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Accounts Receivable Collection Agreement

Accounts Receivable Collection Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Accounts Receivable Collection Agreement

"I need an Accounts Receivable Collection Agreement for my Hong Kong retail business, with specific provisions for handling both local and mainland China debtor accounts, including requirements for bilingual communication and compliance with cross-border collection regulations."

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Document background
The Accounts Receivable Collection Agreement is essential for businesses operating in Hong Kong that need to engage professional debt collection services. This document is typically used when a company has accumulated significant outstanding receivables and requires specialized assistance in recovering these debts. The agreement comprehensively addresses the appointment of the collection agency, their authorized methods of collection, fee structures, compliance with Hong Kong regulations (including debt collection guidelines issued by the Hong Kong Monetary Authority), data protection requirements, and reporting obligations. It's particularly important in the current business environment where efficient cash flow management is crucial, and companies need to ensure debt collection activities are conducted professionally and in compliance with local laws. The document includes specific provisions for protecting both the creditor's and debtors' rights while enabling effective debt recovery.
Suggested Sections

1. Parties: Identification of the creditor/client and the collection agency, including full legal names and registered addresses

2. Background: Context of the agreement, including the creditor's business nature and need for collection services

3. Definitions: Definitions of key terms used throughout the agreement, including 'Accounts Receivable', 'Collection Services', 'Debtor', etc.

4. Appointment and Scope of Services: Detailed description of the collection agency's appointment and the specific services to be provided

5. Authority and Powers: Extent and limitations of the collection agency's authority to act on behalf of the creditor

6. Collection Procedures: Agreed-upon collection methods, approaches, and timelines

7. Fees and Commission Structure: Detailed breakdown of fees, commission rates, and payment terms

8. Compliance Requirements: Obligations to comply with relevant laws, regulations, and ethical standards

9. Reporting and Accounting: Requirements for regular reporting, accounting, and remittance of collected funds

10. Representations and Warranties: Standard representations and warranties from both parties

11. Confidentiality and Data Protection: Obligations regarding confidential information and personal data handling

12. Term and Termination: Duration of the agreement and circumstances for termination

13. General Provisions: Standard boilerplate clauses including notices, amendments, governing law, etc.

Optional Sections

1. Special Collection Procedures: Used when specific types of debts require unique collection approaches or handling

2. International Collection Services: Include when collection services extend beyond Hong Kong

3. Legal Proceedings: Include when the collection agency is authorized to initiate legal proceedings

4. Performance Metrics: Include when specific performance targets and metrics are part of the agreement

5. Sub-contracting: Include when the collection agency may need to engage sub-contractors

6. Insurance Requirements: Include when specific insurance coverage is required beyond standard provisions

7. Service Level Agreement: Include when specific service levels and response times are required

8. Dispute Resolution: Include when specific dispute resolution mechanisms beyond courts are desired

Suggested Schedules

1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees, commissions, and charges

2. Schedule 2 - Operational Procedures: Detailed collection procedures, workflows, and timelines

3. Schedule 3 - Reporting Templates: Standard formats for regular reports and accounting statements

4. Schedule 4 - Compliance Checklist: List of compliance requirements and procedures

5. Appendix A - Power of Attorney: Standard form of power of attorney for collection activities

6. Appendix B - Service Level Standards: Detailed service level requirements and measurements

7. Appendix C - Data Protection Protocol: Specific procedures for handling personal and sensitive data

8. Appendix D - Contact Details: Key contact persons and escalation matrix for both parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


































Clauses

































Relevant Industries

Financial Services

Retail

Healthcare

Telecommunications

Utilities

Manufacturing

Professional Services

Education

Technology

Insurance

Real Estate

Construction

Relevant Teams

Finance

Legal

Compliance

Operations

Treasury

Risk Management

Credit Control

Accounts Receivable

Collections

Contract Management

Relevant Roles

Chief Financial Officer

Finance Director

Credit Control Manager

Accounts Receivable Manager

Collections Manager

Financial Controller

Legal Counsel

Compliance Officer

Treasury Manager

Risk Manager

Operations Director

Business Development Manager

Contract Manager

Account Manager

Debt Recovery Specialist

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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