provided; however, that losses, damages brought about by non-collection related assignments shall be for your account.

 

          VI - PAYMENT OF FEES and REIMBURSEMENT OF EXPENSES

          Payment of our monthly retainer’s fee shall be made every 29th day of the month; expenses for transportation shall be paid/reimbursed  everyday to the particular retained collector.

           Any delay in the payment of our retainer’s fee shall be deducted from our collection and shall be charged 24% per annum.

 

          VII - NON-EMPLOYMENT CLAUSE

          It is expressly agreed that during the duration of this agreement or within one (1) year from its termination or expiration, you shall not and shall desist to offer employment of any kind to any of our previously retained or assigned collectors; unless; with our prior, written consent; and, you agree to pay us a fee of P20,000.00 for his employment with or without consent and/or knowledge.  This shall render you unconditionally liable to pay us the said fee within ten (10) days from demand.

  

          VIII - TERMINATION / RENEWAL

         This agreement maybe terminated by either party hereto with a prior thirty (30) days written notice to the other, without prejudice to claim and/or payment of fees for the unexpired period of the contracted retainer’s period and damages due to the other party.

         Renewal of this agreement shall be upon mutual consent and agreement.

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Business Credit Reporting Services

BAGCO CREDIT’s business, credit investigation services encompasses not only credit investigation, but also special purpose reports on market data-gathering, property inspection and appraisal.

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Credit and Collection Retainership, Consultancy Services

BAGCO CREDIT’s expertise can be retained by any company for a specified period of time either; as its trainor or retained collection department and/or to audit its credit and collection operations.

The arrangement could lead to the formulation / review of policies and procedures on credit, collection operations vis-à-vis sales-marketing operations for positive symbiosis for more good collected sales.

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Para-Legal Assistance and Services

There are many services an attorney is needed to do in sale, credit and collection transactions but generally do not perform, because they are petty or minor tasks. These tasks are relegated to the minor members of their firm if at all, they have. The inattention and/or lack of understanding, know  how of how these para-legal tasks are done expeditiously efficiently may spell the difference between the effectiveness, enforceability or collectibility of money claims or services against obligors/ debtors. 

Among these  para-legal tasks are;

  1. Attorney-in-fact services;

  2. Proper cost, effective-efficient documentation of sales, credit and collection transactions;

  3. Proper and timely notarization and registration of sales, mortgage, pledge and other registrable documents;

  4. Special service of summons, subpoena, warrants of arrest and the like;

  5. Implementation, supervision of sheriffs in enforcing writs of attachment, execution, replevin, ejectment, possession and the like;

  6. Supervision of extra judicial and judicial foreclosure of mortgages-pledges;

  7. Representing parties in any talks, discussions with, between and among creditors/ debtors, third persons;

  8. Inspection, verification and appraisal of personal, real and intangible properties offered as security, collateral or  payment for money claims/ or sales or  object of execution sale; 

  9. Taking possession of auctioned real, personal properties won and in favor of obligee/ creditor/ winning bidder.

  10. Ejectment/ removal of occupants from real properties won in auction sale or owned.

  11. Legal / Collection letter writing service.

The para-legal aspects of law practice is a profession by itself in the developed countries like; the U.S.  Europe and in some Asean countries. In the Philippines,  this aspect of the practice of law is not given much attention and importance. Most law firms if at all, do so rely on their messengers or clerical staff to do the tasks for their firm. How many an effort of collections or legal work are frustrated, stymied, unenforced or lost due to the absence, lack or under implementation of the necessary and required para –legal services on the transaction by or against the parties to money claims, credit transactions, legal works. 

BAGCO CREDIT has been doing this kind service the last 30 years and have the pool of qualified, experienced and reputable attorneys and professional staff to do, act, represent any party/ creditor/ debtor in any of the tasks that require effective-efficient para-legal assistance, services. 

The fee(s) charge is by the actual man hour(s) exerted, net of tax, exclusive of transportation, lodging, food, expense in applicable  cases. This way unproductive, unnecessary man hours is prevented and avoided by a client. Our para-legal services are all warranted to be within the bounds of law, moral, ethical and business standards.

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Credit Repair Services

A new, innovative credit service that assist and help in the resolution, correction, rebuilding of credit facts, information  of a person, firm or business entity to be able to get back into the financial main stream of the credit market.

In the Philippines, Business Assistance, Credit Corp., (BAGCO CREDIT) is the first and pioneer in the business.

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Tele-Collection / Credit Verification Services

For cost effective mass credit facts, information verification for credit cards, telephone, paging, multi-level marketing and utility companies, outsourcing this aspect of credit task is much more effective, efficient.

This service will provide you personalized and customized telephone collection efforts, generate debt / payment awareness among customers, get expeditious response, feed back on debtor’s whereabouts, desire, willingness to pay or not their debts.

Collection and legal demand letter writing is another service we can offer for interested clients.

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