Collection cost (Ofer Abarbanel online library)

collection cost is the cost incurred to collect debt that is owed, a process called debt collection. This could include expenditures for hiring a collection agency. Some contracts and regulations prescribe liquidated damages for collection costs. When collection costs occur, the debtor has pay off debt to get the collector out of collection cost.[1]

References

  1. ^http://www.taxes.state.mn.us/taxes/collection/publications/fact_sheets/CM2_009328.pdf

 

Ofer Abarbanel online library