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| NARCA Model Contract Download | ||||||||||||
In mid-2002, the National Association of Retail Collection Attorneys surveyed its membership in an effort to learn which issues were most important. A substantial portion of the membership responded by indicating a need for standard contractual provisions which attorneys, credit grantors, and debt buyers could utilize as a basis for their business relationships. The membership noted that there was inconsistency in expectations and no assistance available in confecting reasonable, workable, and equitable agreements. Shortly thereafter, a committee was created to study the feasibility of drafting a model contract. In the beginning, many were skeptical that such a document could be created. These skeptics argued that the interests of credit grantors and attorneys were far too diverse to make such a document possible. Conversely, others argued that it was this diversity which would form the bedrock for such a model contract. In order to assure that any model contract created would be acceptable to all components of the creditor industry, both creditors and debt buyers were asked to participate in the process. This contract is the result of an extensive, long term effort by the undersigned members of the creditor right's industry. We believe that the contract which follows creates a fair and equitable benchmark from which vital relationships can be built. The drafters believe that the contract will help all members of the creditor community to better understand the needs and interests of others within that community. We also believe that there will inevitably be deviations from this contract. Negotiators will now have a benchmark reference point for beginning discussions. The NARCA Standard Contract represents a model national contract which cannot be either circumstance or state specific. No attorney, credit grantor, debt buyer, or forwarder should simply execute the agreement. Rather, it is the responsibility of each party to utilize this benchmark in a manner which assures that the final contract fully complies with their specific needs and the specific local laws.
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