LEDGER GUARD
TERMS & CONDITIONS OF TRADE

Interpretation:

"Batch" shall mean an individual set of ten (10) pre-paid debt collection request vouchers which are numbered sequentially (coupons).
"Buyer" shall mean the party and/or its agents, servants and employees requesting debt collection or other service/s to be performed by Ledger Guard.
"Commission Payments" shall mean the amount payable by the Buyer to the Seller pursuant to Clause 6.2.
"Coupons" shall mean the pre-paid debt collection request voucher supplied by the Seller to the Buyer to enable the Buyer to lodge debt collection requests
"Debt" shall mean the amount of money currently due and payable to the Buyer by the Debtor
"Debtor" shall mean the person or legal entity from which a debt is to be recovered
"Debt Collection Costs/Debt Recovery Costs" shall mean any amount in excess of the Debt payable by the Debtor to the Buyer in the event of default in the payment terms agreed to by the Debtor
"Goods & Services" shall mean any goods or services supplied by the Seller to the Buyer and including but not being limited to debtor management, ledger management, debt collection services, advices given and/or any recommendations made
"Invoice Statement" shall mean an invoice issued by the Seller to the Buyer for payment of commission and/or any other fee or charge payable by the Buyer to the Seller
"Legal Services" shall mean the debt recovery services to be provided by the Preferred Solicitors to the Buyer including any court process
"Preferred Solicitors" shall mean the legal firm as nominated by the Seller
"Seller" shall mean Ledger Guard A.B.N. 96 244 120 588 and its assigns

General:

1. Acceptance

1.1. The Buyer acknowledges having received and read a copy of the Seller’s Terms and Conditions of Trade current as at the date hereof and the Buyer’s actions in requesting Goods & Services and/or any Coupons from the Seller shall be deemed as acceptance by the Buyer to be bound by these terms and conditions and to the Seller’s rates of fees and charges payable.

1.2. The Buyer warrants that no bona fide dispute exists in respect of the debt and the Buyer hereby indemnifies and agrees to keep indemnified the Seller against any and all claims, liability, actions, proceedings, accounts, suits, demands and costs which may result from the Buyer’s or the Seller’s actions now or in the future.

1.3. The Buyer accepts that all Coupons and Goods & Services supplied by the Seller are subject to the laws of Australia and the Seller takes no responsibility for any changes to such laws and the effect these changes may have on the Coupons and/or Goods & Services.

2. Variation of Terms

2.1. The Seller may vary these Terms and Conditions at any time by notice in writing to the Buyer.

3. Engagement of the Seller

3.1. The Buyer shall issue instructions to request the Seller perform services on its behalf by completing one or more of the Seller’s Coupons and submitting the same on-line via the Seller’s website.

3.2. The Buyer authorizes the Seller to do all such acts reasonably necessary to recover the Debt from the Debtor including legal and enforcement action.

3.3. The Seller hereby expressly reserves the right to refuse to provide Goods & Services against a Debtor/s and further reserves the right to cease acting for the Buyer in relation to any one or more debtor’s by delivering written notice to the Buyer accordingly.

3.4. The Seller will maintain file records pertaining to the Debtor for a period of thirty (30) days from the date the Invoice Statement is forwarded to the Buyer following recovery of the Debt after which all material will be destroyed.

4. Fair Trading Act 1989

• 4.1.1. Separately identify the debt collection costs sought; and

  4.1.2. Provide evidence to the Seller that these debt collection costs are properly recoverable by reason of prior notification having been given to and accepted by the Debtor at the time of supply/sale,

  4.1. The Buyer warrants that the amount claimed for recovery does not include any amount for debt collection costs in addition to the debt due and payable to the Buyer by the Debtor. In the event that the Buyer seeks debt recovery costs, the Buyer must:

  4.2. The Buyer hereby indemnifies and agrees to keep indemnified the Seller against any and all penalties, claims, liability, actions, proceedings, accounts, suits, demands and costs which may result from the Buyer’s actions under Clause 4.1 now or in the future.

5. Buyer’s Obligations

5.1. The Buyer undertakes to notify the Seller if a debt referred for recovery is paid in whole or in part directly to the Buyer by the Debtor within one working day of any such payment.

5.2. The Buyer agrees that in the event that a debt is paid pursuant to Clause 5.1 directly to the Buyer or in the event that the Buyer withdraws instructions or requests the Seller to cease provision of any Goods & Services that the Buyer remain obligated to pay the Seller any commission as if the debt had been paid in full.

6. Commission, Price and Payment

• 6.2.1. 20% on the first $5,000.00 of the Debt;

  6.2.2. 10% on the next $5,000.00 of the Debt; and

  6.2.3. 5% on the balance debt exceeding $10,000.00.

  6.3.1. payment or part payment of a Debt is received by the Buyer, or

  6.3.2. an arrangement for payment of a Debt is made, or

  6.3.3. The Buyer has agreed to credit, contra, or the return of products/goods, or any other matter acceptable to the Buyer.

  6.1. The Price for Coupons and any other Goods/Services shall be the Sellers current price at the date of sale.

  6.2. Commission charges are as follows:

  6.3. Commission is due when:

  6.4. Clause 6.3 is applicable irrespective of whether debt collection costs have been recovered.

  6.5. Commission payments are calculated on the actual amount of money requested to be collected, whether debt collection costs have been included or not.

  6.6. Time shall be of the essence and commission payment terms will be stated on the Seller’s invoice. If no time is stated then payment shall be due within fourteen (14) days of the statement date.

  6.7. Under no circumstances are Coupons, and Goods & Services able to be refunded.

7. Trade Practices Act 1974

7.1. Nothing in this agreement is intended to have the effect of contracting out of any applicable provisions of the Trading Practices Act 1974 (Cth) or the Fair Trading Act/s of each of the states and territories of Australia except to the extent permitted by those Acts where applicable.

8. Default & Consequences of Default

8.1. If the Buyer defaults in payment of any invoice statement issued by the Seller when due, the buyer shall indemnify the Seller from and against any legal costs and/or disbursements incurred by the Seller for collection or attempted collection of the defaulted amount calculated on a solicitor and own client basis and this amount shall be recoverable as a liquidated debt.

8.2. If for any reason commission payments are not paid within fourteen days of the Seller’s account being rendered, then the Seller reserves the right to withhold action on further coupons until the account is paid in full.

8.3. If the Buyer does not comply with the Seller’s terms of payment then the Seller reserves the right to cancel any outstanding coupons in the Buyer’s name without refund to the Buyer.

9. Cancellation

9.1. In the event of a breach by the Buyer of any term of this Agreement the Seller may cancel this contract at any time by giving thirty (30) days written notice. The Seller shall not be liable for any loss or damage whatever arising from such cancellation.

10. No Set Off By Buyer

10.1. The Buyer shall not set off against the commission payments payable to the Seller any amount/s due from the Seller whether due under this agreement or otherwise.

11. Debtor Payments

11.1. The Buyer hereby authorizes and directs the Seller to receipt into its trust account all monies the Seller shall receive from time to time on behalf of the Buyer.

11.2. The Buyer hereby irrevocably authorizes the Seller to deduct any applicable commission payments payable as at the date of the Seller’s Invoice Statement.

11.3. The Seller shall remit monthly to the Buyer all cleared funds together with its Invoice Statement setting out the commission payments as deducted

12. Guarantee

• 12.2.1. The value of the debt is $500.00 or more;

  12.2.2. The debt is no more than six months old at the time of requesting collection; and

  12.2.3. All the information fields pertaining to the debt recovery coupon have been fully completed; and

  12.2.4. The Debt to be recovered is not disputed.

  12.1. The Seller guarantees to the Buyer that in the event the amount paid for a batch cannot be realised by the end of the recovery process, the initial outlay for the batch will be refunded.

  12.2. The Guarantee shall only be applicable to Goods & Services offered by the Seller to the Buyer in the following circumstances:

13. Legal Services

• 13.2.1. The Solicitors’ agreement to undertake the legal action;

  13.2.2. The Buyer agreeing to the Solicitors’ term and conditions of engagement;

  13.2.3. The Buyer providing the necessary funds in advance to cover all outlays and disbursements associated with the legal action;

  13.1. In the event that legal action is required to recover the debt the Seller shall provide a referral for the Buyer to Ledger Guard Pty Ltd’s preferred Solicitors.

  13.2. The carriage of the legal action by the Solicitors will be subject to and conditional upon:

  13.3. In the event that the Solicitors agree to undertake the necessary legal action they agree to undertake the work upon a speculative basis whereupon their professional costs will be payable upon the successful completion of the legal action in accordance with the Solicitors’ fee engagement/client costs agreement.

14. Privacy

14.1. The Buyer warrants that the details supplied by the Buyer to the Seller are true and correct and include all information relevant to the debt. The Buyer further warrants that all personal information gathered by the Buyer and provided to the Seller has been collected, treated as confidential and handled in accordance with the Privacy Act 1988 and that the Debtor and Buyer have authorised the Buyer and/or the Seller to collect, retain, record, use and disclose personal information about the Debtor to persons and/or legal entities who are the Buyer, a Guarantor, a Solicitor or other professional consultant engaged by the Seller, a Debt Collector, Credit Reference Organisation and/or any other individual or organisation which maintains credit references and/or default listing/s.

14.2. The Buyer further warrants that it has obtained the necessary prior consent/s in satisfaction of the Privacy Act 1988 from the Debtor to enable the Seller to collect, retain, record, use and disclose personal information about the Debtor and to conduct credit checks, on the Debtor. In the event that the Seller should suffer loss, harm or damage due to misleading, false, insufficient details or information that does not comply with the National Privacy Principles being supplied by the Buyer to the Seller, then the Buyer will indemnify and keep indemnified the Seller against any and all penalties, claims, liability, actions, proceedings, accounts, suits, demands and costs which may result from the Buyer’s actions under Clauses 14.1 and 14.2 now or in the future.

14.3. The Buyer authorizes the Seller to collect, retain, record, use and disclose personal information about the Buyer for the purpose of assessing the Buyer’s creditworthiness, to notify other credit providers of a default by the Buyer, and for the marketing of Goods & Services provided by the Seller.

15. GST

15.1. Unless specifically described as 'GST inclusive', any consideration to be paid or provided for Goods & Services supplied by the Seller to the Buyer a supply does not include any amount on account of GST.

15.2. Where any such supply is subject to GST (other than a supply, the consideration for which is specifically described as 'GST inclusive'), the Buyer must, at the same time and in the same manner as the GST exclusive consideration is payable or to be provided for that supply, pay to the Seller an amount equal to the GST payable by Seller in respect of that supply whereupon the Seller shall issue a tax invoice to the Buyer.

16. Assignment

16.1. This agreement shall not be assigned by the Buyer whether voluntarily, involuntarily or by operation of Law without the prior consent of the Seller. No such assignment by the Buyer howsoever occurring shall relieve the assignor of its obligations hereunder.

16.2. The Seller is permitted to assign its right under this Agreement to a third party provided thirty (30) days written notice is delivered to the Buyer of such assignment.

17. Jurisdiction

17.1. The parties hereby agree to submit to and be bound by the laws and Courts of the State of Queensland.

18. Warranties, Representations and Liability

18.1. The Seller shall not be bound by any representation, statement, action or contracting made or undertaken by an agent, servant or employee of the Seller unless written authority and confirmation of such representation, statement, action or contracting made or undertaken is delivered by a Director of the Seller.

18.2. The Seller shall not be liable in contract, tort, or otherwise for any loss, damage or harm suffered by the Buyer or the Debtor resulting from anything done or omitted in connection with Goods & Services or from any work done in connection therewith or resulting from any breach by the Seller of this Agreement.

19. Severability

19.1. If any term or part of a term of these Terms and Conditions is illegal or unenforceable it may be severed from these Terms and Conditions and the remaining terms or parts will continue in force.