Ship Broker Commission Agreement

Ship Broker Commission Agreement Generator for England and Wales

Create a bespoke document in minutes, or upload and review your own.

4.6 / 5

4.8 / 5

Let's create your Ship Broker Commission Agreement

1. Select your governing law and document type:

2. Enter your key requirements:

3. Create your document to edit, review or download

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

"I need a Ship Broker Commission Agreement for my UK-based brokerage firm to act as exclusive broker for a Greek shipping company's fleet of five bulk carriers, with a 2.5% commission rate and a minimum term of three years starting January 2025."

Document background

The Ship Broker Commission Agreement is essential for formalizing the relationship between maritime brokers and their principals in vessel transactions. This document, governed by English and Welsh law, is commonly used when engaging professional intermediaries for vessel sales, purchases, or charters. It provides clarity on commission structures, defines the scope of authority, and establishes clear responsibilities while ensuring compliance with maritime regulations and industry practices. The agreement protects both parties' interests and provides a framework for resolving potential disputes.

Suggested Sections

1. Parties: Identification of the ship broker and the principal (shipowner/charterer)

2. Background: Context of the agreement and relationship between parties

3. Definitions: Key terms used throughout the agreement including relevant legislation and industry standards

4. Appointment: Terms of broker's appointment and scope of authority

5. Commission Structure: Details of commission rates, calculation methods, and payment terms

6. Obligations of the Broker: Duties, responsibilities, and standard of service

7. Obligations of the Principal: Principal's duties and responsibilities

8. Term and Termination: Duration of agreement and termination provisions

9. Confidentiality: Confidentiality obligations and restrictions

10. Governing Law and Jurisdiction: Applicable law and dispute resolution mechanisms

Optional Sections

1. Exclusivity: Terms of exclusive appointment - used when broker is granted exclusive rights

2. Sub-Brokers: Terms for appointment and management of sub-brokers - used when sub-brokers may be involved

3. Insurance: Insurance requirements and coverage details - used when specific insurance coverage is required

4. Anti-Bribery: Anti-corruption provisions in compliance with Bribery Act 2010 - used for international transactions or high-value deals

5. Force Majeure: Provisions for unforeseen circumstances - used when dealing with long-term arrangements

Suggested Schedules

1. Commission Rate Schedule: Detailed breakdown of commission rates for different types of transactions

2. Vessel Details: Specifications of vessels covered by the agreement

3. Territory Schedule: Geographic areas covered by the agreement

4. Service Level Agreement: Detailed performance metrics and service standards

5. Compliance Requirements: Specific regulatory or industry compliance requirements including relevant legislation and standards

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Maritime Transport
International Trade
Logistics
Energy

Relevant Teams

Maritime Operations
Commercial
Legal
Finance
Compliance

Relevant Roles

Ship Broker
Maritime Operations Manager
Commercial Director
Fleet Manager
Chartering Manager

Industries

Sale of Goods Act 1979: Primary legislation that may be relevant for vessel sales, governing the transfer of property and rights/obligations in sales contracts

Supply of Goods and Services Act 1982: Regulates contracts for the supply of services, including brokerage services, setting out implied terms about service quality

Contracts (Rights of Third Parties) Act 1999: Governs how third parties may enforce terms of a contract, relevant for relationships between brokers, buyers, and sellers

Bribery Act 2010: Critical legislation regarding commission payments and preventing corrupt practices in business transactions

Financial Services and Markets Act 2000: Applicable if the brokerage involves regulated financial activities or services

Maritime Conventions Act 1911: Historical maritime legislation that may impact certain aspects of maritime contracts and transactions

Merchant Shipping Act 1995: Principal statute governing maritime commerce and shipping in the UK, including aspects of vessel registration and operation

Commercial Agents Regulations 1993: Implements EU Directive on commercial agents, potentially applicable to ship brokers acting as commercial agents

Law of Agency: Common law principles governing the relationship between principal and agent, fundamental to broker agreements

Contract Law Fundamentals: Core principles including offer, acceptance, consideration, and intention to create legal relations

BIMCO Standards: Industry-standard terms and forms provided by the Baltic and International Maritime Council

Baltic Code: Ethical and practical guidelines for members of the Baltic Exchange

UNIDROIT Principles: International principles for commercial contracts, relevant for cross-border transactions

UK GDPR: Data protection legislation governing the processing of personal data in the UK post-Brexit

Money Laundering Regulations 2017: Regulations requiring due diligence and prevention of money laundering in business transactions

Proceeds of Crime Act 2002: Legislation dealing with money laundering and proceeds of crime, relevant for financial transactions

��������Ƶ

How ��������Ƶ reduced drafting time by 75% for a legal firm

Let's create your Ship Broker Commission Agreement

Authors

Alex Denne

Find the exact document you need

Work For Hire Release

Work For Hire Agreement Music Producer

Work Experience Request Letter

Work Contracts For Independent Contractors

Work Authorisation Letter

Wholesale Contract

White Label Software Licence Agreement

White Label Software Agreement

Weekly Rental Agreement

Weekend Custody Agreement

Wedding Photography Non Disclosure Agreement

Web Developer Contract

Waxing Liability Waiver

Warning Letter For Disciplinary Action

Warning Letter Before Termination

Waiver Of Subrogation General Liability Form

Waiver Of Responsibility For Injury

Waiver Of Lien To Date Form

Waiver Of Lien To Date And Contractor's Affidavit

Waiver Of Lien To Date

Waiver Of Liability Statement

Waiver Of Liability Release Form

Waiver Of Liability For Sports Activity

Waiver For Outdoor Activities

Waiver For Dirt Bike Riding

Waiver And Hold Harmless Agreement

Vulnerability Assessment Policy

Volunteer Release And Waiver Of Liability Form

Volunteer Offer Letter

Volunteer Experience Letter

Volunteer Driver Waiver

Volunteer Application Letter

Voluntary Retirement Letter

Voluntary Redundancy Settlement Agreement

Voluntary Payment Agreement

Visa Consent Letter For Minors

Visa Consent Form

Virtual Power Purchase Agreement

Video Shoot Contract

Video Rights Agreement

Video Licensing Agreement

Video Consent And Release Form

Vessel Purchase And Sale Agreement

Vessel Management Agreement

Verification Of Work Experience Letter

Venue Licence Agreement

Venue Cancellation Letter

Venue Booking Contract

Venture Partner Agreement

Venture Capital Agreement

Vendor Termination Letter

Vendor Space Rental Agreement

Vendor Partner Agreement

Vendor Non Disclosure Agreement

Vendor Lien Waiver And Release

Vendor Lien Waiver

Vendor Lien Release Form

Vendor Hold Harmless Agreement

Vendor Direct Deposit Form

Vendor Contract Termination Letter

Vendor Confirmation Letter

Vendor Appraisal Form

Vehicle Transfer Of Ownership Agreement

Vehicle Service Contract Cancellation Letter

Youth Sports Liability Waiver

Youth Employment Certificate

Year End Appraisal

Written Warning Letter For Disrespectful Behavior

Written Notice To Vacate Apartment

Written Notice To Move Out

Written Notice Of Lease Termination

Written Agreement To Pay Back Money

Workplace Separation Certificate

Working Certificate

��Ƶ

How ��Ƶ reduced drafting time by 75% for a legal firm

�ұ�Ծ��’s Security Promise