The Contractor shall promptly undertake, through proper and lawful means, the collection of all such accounts referred by the University without regard to the amount. The Contractor shall not, under any circumstances, use any threats, intimidations or harassment in the collection of accounts nor violate any guidelines of the Federal Fair Debt Collection Practices Act, the Maine Fair Debt Collection Practices Act, nor violate any other applicable governmental laws, regulations, guidelines or any amendments thereto after the date of contract. The Contractor shall at all times maintain a Trust Account in which all monies collected for the University by the Contractor shall be deposited promptly after posting to the book of accounts, and shall carry at all times, during the term of the contract, a collection agency bond. The Contractor shall have the right to endorse account checks made payable to the University for deposit into Trust Account Referral of accounts shall be at the University’s option. The University agrees to have performed appropriate written demands informing debtor of the consequences of his/her failure to make payments prior to turning accounts over to the Contractor. Written acknowledgement of accounts by the Contractor shall be made promptly upon receipt to the University...
