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Agreement For Repossession Services
AGREEMENT made on [Date] between [Name] of [Address], hereinafter referred to as Creditor, and [Name] of [Address], hereinafter referred to as Agency, do hereby 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.
Payment. Agency shall receive payment as follows:
Term. This agreement shall commence on [Date] and terminate on [Date].
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 Agency from any claims that Creditor did not have a legal right to seek peaceful repossession of the items assigned.
Inventory. In the event that any vehicle which is repossessed contains personal property, Agency shall have  persons witness a complete inventory. A copy of such inventory shall be provided to Creditor. Agency shall release such items of personal property to the debtor upon execution of a receipt of the same.
Relationship. The relationship between the parties is solely of contracting party and independent contractor.
Custody of Vehicles. During custody of the vehicles Agency shall use all possible care to protect and safeguard the vehicles, and shall deliver the same as directed by the Creditor, and Creditor's expense, in the same condition as received, any ordinary wear and tear excepted.
Subcontractor. Agency shall not subcontract its performance without the previous written consent of the Creditor.
Modifications. No modification of this Agreement will be effective unless it is in writing and is signed by both parties. Time is of the essence of this contract. This Agreement binds and benefits both parties and any successors. This document, including any attachments, is the entire agreement between the parties.
Amendments. Amendments of this agreement shall be by mutual consent of the parties only in writing.
Arbitration. Any disputes pertaining to the the said contractual arrangement being affairs that cannot be settled amicably shall be submitted to an arbitrator under the Rules of the American Arbitration Association or like organization in the City of [city], whose award may be reduced to judgment in any court of competent jurisdiction.
Severability. If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each party to this Agreement will execute and deliver any additional documents and perform any additional acts that may be necessary or appropriate to effectuate and perform its obligations under this Agreement and the transactions contemplated hereby.
Entire Agreement. This Agreement contains the entire agreement of the parties and there are no other promises or conditions in any other agreement whether oral or written. This Agreement supersedes any prior written or oral agreements between the parties.
No Assignment. Neither this agreement nor any right or interest thereunder shall be assigned in any respect whatsoever.
Applicable Law. This Agreement shall be governed by the laws of the State of [State].
IN WITNESS WHEREOF, the parties have executed this agreement the day and year as first above written at [City], [State].
Witness Name & Address