1. Definitions
1.1 Ancillary Charges means: the charges set out for Skip Tracing and Court Fees set out in paragraph1.7 & 8.5 below.
1.2 Client means: the person, limited company or business instructing Taurus in relation to the Services.
1.3 Debt means: each sum owed to the Client which Taurus is instructed to collect.
1.4 Debtor means: the person, limited company or business instructed as owing monies to the Client.
1.5 Minimum Fees means: the sum of ₹2,500 where the Fees earnt would be less than that sum.
1.6 Monies Recovered means: 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.
1.7 Skip Tracing fees means: Taurus’s charges, for skip tracing, which is not included in the No Collection, No Fees the charges will be ₹5,000 per skip tracing and will be payable prior to any skip tracing is commence.
1.8 Taurus means: Taurus Collections Pvt., Ltd (CIN: U74999MH2021PTC355667; PAN: AAICT4437D; GST: 27AAICT4437D1ZC) or any associated or subsidiary company.
1.9 Services means: collection of Debts from third parties and any other service ancillary or associated with this function.
2. General
2.1 Taurus only supplies its Services on these conditions which 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 authorised representative.
2.2 The Client’s instruction to carry out the Services constitutes a binding contract incorporating these terms and conditions.
3. Taurus’s Obligations
3.1 Taurus will endeavour 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 and, where applicable, in accordance with current government’s laws and regulations.
3.3 Taurus will account to the Client at least once per calendar month 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.
3.4 Where any Monies Recovered are less than ₹2,500 payment will be made within one calendar month of the accumulative total of ₹2,500 being collected, save where no further Monies Recovered are collected.
4. Agency
4.1 Taurus shall act as an agent for the Client and is authorised 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, and other interested parties on the Client’s behalf, instructing Lawyers/Advocates, third parties, enforcement officers, enquiry agents or other third parties.
5. The Client’s Obligations
5.1 The Client agrees that it will give to Taurus:
5.1.1 All necessary documents and correspondence (whether or not requested) to enable Taurus to properly carry out the Services.
5.1.2 All relevant information within the Client’s knowledge, whether advantageous or not.
5.1.3 Copies of any further correspondence with the Debtor or its Lawyers/Advocates or agents after the commencement of the Services.
5.2 The Client shall forthwith notify Taurus of any payment made in relation to the Debt or any arrangement for payment entered into with the Debtor or any payment made during the period of this agreement within 4 months of the termination of this agreement.
5.3 The Client will not instruct any other agency in relation to the Debt until this agreement is terminated under the terms hereof.
5.4 The Client will 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 will ensure that all information on the case listing and information forms required by Taurus is complete and accurate.
6. Payment
6.1 The Client will pay to Taurus the following:
6.1.1 Fees on Monies Recovered at a rate agreed between Taurus and the Client. If no such rate is agreed, Fees shall be payable at a rate of 25% plus Taxes where applicable.
6.1.2 The ancillary charges (Court Fees).
6.2 Taurus’s costs and Fees are payable;
6.2.1 if the Client fails to notify Taurus of a 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 payment or where a request has been made within 7 days of request on the full amount of the Debt;
6.2.2 where the Client withdraws its instructions other than by termination under this agreement as if the full amount of the Debt has been paid;
6.2.3 where the Client withdraws its instructions or the agreement is terminated 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 GST and TDS 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 or not Taurus have acted negligently. The Client agrees that Taurus can deduct any sums payable under this provision from any money which is held to the Client’s account without requiring the Client’s specific permission.
7. Terms of Payment
7.1 Where any invoice is not deducted from Monies Recovered in accordance with paragraph 6.5 hereof, invoices shall be payable within 7 days of the date of such invoice.
7.2 Interest shall be paid on any invoice that is outstanding for more than 21 days at a rate of 4% over base rate.
8. Legal and Insolvency Actions
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 and is not tailored to the specific requirements of the Client or in relation to the Debt. The Client must, where necessary, obtain its own independent legal advice.
8.2 Taurus may recommend a suitably experienced Lawyers/Advocate to advise and commence a claim or institute insolvency proceedings. The Client may chose its own Lawyers/Advocates but Taurus’s costs, Fees and Ancillary Costs remain payable hereunder.
8.3 Any advice given by a Lawyers/Advocates recommended by Taurus is done in accordance with their terms of business which will be provided directly by the Lawyers/Advocates to the Client. Taurus is independent from that Lawyers/Advocates.
8.4 The Client appoints Taurus as its agent to liaise with the appointed Lawyers/Advocates, convey the Client’s instructions to the Lawyers/Advocates including instructions to compromise an action or accept or put forward any offer of settlement, pay fees and disbursements on behalf of the Client, collect Monies Recovered from the Lawyers/Advocates on the Client’s behalf and provide the appointed Lawyers/Advocates with the Client’s evidence and documentation.
8.5 Taurus will liaise with the appointed Lawyers/Advocates on the Client’s behalf, act as a point of contact, assist in transmitting information from the Lawyers/Advocates, explain generally the court system and assist in marshalling the Client’s documents. Taurus will charge Court fees for such work in addition to the charges for skip tracing. Taurus’s fees may not be recoverable as legal costs in the action depending on the Client’s terms of business with its customers.
8.6 Taurus will collect court fees, disbursements costs from the Client. Taurus reserves the right to delay its instructions to commence legal action or other steps in the event that 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. Termination of Services
9.1 Either party may give the other 30 days written notice to terminate this agreement.
9.2 Taurus may terminate this agreement forthwith on giving written notice in the following circumstances.
9.2.2 The Client is 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 a Client company.
9.2.3 The Client goes into administration, a receiver is appointed in relation to any of the Client’s assets or an administration order is made.
9.2.4 The Client enters into a voluntary arrangement with his creditors.
9.2.5 The Client ceases or threatens to cease to carry on business.
9.2.6 The Client fails to make payment or is in breach of the terms of this agreement.
9.2.7 The Debtor is insolvent or the Debt is not worth perusing in the reasonable opinion of Taurus.
9.2.8 Taurus is asked to act in a manner that is a breach of its professional obligations or is illegal or immoral.
9.2.9 Where the Client fails to give instructions in a timely manner or Taurus or the nominated Lawyers/Advocates where any other party is instructed to collect the Debt.
9.3 In the event of termination Fees and ancillary charges shall become immediately payable.
10. Indemnity
10.1 The Client will indemnify Taurus against all losses, damages, expenses and costs on a full indemnity basis and hold Taurus harmless in relation to.
10.1.1 Any breach of this agreement.
10.1.2 Any claim made by a third party against Taurus whilst carrying out the Services for the Client except any claim arising out of or relating to Taurus’s negligence or breach of this agreement.
10.1.3 Any monies, costs or disbursements expended by Taurus on the Client’s behalf.
10.1.4 Any monies paid to the Client by Taurus in connection with the collection of a Debt where such monies are recalled by a paying party or intermediary.
11. Limitation of Liability
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 arising in relation to this contract is limited to the amount of the Debt, or the sum of ₹1,00,000, whichever is the lower.
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 as a consequence of its general advice on collection of the Debt.
11.1.4 Taurus is not liable for any monies remitted to a bank account which Taurus have been notified is the account of the Client whether or not the account is the Client’s account or the notification has been given by a third party purporting to be the Client.
All warranties, conditions and other terms implied by statue, common law or otherwise are hereby excluded from this contract to the fullest extent permitted by law.
12. General Terms and Conditions
12.1 You acknowledge that you have entered into this Agreement in reliance only on the representations, warranties and promises specifically contained or incorporated in the agreement and except as expressly set out in this Agreement and that we shall bear no liability in respect of any representation, warranty or promise made prior to the start of this Agreement unless it was made fraudulently.
12.2 We shall not be deemed to be in breach of this Agreement or otherwise liable to you if we are prevented from performing our obligations under this Agreement by reason of any event beyond our reasonable control.
12.3 The Governing Law of this Agreement shall be the Substantiate law of India.
12.4 Any Dispute arising out of this Agreement shall be resolved as and by way of procedure provided in the Arbitration and Conciliation Act, 1996. The Venue and the seat of the Arbitration shall be Mumbai. The Arbitration is to be conducted by a sole Arbitrator appointed by Taurus.
12.5 That all disputes are subject to Mumbai jurisdiction only.
13. General
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.
13.5 If any of the provisions of the Services is frustrated or cannot be performed because of events beyond the control of Taurus or the Client including but not limited to acts of god, terrorism accident, explosion, fire, transports, delays, strikes and other industrial disputes, and compliance with any laws, regulations or orders.
14. Refund Policy
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.
14.2 If 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.
14.3 If you have any additional questions or would like to discuss a refund, feel free to contact us.