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Service Agreement

This agreement is made between Kinum, Inc. (“Kinum,” “We,” or “Us”) and , a duly-authorized representative of , referred to as “Client” or “You.”

Kinum has two main phases: Connect and Collect.

CONNECT. In Connect, our system automatically contacts your debtors up to 5 times in your name, and then up to 5 times in our name. Debtors are instructed to make payment to you, and you will notify us when you receive payment. You may stop or cancel the collection process on an account at any time during the Connect phase.

COLLECT. If the debtor has not responded to the Connect reminders or demands, or a letter is returned because the debtor has moved, you automatically assign and delegate the collection duties to us. We will notify you when we are about to transfer an account from Connect to Collect, and give you the opportunity to pause or cancel it. If an account is transferred, you agree to immediately stop your collection efforts. In the Collect phase, debtors will be instructed to make payments to us, but if they pay you directly, we are still entitled to our commission and fees. We will pay you what we collect, after deducting the commission based on the rate found on page 1. If our in-house collection team is unsuccessful in collecting the debt, we may send it to an attorney to make additional collection efforts.

TERM. This Agreement begins the day we sign it and continues until canceled by you or us with at least 30 days written notice. You agree to pay us commissions, fees and costs we’ve earned prior to cancellation, including commissions on money received in the future as part of a payment arrangement we’ve made with debtors.

WE PROMISE TO:

1. Professionally collect the debt in accordance with the Fair Debt Collection Practices Act and state laws, and to maintain the privacy and confidentiality of debtor information entrusted to us.
2. Combine orders to ensure that you pay the lowest rate. Orders made within 120 days of your original order are added to that order to qualify for the best volume pricing. For example, if you purchase 100 accounts (at $18.25/account) and purchase another 150 accounts ninety days later, we will combine the two orders and charge you the 250 account volume price of $16.75 on the second 150 accounts purchased.
3. Utilize interest to offset the costs of collection and as a negotiating tool for debt settlement. If you add interest to delinquent accounts as permitted by law and your contract with the debtor, we are entitled to a commission on interest recovered at the rate listed on page 1. If you don’t add interest, and we choose to add it, we may retain any interest recovered. In either event, you grant us the discretion and authority to waive interest as an incentive to induce payment of the debt.
4. Mail to you by the 15th of each month a statement and/or the money we recovered the prior month. Although we instruct debtors in the Collect phase to make payments to us, they often will make payments to you. We are entitled to deduct from payments we have received, or charge you for payments you have received, the commissions, interest, convenience fees and returned check fees we have earned.
5. Send difficult Collect accounts to an attorney, who will make a written demand and phone calls for payment. There are no additional fees for this service, but you agree to pay a commission (at the legal rate listed on page 1) on debts collected by the attorney as a result of the written demand and phone calls. If those efforts are unsuccessful, the attorney will review the case at no cost to you and recommend whether to take legal action, and estimate the costs. You will be responsible for legal expenses only if you instruct the attorney to take legal action.
6. Indemnify and hold you harmless from and against any claims, liabilities, damages, and penalties resulting from our collection efforts on your behalf unless you have given us inaccurate, misleading, or out-of-date information, or have acted negligently.

YOU PROMISE TO:

1. Not assign debts that are beyond the statute of limitations or within 6 months of expiring. Please check the appropriate state where the consumer resides.
2. Provide us with accurate substantiation of the debt, such as a copy of a judgment against the consumer or a signed contract/application that created the debt upon request. If no signed contract or application exists, a copy of an itemized statement showing all transactions, payments or balance transfers will satisfy this requirement. If you have added interest, penalties or other fees to an account, at our request, you will provide us with copies of the agreements that permit such charges, and verify that they are allowed under state and federal law. Failure to provide substantiation of the debt within 10 days of request from Kinum, will give Kinum authority to forgive the debt and you will no longer have the right to collect on the debt in the future. You will indemnify and hold us harmless from, and against any claims, actions, or penalties with respect to accounts you have given us that contain inaccurate, incomplete, or misleading information.
3. Automatically assign accounts to us for collection that have completed the Connect phase or are returned due to an incorrect address, unless you have paused or canceled them.
4. Immediately update changes in the accounts (through our web portal or by email) including payments you have received, and send us all account-related notices received from the debtor, his or her representatives, agents, attorneys, courts or others.
5. Authorize us to settle any accounts at or above the Settle in Full Authority percentage rate listed on page 1.
6. Excuse us from performing under this agreement due to any act or event beyond our control (Force Majeure), until such act or event no longer prevents us from performing.
7. Grant us authority (with respect to money recovered in the Collect phase) to endorse negotiable instruments. You authorize us to earn and retain all convenience fees, interest that we add and returned check fees. The principal amount and the credited value of Returned Merchandise received in payment of a debt will be at the commission rates listed on page 1.

ENFORCEMENT. If legal action is necessary to enforce this Agreement, all costs, reasonable attorney’s fees, and expenses incurred to remedy any breach will be borne by the losing party. The laws of the State of Virginia, subject to the exclusive venue and jurisdiction of the state of Virginia, or federal courts located nearest to Virginia Beach, VA, shall apply to such claims.

OUR GUARANTEE. We promise that your collection results will significantly improve if all accounts purchased under this Agreement are entered and processed through our Connect phase as instructed by Kinum and our representative, or we will refund the difference, if any, between what was collected in Connect and what was paid to us for the Connect service.

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Document name: Kinum Service Agreement / Ray Peloquin

Unique Document ID: 84056ea256aa491c0f9c092fb735bebbe37e86bd

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Timestamp	Audit
February 28, 2017 5:26 pm EDT	Kinum Service Agreement / Ray Peloquin Uploaded by Ray Peloquin - ray.peloquin@kinum.com IP 70.161.221.234
September 17, 2018 2:54 pm EDT	Kinum Contracts - contracts@kinum.com added by Ray Peloquin - ray.peloquin@kinum.com as a CC'd Recipient Ip: 70.161.221.234

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