BACKGROUND:
_______, CREDITOR, and ________________________, AGENCY, agree: CREDITOR is the owner or collection agent for various retail instalment contracts, granting liens on automobiles. From time to time CREDITOR requires repossession services when the various contract debtors are delinquent on their debts, and CREDITOR herewith contracts with AGENCY to perform such repossessions.
TERM: This agreement shall commence on _____________ and terminate on
______________.
TERRITORY: AGENCY shall act as the exclusive repossession service within the following territory:
ASSIGNMENTS:AGENCY shall only repossess vehicles upon a written order executed by an officer of the CREDITOR specifying the vehicle type, VIN and borrower’s name, or identification of other property. AGENCY shall not release any vehicle to a person other than an agent of the CREDITOR.
METHOD OF REPOSSESSION: AGENCY shall repossess the items, which are assigned to it without creating a breach of the peace, and in accordance with any laws or regulations related thereto. In the event that any repossession cannot be accomplished without a breach of the peace, AGENCY shall immediately notify CREDITOR and shall discontinue attempts to repossess unless the CREDITOR reassigns the same.
INDEMNITY: AGENCY shall indemnify and hold CREDITOR harmless from any claims related to the repossession activity undertaken by the AGENCY. CREDITOR shall indemnify….
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