Repossession Services Agreement
This agreement is to be used by a client and a contractor who
will perform repossession services. The agreement includes all
important terms such as describing the relationship of the
parties, the term of the agreement and the price.
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EXPRESS, IMPLIED, OR OTHERWISE, INCLUDING AS TO THEIR LEGAL EFFECT AND
COMPLETENESS. They are for guidance and should be modified to meet your needs and the
laws of your state. Use at your own risk. Docstoc and anyone who participated in providing or
modifying any form is not creating or entering into an Attorney-Client relationship. Docstoc
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does not provide legal advice. The information and forms are not a substitute for the advice of
your own attorney.
Repossession Services Agreement
THIS REPOSSESSION SERVICES AGREEMENT is entered into as of the day of
, 20__, by and between _____________________(the "Creditor ") and (the
"Repossessor"), with reference to the following facts:
R E C I T A L S:
A. Creditor is the owner or collection agent for various retail installment contracts,
granting liens on automobiles.
B. From time to time Creditor requires repossession services when the various contract
debtors are delinquent on their debts, and Creditor desires to retain the services of Repossessor to
perform such repossessions; and
C. Repossessor is in the business of repossessing automobiles on behalf of lenders.
NOW, THEREFORE, in consideration of the mutual covenants, warranties and
representations contained herein, the parties hereby agree as follows:
1. TERM. This agreement shall commence on __________________, 20__ and terminate
on ___________________, 20__.
2. TERRITORY. Repossessor shall act as the exclusive repossession service for Creditor
within the following territory:
__________________________________________________________.
3.ASSIGNMENTS. Repossessor 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. Repossessor shall not release any vehicle to a person other than
an agent of the Creditor.
4.METHOD OF REPOSSESSION. Repossessor 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, Repossessor shall immediately notify Creditor and shall discontinue attempts
to repossess unless the Creditor reassigns the same.
5.INDEMNITY. Repossessor shall indemnify and hold Creditor harmless from any
claims related to the repossession activity undertaken by the Repossessor. Creditor shall
indemnify Repossessor from any claims that Creditor did not have a legal right to seek peaceful
repossession of the items assigned.
6.INVENTORY. In the event that any vehicle which is repossessed contains personal
property, Repossessor shall have two persons witness a complete inventory. A copy of such
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inventory shall be provided to Creditor. Repossessor shall release such items of personal property
to the debtor upon execution of a receipt of the same.
7.RELATIONSHIP. The relationship between the parties is solely of contracting party
and independent contractor.
8.CARE AND CUSTODY OF VEHICLES. While in custody of the vehicles Repossessor
shall use all possible care to protect and safeguard the vehicles, and shall deliver the same as
directed by the Creditor, at Creditor’s expense, in the same condition as received, any ordinary
wear and tear excepted.
9 SUB-CONTRACTING. Repossessor shall not sub-contract its performance without the
previous written consent of the Creditor.
10. PAYMENT. Repossessor shall receive payment from Creditor for services performed
as follows:
______________________________________________________________________________
[insert terms of payment]
11. ENTIRE AGREEMENT. This Agreement, along with any other documents or
agreements expressly referred to herein, constitutes the entire agreement between the parties with
respect to the subject matter hereof. This Agreement supersedes all previous agreements between
the parties with respect to the subject matter hereof. There are no agreements, representations or
warranties between or among the parties other than those set forth in this Agreement or in the
documents or agreements referred to herein.
12. COUNTERPARTS. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one
instrument.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first
above written.
_____________________________________
Creditor
_______________________________________
Repossessor
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