A collection cost is incurred to collect debt that is owed. 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.
Famous quotes containing the words collection and/or cost:
“No collection of people who are all waiting for the same thing are capable of holding a natural conversation. Even if the thing they are waiting for is only a taxi.”
—Ben Elton (b. 1959)
“Greeting people doesn’t cost you anything except a roll of your tongue.”
—Chinese proverb.