HERBERT P. SEARS, CO., INC. - Laserfiche WebLink

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(a.) For all first placement accounts receivable initially placed for collection with Consultant beginning July 1, 2019: i. 17% for accounts placed for standard collection; ii. 30% for accounts requiring City authorized legal action; iii. 12% for accounts that are part of Early Out Programs placed for collection with Consultant no more than 120 days from billing. (b.) For all second placement accounts receivable initially placed for collection with Consultant beginning July 1, 2019: i. 30% for accounts placed for standard collection ii. 30% for accounts requiring City authorized legal action (c.) For all second letter service ($20.00 per account). 3. Collect any interest accruing from the date of assignment, if allowed by law. 4. Obtain prior approval from City before initiating any legal action on an account. 5. Advance all legal costs in connection with approved legal action against any debtor. 6. Retain from first monies collected on a legal account, its advanced costs. 7. Remit to City all monies, less commission, by the 20th day of the month following collection. 8. Provide written or electronic acknowledgment of account received from City. 9. Mail first notice to debtor within 24 hours of receipt of placement. 10. Provide City with monthly reports summarizing the activity or all accounts assigned to Consultant, including at a minimum: (a.) Total dollar value assigned (b.) Total dollar value collected (c.) Percentage collected on total dollar value assigned (d.) Number of account assigned (e.) Number of accounts on which payments received (f.) Number of payments received as a percentage of number of accounts assigned. 11. Allow City to cancel an assigned account at any time for a mistake or an error in assignment. Page 2 of 10 #318460v1