1.1 Taurus: Taurus Credit Management LLC (Licence Number: 1190178; VAT: 104152780300003) or any associated or subsidiary company.
1.2 Services: Collection of Debts from third parties/Debtors and any other service ancillary or legal associated with this function.
1.3 Client: Any person, limited company/Sole Proprietorship/ Partnership/LLC or any other business entity instructing Taurus Credit Management LLC for its services.
1.4 Debt: each sum owed by the Client which Taurus Credit Management LLC is instructed to collect.
1.5 Debtor: Any person, limited Company/Sole Proprietorship/ Partnership/LLC or any other business entities who owes monies to the Client.
1.6 Monies Recovered: Monies paid in relation to a Debt or the amount set-off or reduced as a contra charge against the Debt or the value of goods, monies or any other pecuniary advantage received by the Client in payment of a Debt as a set-off or contra charge in relation to the Debt.
2.1 Taurus only supplies its Services on the terms and conditions as specified in this Letter of Engagement and in the case of conflict, shall override any terms or conditions sought to be imposed by the Client and can only be varied in writing by Taurus’s duly authorized representative.
2.2 The Client’s instruction to carry out the Services constitutes a binding contract incorporating these terms and conditions.
3.1 Taurus will endeavor to collect the Debt and perform the Services on behalf of the Client.
3.2 Taurus will act in a professional manner in compliance with industry standards as and where applicable, in accordance with current government laws and regulations.
3.3 Taurus will account to the Client at least once per calendar month for all the monies collected from debtor(s) to the client’s bank account and in any event will send all monies collected within 30 days of receipt subject always to clause 6.5 below. Taurus is not obliged to send any monies to any business, individual or limited company that is not the Client. Client is supposed to inform/ intimate any monies received from debtor(s) in the client bank account.
4.1 Taurus shall act as an agent for the Client and is authorized by the Client to do all acts necessary for carrying out the Services on behalf of the Client, including but not limited to corresponding with Debtors, third parties, Lawyers/Advocates.
5.1 The Client agrees to abide by the terms as mentioned hereunder
5.1.1 All necessary documents and correspondence (whether requested) to enable Taurus to properly carry out its Services.
5.1.2 All relevant information within the Client’s knowledge, whether advantageous or not.
5.1.3 Copies of any correspondence with the Debtor or its Lawyers/ Advocates or agents after the commencement of the Services.
5.2 The Client shall forthwith notify Taurus and is liable for the fees in an event if any payment received in relation to the Debt or any arrangement for payment entered into with the Debtor during the tenure of this agreement and also within 4 months of the termination of this agreement.
5.3 The Client will not assign/instruct/engage with any other agency in relation to the Debt assigned to Taurus until the discontinuation of this present agreement.
5.4 The Client will promptly respond to any request for documentation and information from Taurus and give instructions to Taurus or any Lawyers/Advocates instructed in a timely manner.
5.5 The Client hereby ensures that all information on the case listing and information forms required by Taurus is complete and accurate.
6.1 The Client is liable to pay to Taurus as per the details as under:
6.1.1 In respect to Debt collection, this service shall be on a “No Collection, No Fees” basis. Which means that, we will undertake the Debt/Goods collection from your Debtors and will only charge a fee if we are successful in collecting your outstanding Debt/Goods fully or partially.
6.1.2 The Client will pay fees on monies/Goods recovered at a rate agreed otherwise at the prevailing rate card plus taxes where applicable.
6.1.3 Minimum Fees: the sum of AED 250 where the Fees earnt would be less than that sum.
6.1.4 Prior to any legal work commencing the Client must pay the associated legal costs as per the rate card directly to Taurus.
6.1.5 The Vetting fee (merit of the case), Court Fee, in an event if we are filing any litigation proceedings upon the consent of our client, against the debtor of the Client these are payable by the client irrespective of “No Win, No Fee”.
6.2 Taurus’s costs and Fees are payable by the Client, in any event where;
6.2.1 The Client fails to notify Taurus of receipt of payment in relation to the Debt, or does not respond to a request by Taurus for information in relation thereto within 7 days of the date of such receipt of payment or where a request has been made within 7 days of request on the full amount of the Debt.
6.2.2 The Client withdraws its instructions other than by termination under this agreement as and wherein the full amount of the Debt has been paid.
6.2.3 Where the Client withdraws its instructions for a debtor(s) or the agreement is terminated or and the Debt has been secured by way of charge, charging order or otherwise as if the amount so charged had been recovered or not.
6.2.4 On the amount of any payment made within 4 months of the termination of this agreement.
6.2.5 On the amount of any payment made in accordance with an agreement with the Debtor where such agreement was made prior to the date of termination or within 4 months thereafter
6.3 VAT will be charged at the prevailing rates.
6.4 Taurus may deduct any Fees or Ancillary Charges from any monies held in connection with the payment of a Debt including a Debt recovered on behalf of a company that is a subsidiary of the Client or an associated company thereof.
6.5 Irrespective of any instructions to the contrary, Taurus can refuse to make any payment to the Client or accept any payment on the Client’s behalf if they believe that by doing so, they might break a law, regulation, code, or other duty which applies to them or incur any liability to a third party. Furthermore, the Client agrees to indemnify Taurus and keep them indemnified against all liabilities, costs, expenses, damages, and losses (including but not limited to any direct, indirect or consequential losses, loss of profit and all interest, penalties and legal costs, calculated on a full indemnity basis, and all other professional costs and expenses) suffered or incurred by Taurus in relation to claims by third parties against them or their employees arising out of or in connection with their performance of this agreement. This provision will apply whether Taurus have acted negligently.
7.1 Where the money is been received directly to the client’s account from the debtor, then intimation shall be given to Taurus Immediately, wherein the invoice shall be raised and the client needs to clear the Invoice amount within 24 hours.
7.2 The Amount collected by Taurus collection from the debtor on behalf of our client in Taurus Credit Management LLC Bank Account shall be paid to our client within 24 hours after deducting the fees as applicable under clause 6.
7.3 Interest shall be paid on any invoice that is outstanding for more than 21 days at a rate of 4% over the base rate.
8.1 Taurus does not give legal advice. Taurus may set out the options available for the collection of a Debt and may give information about the general effectiveness of any such method of collection, but any advice is of a general nature. The Client must, where necessary, obtain its own independent legal advice.
8.2 Taurus may recommend a suitably experienced Lawyer/ Advocate to advise and commence a claim or institute insolvency proceedings. The Client may choose its own Lawyer/Advocate, but Taurus’s costs, Fees and Ancillary Costs remain payable by the Client as per this Letter of Engagement.
8.3 Any advice given by a Lawyer/Advocate recommended by Taurus is done in accordance with their terms of business which will be provided directly by the Lawyer/Advocate to the Client. Taurus is independent from that of the advice given by the Lawyers/ Advocates.
8.4 The Client appoints Taurus as its agent to liaise with the appointed Lawyer/Advocate, convey the Client’s instructions to the Lawyer/Advocate including instructions to compromise an action or accept or put forward any offer of settlement, pay disbursements on behalf of the Client, collect Monies Recovered from the Lawyer/Advocate on the Client’s behalf and fees and provide the appointed Lawyer/Advocate with the Client’s evidence and documentation.
8.5 Taurus will liaise with the appointed Lawyer/Advocate on the Client’s behalf, act as a point of contact, assist in transmitting information from the Lawyer/Advocate, explain generally the court system and assist in marshalling the Client’s documents pursuant to client consent. Legal fees will apply.
8.6 Taurus will collect court fees payable for the litigation process initiated for and on behalf of the Client. Taurus reserves its right to delay any instructions to commence legal action or other steps in the event any invoice for such sums remains unpaid.
8.7 Any quoted fees for legal actions are not exhaustive as the costs of such action cannot be predicted at the outset.
9.1 This agreement can be terminated by giving 30 days prior written notice by EMAIL/POST/COURIER on the registered address as mentioned in the Letter of Engagement.
9.2 Taurus reserves its right to terminate this Agreement forthwith by giving written Notice to the client under the following circumstances:
9.2.1 If the client fails to adhere to his obligations specified herein above.,
9.2.2 Conceals the facts of debt collected/received by the client after signing the Letter of Engagement.
9.2.3 Using unethical language with the employees of the company,
9.2.4 The Client is declared insolvent, commits an act of bankruptcy, is adjudged to be bankrupt (if the Client is an individual) or a winding up petition is issued against the Client or the instructing company.
9.2.5 The Client goes into administration; a receiver is appointed in relation to any of the Client’s assets or an administration order is made.
9.2.6 The Client enters a voluntary arrangement with his Debtors.
9.2.7 The Client ceases or threatens to cease to carry on business.
9.2.8 The Client fails to make payment of the outstanding invoices within 30 days of receipt of payment or is in breach of any of the terms of this Letter of Engagement.
9.2.9 The Debtor is insolvent, or the Debt is not worth pursuing in the reasonable opinion of Taurus.
9.2.10 Taurus is asked to act in a manner that is a breach of its professional obligations or is illegal or immoral.
9.2.11 Where the Client fails to give instructions in a timely manner to Taurus or the nominated Lawyers/Advocates
9.2.12 Where another party has been instructed to collect the Debt.
Subject to the terms and conditions set forth in this agreement, the Client and Taurus Credit Management LLC, i.e. each party ( “an indemnifying party”) shall indemnify hold harmless and defend the other party, its affiliates and their respective owners, officers, directors, employees, agents, successors and permitted assigns ( collectively “Indemnified Party”) from and against any and all claims, losses, deficiencies, judgments, settlements, interest, awards, fines, causes of action, damages, liabilities, costs, penalties, taxes, assessments, charges, punitive damages and expenses of whatever kind, including reasonable attorney fees that are incurred by indemnified party (collectively “losses”) as a result of any
(I) Breach or non-fulfilment of any representation, warranty or covenant under the agreement by indemnifying party;
(II) Negligent or more culpable act or omission of the indemnifying party (including any reckless or
wilful misconduct) in performing its obligations under the agreement
11.1 Nothing in these terms and conditions shall exclude or restrict Taurus’s liability for death or personal injury resulting from its negligence, liability for fraudulent misrepresentation or any other liability which cannot be limited or excluded under applicable law. Subject to this:
11.1.1 Taurus’s total liability to the Client in contract or tort or otherwise, howsoever, the aggregate liability of Taurus will be limited to the professional fees paid by the Clients to Taurus for the Assignment.
11.1.2 Taurus will not be liable to the Client for economic loss including loss of profits, business, contracts, revenues, goodwill, and anticipated savings of any descriptions howsoever caused even if foreseeable by the Client.
11.1.3 Taurus will not be liable in relation to any instructions given by the Client because of its general advice on collection of the Debt.
11.1.4 Taurus will not be liable for any monies remitted to a bank account which client have provided directly to debtor(s) or Taurus have been notified is the account of the Client, whether the account is the Client’s account, or the notification has been given by an authorized person of the Client.
12.1 The Client acknowledges that they have had the opportunity to seek legal advice, they have carefully read and fully understood all the clauses of this Letter of Engagement and that they, in consideration for the services set forth herein, are voluntarily entering into this Letter of Engagement which is without any undue influence, coercion, threat and or false representation.
12.2 The Governing Law of this Agreement shall be the Substantiate law of UAE.
12.3 This Engagement Letter will be governed by the UAE law.
Any dispute, difference or claim(s) arising out of or in connection with this Engagement Letter, if not resolved amicably, shall be settled by alternative dispute resolution (ADR) or by the UAE Courts.
13.1 No delay or failure by Taurus to enforce any provisions of these terms and conditions is a waiver of that provision or any other provision.
13.2 This contract is the entire agreement between Taurus and the Client on the subject matter contained herein and supersedes any representations, communications and prior agreements between Taurus and the Client.
13.3 The Client acknowledges that it has relied solely on these terms and conditions of business and not on any other representation, warranty, or statement of undertaking by Taurus, its employees, professional advisors, agents or solicitor.
13.4 Telephone calls to and from Taurus may be recorded for quality and training purposes.
14.1 Taurus Collection offers a No Win, No Fee policy whereas we only take a fee once we have successfully executed our services to you. Hence, no refunds for services rendered will be awarded.
14.2 In the event any outstanding invoices have been collected incorrectly (e.g., an over collection of an invoice), we will aim to issue a refund within 7 working days after the error has been identified and confirmed from both acting parties. Such errors should be reported within 7 days of knowledge to
