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Automobile Repossession Agreement
AGREEMENT made this [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.
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 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 sub-contract its performance without the previous written consent of the Creditor.
Payment. Agency shall receive payment as follows:
Notices. Any notice to be given or to be served upon any party hereto must be in writing and may be given by certified or registered mail, but shall be deemed to have been given and received when a certified or registered letter containing such notice, properly addressed with postage prepaid, is deposited with U.S. Mail. If notice is given in some manner other than by certified or registered mail, it shall be deemed to have been given when delivered to and received by the party to whom it is addressed, Such notices shall be given to the parties hereto at the following addresses:
If to the Agency:
[city, state, zip]
If to the Creditor:
[city, state, zip]
All such notices and communications shall be deemed to have been duly given when delivered by hand, if personally delivered; (--) business days after deposit in U.S. Mail, postage prepaid, if mailed; when answered back, if faxed; and when receipt is acknowledge. Any party hereto may change its address for purposes of this paragraph by written notice given in the manner provided above.
Failure to Object Not a Waiver. The failure of a party to object to, or to take affirmative action with respect to, any conduct of the other which is in violation of the terms of this Agreement shall not be construed as a waiver of the violation or breach or of any future violation, breach, or wrongful conduct until (--) days since the wrongful act or omission to act has passed.
Unenforceable Terms. Any provision hereof prohibited or unenforceable under any applicable law of any jurisdiction shall as to such jurisdiction be ineffective without affecting any other provision of this Agreement. To the full extent, however, that the provisions of such applicable law may be waived, they are hereby waived to the end that this Agreement be deemed to be a valid and binding agreement enforceable in accordance with its terms.
Execution In Counterparts. This Agreement may be executed in several counterparts and when so executed shall constitute shall constitute one agreement binding on all the parties, notwithstanding that all the parties are not signatory to the original and same counterpart.
Incorporation By Reference. All exhibits referred to in this Agreement are incorporated herein in their entirety by such reference.
Cross-References. All cross-references in this Agreement, unless specifically directed to another agreement or document, refer to provisions in this Agreement, and shall not be deemed to be references to any overall transaction or to any other agreements or documents.
Miscellaneous Provisions. The various headings and numbers herein and the grouping of provisions of this Agreement into separate divisions are for the purpose of convenience only and shall not be considered a part hereof. The language in all parts of this Agreement shall in all cases be construed in accordance to its fair meaning as if prepared by all parties to the Agreement and not strictly for or against any of the parties.
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.
Exclusion of Oral Statements. This instrument contains all of the agreements of the parties. No oral or other statements shall be binding on either of the parties hereto.
Applicable Law. This Agreement shall be governed by the laws of the State of [State].
Time of The Essence. Time is the essence of this agreement.
IN WITNESS WHEREOF, the parties have executed this agreement the day and year as first above written at [City], [State].
*** If Required By State Law ***
This Section for Notary:
STATE OF -------)
) ss: [date]
COUNTY OF ------)
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
[Name of Notary Public]
My commission expires: [date]