At the time you initiate a Preliminary Notice, Mechanic’s Lien, or Bond Claim with LienMaster, or after such time, you may also wish to place the matter with us for collection or suit. At such time, the collection division of MCC will commit all its resources towards resolving the account. If necessary, we will retain a local attorney in order to file suit to enforce your Lien or Bond Claim as well as to file suit against the debtor for non-payment. You are then entitled to the following “Special Collection Rates”:
| Amount of Claim | If MCC Collects | If MCC Retains Local Attorney | If Suit is Filed |
|---|---|---|---|
| Up to $20,000 | 15% | 25% | 30% |
| $20,001 to $50,000 | 12% | 23% | 28% |
| $50,001 and Above | 10% | 20% | 25% |
The above rates are entirely contingent upon collection of funds. There is no charge if no funds are collected.
When an account is placed with an attorney for suit, the attorney may require court costs and a “nominal” non-contingent suit fee. The attorney’s non-contingent suit fee will be no more than 5% of the claim. MCC will always negotiate with the attorney to keep the suit fee to a minimum.
The above rates are subject to change, based on factors such as age of the account and solvency of the debtor company. No change will be made without client’s approval.
*These rates may be negotiable based on volume or size of accounts placed.