TERM OF SERVICE

General Conditions

Mamba Financial Services (“Mamba”) provides its services under the following conditions. In the event of any conflict, these terms and conditions shall supersede any terms imposed by the client. Any variations to these terms must be made in writing and authorized by a duly appointed representative of Mamba. The client’s instruction to engage Mamba’s services constitutes a binding contract, incorporating these terms and conditions.

Mamba's Obligations

Mamba will make reasonable efforts to collect outstanding debts and perform the agreed-upon services on behalf of the client.

Mamba will conduct its operations in a professional manner, adhering to industry standards and, where applicable, in compliance with relevant regulations, including but not limited to FCA regulations.
Mamba will maintain a separate client account for all funds received for payment of debts owed to clients, subject to clauses outlined below.

Mamba will provide an account to the client at least once per calendar month, ensuring that all collected funds are remitted within 40 days of receipt. Mamba is only obliged to remit funds to the client and not to any other entity.

Agency Relationship:
Mamba shall act as an agent for the client and is authorized to perform all necessary actions to carry out the agreed-upon services, including corresponding with debtors, third parties, solicitors, and other relevant parties on behalf of the client.

Client's Obligations

The client agrees to provide Mamba with all necessary documents and correspondence required to effectively carry out the services.

The client agrees to provide all relevant information within its knowledge, regardless of its advantage, to assist Mamba in its efforts.

The client shall promptly notify Mamba of any payments made towards the debt or any payment arrangements entered into with the debtor during the term of this agreement and within four months of its termination.
The client agrees not to engage any other agency for debt collection purposes until this agreement is terminated as per its terms.

The client will cooperate with Mamba by responding to requests for documentation and information promptly and providing instructions to Mamba or any solicitors instructed in a timely manner.

The client will ensure that all information provided to Mamba is complete and accurate.

Receipts

Non-Involvement in Agreements:

Mamba Financial Services shall not be a party to any agreement, whether made, reached, or created between the client, its representatives, and any debtor or third party, their representatives, under any circumstances.

Commission Rate:

Mamba Financial Services shall charge a commission rate of 15% on all monies recovered, unless stated otherwise in the agreement.

Notification of Receipt of Monies:

The client agrees to provide written notice to Mamba Financial Services at its registered office address upon receipt of monies related to debts placed with Mamba for collection. Such notification should be provided within seven days of receiving such monies.

Payment of Costs, Interest, and Commission:

The client agrees to pay Mamba Financial Services costs, interest, agreed commission, and VAT thereon, at the prevailing rate set by parliament, on monies received by the client.

Treatment of Direct Payments:

Any payments made directly to the client from the date of this contract will be considered a collection, and commission will be charged accordingly, becoming immediately payable.

Handling of Instalment Arrangements:

Mamba reserves the right and discretion to place funds into accounts as it deems fit for the purpose of holding such monies. In case the client consents to a debtor’s request for discharge of sums due through an instalment arrangement, fees and commissions due to Mamba will be charged, up to the total agreed instalments, as per the current rates agreed between the client and Mamba. All charges will be subject to VAT. Payment becomes due from the client upon receipt of the first instalment from the debtor.

Defaulted Instalments:

In the event of a debtor defaulting on an agreed instalment, Mamba will endeavor to recover the balance of the sums due. The client shall not be entitled to any refund of commissions or fees, regardless of the outcome of Mamba’s efforts to secure the balance of monies due.

Payment Terms

  • Invoice Settlement:

Invoices or requests for payment not deducted from Monies Recovered shall be payable within 21 days from the date of issuance of such invoice.


  • Interest on Overdue Invoices:

Interest shall accrue on any invoice outstanding for more than 21 days at a rate of 4% over the base rate, or the rate specified in the Late Payment of Commercial Debts (Interest) Act 1998, or any regulation connected therewith, whichever is higher.

 

These payment terms are applicable to all invoices issued by Mamba Financial Services and constitute an integral part of the agreement between Mamba and its clients.

Agreement

The construction, performance, and validity of these terms and conditions, as well as any contract between Mamba Financial Services and the client, shall be governed by English Law. Both Mamba and the client agree to submit to the jurisdiction of the English Courts, as directed by Mamba in its sole discretion.
Mamba Financial Services commits to maintaining strict confidentiality regarding any aspect of the agreement with the client. This contract serves as a Non-Disclosure Agreement (NDA), and both parties agree not to disclose any part of this contract to any third party. This confidentiality obligation extends to discussions within the public domain, including online forums, social media platforms, and online review sites, both during and after the contract’s expiration, without express permission from Mamba, in accordance with The General Data Protection Regulation (GDPR). Breaches of this NDA will result in immediate injunctive relief and significant costs imposed on the party in breach.

Termination of Service

Termination by Client:

 

  1. The client reserves the right to terminate the services provided by Mamba Financial Services (“Mamba”) at any time, subject to the terms and conditions of the agreement between the client and Mamba.
  2. Notice of termination must be provided to Mamba in writing, specifying the effective date of termination and the reasons for termination, if applicable.
  3. Upon receipt of the termination notice, Mamba will cease all ongoing services and provide the client with any necessary documentation or assistance to facilitate the transition process.

Termination by Mamba:

 

  1. Mamba may terminate the provision of services to the client if the client breaches any terms of the agreement, fails to make timely payments, or engages in conduct that is detrimental to the interests of Mamba.
  2. Mamba will provide the client with written notice of termination, specifying the reasons for termination and the effective date of termination.
  3. In case of termination by Mamba due to client breach, Mamba reserves the right to pursue legal remedies or seek compensation for any damages incurred as a result of the breach.
  4. Consequences of Termination:
  5. Upon termination of services, the client shall settle any outstanding payments owed to Mamba for services rendered up to the effective date of termination.
  6. Mamba will promptly return any documents, materials, or property belonging to the client upon termination of services, unless otherwise agreed upon by both parties.
  7. Any confidentiality obligations and non-disclosure agreements shall survive the termination of services, as outlined in the agreement between the client and Mamba.

Dispute Resolution:

 

  1. In case of any disputes arising from the termination of services, both parties agree to engage in good faith negotiations to resolve the dispute amicably.
  2. If a resolution cannot be reached through negotiations, either party may pursue legal remedies available under the governing law and jurisdiction specified in the agreement.
  3. These provisions regarding the termination of services govern the relationship between Mamba Financial Services and its clients and constitute an integral part of the agreement between the parties.