Terms of Trade

Terms of Trade



        1.1   The Client appoints Risk Recoveries to act as its duly authorised agent by completing any debt instruction in accordance with the

                 terms and conditions set out below. 




        2.1   The Client acknowledges that the Client has read, and understood these terms and conditions and by instructing Risk Recoveries agrees to be                      bound by the terms and conditions of this agreement.


        2.2   These terms may be amended from time to time and any applicable terms shall be in force as and when they are detailed on the Risk                                         Recoveries website and all debt instructions submitted from that date shall be at those new terms and conditions. Risk Recoveries shall not                         be under any obligation to advise its clients when such changes take place but will endeavour to do so where reasonably possible.


        2.3   Reference to any party shall include reference where applicable to its heirs, successors in title, executors, administrator, receiver or                                        liquidator. 




        3.1  Risk Recoveries will act upon instructions received from the Client to provide debt recovery, account collections and associated services                                and to provide credit information (subject always to the provisions of the Privacy Act 1993).


        3.2  Risk Recoveries accepts no liability for any errors or omissions that may occur as a result of using third party software or applications.


        3.3  Risk Recoveries may instruct such persons or agents as it deems necessary or appropriate to assist in the recovery and securing of debts or                            accounts and the provision of credit information.


        3.4  Risk Recoveries  shall not agree to compromise, secure, or settle any debt/account for less than the instructed outstanding balance in                                   relation to that debt/account without the Client’s authority, provided however that where circumstances in Risk Recoveries view                                             necessitate immediate  acceptance of an offer to compromise, secure or settle a debt/account, Risk Recoveries may at its discretion accept                         a compromise, security or settlement which it considers to be reasonable in all the circumstances.


        3.5  All monies collected on behalf of the Client shall be forwarded to the clients designated account or be held in a separate bank account

                and Risk Recoveries will account to the Client on a twice monthly basis. 


        3.6  Risk Recoveries may deduct or offset from such funds any monies owed by the Client to Risk Recoveries prior to forwarding the funds to                                 the Client.


        3.7  Risk Recoveries shall be entitled to contact any debtor/customer direct at any time (even after the Client has withdrawn instructions from                           Risk Recoveries or this agreement has been terminated) where Risk Recoveries believes that such contact is legally or reasonably                                             required in the circumstances.


        3.8  Risk Recoveries reserves the right to cease action on any debt or debtors at any time and further reserves the right to cease to act as agent                           for the clients at any time by providing notice in writing.   




        4.1  The Client will submit instructions as required by and to Risk Recoveries in respect of any debtor or accounts ledgers or debts or accounts                             to be collected, provided that Risk Recoveries, in its discretion, may accept verbal instructions or other instructions from the Client, in                                   which case the Client will confirm such instructions in writing (email) at the earliest opportunity.


        4.2  The Client will pay Risk Recoveries commission on any commissionable sum, at the rate of 18% flat or as agreed with the client in writing.

                Any debt that is disputed, older than 2 years or collection has been attempted by any other collection agency a Commission of 25% shall

                apply to those debts upon recovery or settlement.


        4.3  Should the client accept as full and final payment a lesser sum than that originally instructed then the commission rate shall be calculated                         and apply to that lesser amount.


        4.4  The Client will pay all Risk Recoveries invoices within 14 days of the date of invoice, unless alternative payment terms have been mutually                           agreed and recorded in writing.


        4.5  The Client shall be liable to Risk Recoveries for any agreed costs incurred by Risk recoveries in collecting or attempting to collect overdue                              amounts due to it by the client including but not limited to debt collection fees and costs of any kind. 


        4.6  Interest at the rate of 1.5% per month compounding monthly shall be payable by the Client on any amount overdue. 


        4.7  The Client agrees that once instructed Risk Recoveries is acting for the client exclusively and shall not negotiate or accept a lesser amount                           than the total debt amount instructed to Risk Recoveries without written agreement.  Should the client be in breach of this clause Risk                                   Recoveries shall be entitled to charge commission as if the debt has been paid in full.


         4.8  Where payment is made direct to the Client by a debtor/customer or any other party, the Client shall immediately notify Risk Recoveries as                          required under The Privacy Act 1993.


         4.9  Where the Client has online access to Risk Recoveries client files and database system the Client accepts total liability and responsibility for                      all letters and actions generated in the name of Risk Recoveries and acknowledges that the indemnities in clauses 6.1 and 6.2 extend to                                and cover all acts and procedures undertaken in Risk Recoveries name by the Client pursuant to its use of the  Online operation of Risk                                  Recoveries system or as a result of information downloaded by the Client.


        4.10 Should a client fail to cash any cheque or payment sent to it within 180 days from the date of issue the Client authorises Risk Recoveries to                          cancel such payment and transfer such funds from its separate bank account and retain those proceeds. 




         5.1  The Client shall provide Risk Recoveries with all relevant information, materials and documentation concerning any debt/account and all                              parties responsible for that debt/account.


         5.2  The Client covenants that all details relating to any debt instruction are true and correct and shall not be misleading or malicious in any                                manner and include all information relevant to the debt and shall be liable under clause 4 of this agreement.


        5.3   The Client shall keep up to date all information relating to debts or accounts being recovered or secured or credit information being obtained,                    and shall inform Risk Recoveries forthwith of any payments, changes to information, materials or documentation coming to the Client’s                                attention at any time.


        5.4  RISK RECOVERIES shall not be liable to the Client for any loss, damage, liability, costs or claim whatsoever arising in connection with this                            agreement or in connection with any information, materials or documentation supplied to Risk Recoveries by the Client.


        5.5  Where an interest factor is claimed with the debt/account instruction it is the client’s responsibility to provide Risk Recoveries with the                                 complete interest calculated amount in that instruction and Risk Recoveries shall not be liable for any variation in the calculation/s.


         5.6  All information provided to or collected by Risk Recoveries remains the property of Risk Recoveries in all respects.


         5.7  We request information from the user when registering for our services. At that time a user must provide contact information (like email                                address, name, phone number and address) This information is used to help keep you informed on our marketing, billing and to act on a                                clients instructions. By completing this information you agree for Risk Recoveries to contact the user to provide the related information to the                    user.




        6.1  The Client agrees to indemnify Risk Recoveries against all actions, liabilities, charges, demands, expenses, losses, damage, claims or costs                           incurred by Risk Recoveries arising out of any act or omission of Risk Recoveries or any such claim arising out of the contents of any                                       information supplied by or to the Client.


        6.2  The Client agrees to indemnify Risk Recoveries against, and is liable to Risk Recoveries for, any liability, loss, damage, expense or costs                                 arising from the breach or non-observance by the Client of any term or condition of this agreement. 




        7.1  The Client will use any information supplied to it by Risk Recoveries as an aid only in determining whether to proceed against any person,                             corporation or organisation and generally as an aid to the Client’s business and for no other purpose.  Subject to the provisions of the Privacy                       Act 1993 the Client will hold such information in strict confidence and shall not disclose it to the subject persons, corporations or                                           organisations.


         7.2  Risk Recoveries does not in any case warrant the correctness of any information supplied by it to the Client and shall not be liable to the                                Client in any way arising from the supply of any information to the Client. 


8.  PRIVACY ACT 1993


        8.1  Prior to instructing Risk Recoveries in relation to an individual, the Client shall obtain authority from that individual to obtain credit                                        information about that individual and shall obtain from that individual the further authority for the Client to instruct and appoint Risk                                   Recoveries as agent of the Client for the purposes of an information privacy request pursuant to that Act.  The Client for itself and as                                       conduit for the individual concerned further authorises Risk Recoveries to disclose to any third party any information gathered concerning                           such individual pursuant to the Privacy Act 1993.


        8.2  Unless the Client otherwise advises Risk Recoveries in writing at the time of the request, the fact of requesting Risk Recoveries to obtain                               credit information about an individual shall constitute confirmation and certification by the Client to Risk Recoveries that the Client has                               obtained the requisite authorities from that individual in accordance with the Privacy Act.


        8.3  The Client hereby irrevocably authorises any person, corporation or organisation to provide Risk Recoveries with such information as it may                         require in response to Risk Recoveries and the Client’s credit related enquiries. The Client further irrevocably authorises Risk Recoveries to                         furnish to any third party details of such credit and any subsequent dealings that the Client may have with Risk Recoveries.


        8.4  The Client further authorises Risk Recoveries to contact it in relation to any other matter that might arise in the future. 




        9.1  This agreement may be terminated by 30 days prior written notice by either party to the other party. 




               In this agreement, unless the context otherwise requires, the following definitions shall apply: 


               “Commissionable Sum” means any amount received by any of the methods specified in paragraphs (a), (b) or (c) of the definition of                                        “settlement” below by way of offset, reduction, payment in full, or settlement of a debt. 


               “Outstanding Balance” in relation to any debt/account means the total amount of the debt/account (including interest accrued) at the date at                   which the debt/account is passed to Risk Recoveries by the Client pursuant to this agreement, or such lesser sum as remains outstanding                              where the debt/account has been reduced by any of the methods specified in paragraphs (a), (b) or (c) in the definition of “settlement” below,                   or such greater sum following addition of interest or costs. 


         “Settlement” means the aggregate of:


                (a)   Any payment inclusive costs or interest made by the debtor/customer or any other party by any means in settlement or reduction of a                                     debt/account for a period of six (6) months from Risk Recoveries ceasing action on any file.


                (b)   Where the Client agrees to credit the debtor/customer for any amount in settlement or reduction of a debt from goods or property sold,                                  exchanged or other like method of sale that results in a credit to that account the total amount of that credit.


                (c)   Where the Client and the debtor/customer or any other party agree to a settlement or reduction by way of a contra agreement, the amount                           of that contra shall be deemed a commissionable sum.