The Broker Commission Agreement is a critical document used to formalize the financial relationship between brokers and their principals in the United States. This agreement is essential when engaging professional intermediaries for transactions in various sectors, including real estate, securities, or insurance. It specifically details commission structures, payment triggers, and service expectations while ensuring compliance with relevant federal and state regulations. The agreement protects both parties' interests by clearly defining the scope of services, compensation terms, and conditions under which commissions become payable.
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1. Parties: Identification of the broker and the principal, including full legal names, addresses, and any relevant registration or license numbers
2. Background: Context of the agreement, nature of the brokerage relationship, and general purpose of the arrangement
3. Definitions: Key terms used throughout the agreement including 'Commission', 'Services', 'Territory', and other relevant definitions
4. Scope of Services: Detailed description of broker's services, responsibilities, and authorized activities
5. Commission Structure: Details of commission rates, calculation methods, and qualifying transactions
6. Payment Terms: Timing and method of commission payments, including invoice requirements and payment deadlines
7. Term and Termination: Duration of agreement, renewal provisions, and grounds for termination
8. Representations and Warranties: Standard representations regarding authority, licensing, and compliance with laws
9. Governing Law: Applicable law and jurisdiction for dispute resolution
1. Exclusivity: Terms of exclusive representation and any territorial restrictions, used when broker has exclusive rights
2. International Provisions: Specific provisions for cross-border transactions and international compliance requirements
3. Tail Period: Post-termination commission rights and obligations, used when post-termination commissions apply
4. Non-Circumvention: Provisions preventing direct dealings between principal and broker's contacts
1. Schedule A - Commission Rate Schedule: Detailed breakdown of commission rates for different types of transactions
2. Schedule B - Services Schedule: Comprehensive list of services provided by the broker
3. Schedule C - Territory Schedule: Definition of geographic areas or market segments covered by the agreement
4. Schedule D - Compliance Requirements: List of specific regulatory compliance obligations and requirements
Relevant legal definitions
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