Cooperation agreement.
Background and purpose
A cooperation agreement (hereinafter referred to as "the Agreement") has been entered into between the Customer and Equity. The purpose of the Agreement is to regulate the parties' cooperation, whereby Equity provides services in the form of invoice follow-up in accordance with the conditions set forth in this Cooperation Agreement and its appendices.
The agreement, annex and amendments
The contract consists of the terms described in this agreement and the annexes listed below.
Procedure
Equity is entitled to change prices and other terms of the Agreement with one month's written notice in relation to circumstances that will affect the collaboration in connection with changes in the Equity Collaboration Agreement, data quality, credit procedures, cooperation, or price development. In the event of changes, Equity sends updated amendments or additions to the Agreement. This does not require a new signature or acceptance from the customer.
Updated amendments or additions will always be available at https://equity.credit and in the Settings tab upon logging into Equity.
Equity settles the services monthly in arrears according to the current price list. The billing basis for the month's services is sent out immediately after the end of the month, but no later than the 5th of the following month. The payment terms are 14 days net.
Imposed interest and fees accrue to the customer in the reminder process. For invoices that are forwarded for collection, interest and fees will accrue to Equity. If an invoice is not paid by the due date, interest and fees will be added in accordance with applicable legislation.
Duration and termination
The agreement comes into effect upon acceptance of the cooperation agreement, upon acceptance of submitted offers, or upon use of the Equity application. The trial period lasts for 6 months. If one wishes to terminate during the trial period, written notice must be given, after which the agreement will terminate at the end of the current month. If one wishes to terminate after the trial period has ended, the agreement can be terminated in writing with a notice period of the current month + 6 months. The agreement can be terminated in writing by contacting info@equity.dk with the subject: "Termination: [Company Name]".
If the Customer terminates the Agreement due to Equity's insufficient handling or similar, the Customer must, prior to termination or when the termination takes effect, give Equity a reasonable deadline to correct the issue that led to the Customer's termination. If the Customer does not wish to follow up on payments during the termination period for ongoing cases, Equity is entitled to invoice for the average of the last three active months (each month during the termination period).
Limitation of liability
In the event of insufficient information from the Customer regarding payment, invoice, and credit note files, which leads to incorrect follow-up, Equity cannot be held financially liable for the consequences it may cause. If Equity sends incorrect information, the recipient will be contacted and informed about the error and that it has been corrected. Besides this, Equity is not obliged to compensate for any other potential consequences of the error.
Equity is not obliged to cover indirect losses.
Confidentiality/Non-disclosure obligation
The parties may not disclose the business secrets that they may become aware of from another party to third parties. Such business secrets may only be used as part of the parties' fulfillment of the Agreement. The parties shall ensure that their employees respect and comply with the confidentiality obligation. The confidentiality obligation will also apply in the event that the Agreement should terminate.
Choice of law and jurisdiction
If disputes cannot be resolved amicably, any dispute shall be finally settled according to Danish law by the ordinary courts with the Court in Roskilde as the venue in the first instance.
Procedure
Equity receives ongoing open invoices and open credit notes and payments from the Customer's financial system.
The Customer is responsible for providing correct information about invoice amounts, due dates, and the names and addresses of the debtors.
The parties agree on a timeline for how the various debtors will handle invoice follow-ups. The Customer will be contacted by an Equity caseworker to tailor this timeline.
It is possible to set a lower limit for sending reminders. Debtors who do not pay in accordance with this and in accordance with applicable legislation will be reminded.
To avoid mistakenly reminding debtors, the Customer can see, via their login on www.equity.dk:
- Today's Reminder List – where individual adjustments can easily and simply be made at either the debtor or invoice level until 7 PM, after which the reminder process runs thereafter.
- Balance List – where all open invoices are displayed and where individual adjustments can be easily made at either the debtor or invoice level.
- Ready for collection – where individual adjustments can easily be made at either the debtor or invoice level until 7 PM, after which the invoice will be sent to collection.
All follow-ups sent to debtors will include the Customer's payment information, so that invoice amounts, interest, and fees are paid directly to the Customer's account.
The Customer has ongoing access and full control at www.equitycredit.dk, where the Customer will be assigned their own login for those who wish it.
When using an integration developed by Equity, reference is always made to the applicable technical description of this integration for complete understanding of synchronization intervals and logic. See www.equity.dk/integrationer.
When an invoice only has interest and fees outstanding and there has been no reminders or collections on the outstanding amount for 3 months, they will be automatically concluded/written off. This is because Equity wants to focus on real claims that the Customer wishes Equity to work on.
All invoices that have been processed by Equity and subsequently sent to an external collection agency, lawyer, or another instance that handles the collection of outstanding amounts, Equity will have insight into until the case is concluded. The case is considered concluded when Equity has received the interest and fees that have been imposed. The insight is used solely for Equity to collect the imposed interest and fees, which, according to the agreement, must accrue to Equity. Interest and fees will be settled directly with the external instance that has been responsible for the further collection of the Customer's outstanding amounts.
GENERAL
- Subscription/filing integration fees may apply ***
- Under agreement with Equity, the Customer will be billed at least the subscription price per month.
- Shipping costs for sending via regular mail: printing, packaging, postage, shipping.
- If the Customer is on a reminder stop or has lower activity/settlement than the average month, then the Customer will be billed for the average of the last 5 active months, with the highest invoice amount being deducted, or the agreed minimum price.
- Pricing adjustments may occur every three months and are based on the average number of invoices per month over the last three months.