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Split Commission Agreement
"I need a Split Commission Agreement for a real estate agency in Lagos, Nigeria, where three agents will share commissions on property sales, with the senior agent receiving 50% and two junior agents receiving 25% each, starting from March 2025."
1. Parties: Identifies and provides full details of all parties involved in the commission sharing arrangement
2. Background: Explains the context of the agreement and the business relationship between the parties
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Commission Structure: Details the agreed split of commissions, including percentages or fixed amounts for each party
5. Payment Terms: Specifies when and how commission payments will be calculated, processed, and distributed
6. Obligations of the Parties: Outlines the duties and responsibilities of each party in relation to generating and sharing commission
7. Term and Termination: Specifies the duration of the agreement and conditions for termination
8. Confidentiality: Establishes confidentiality obligations regarding business information and commission details
9. Record Keeping and Audit Rights: Details requirements for maintaining commission records and rights to audit
10. Dispute Resolution: Outlines the process for resolving any disputes related to commission sharing
11. Governing Law: Specifies that Nigerian law governs the agreement
12. Miscellaneous: Includes standard boilerplate provisions such as entire agreement, amendments, and notices
1. Non-Compete: Restricts parties from engaging in competing commission arrangements, used when protecting business relationships is crucial
2. Force Majeure: Addresses unforeseeable circumstances that prevent parties from fulfilling obligations, important in uncertain business environments
3. Anti-Corruption Compliance: Includes specific anti-corruption provisions, necessary when dealing with regulated industries or government contracts
4. Insurance Requirements: Specifies insurance obligations, relevant when activities carrying significant risks are involved
5. Intellectual Property Rights: Addresses IP ownership and usage rights, important when commissioned activities involve creative or technical work
6. Data Protection: Includes provisions for handling personal data, necessary when commission activities involve processing customer information
7. Territory Restrictions: Defines geographical limitations of the commission arrangement, useful for regional or territory-based agreements
1. Commission Calculation Schedule: Detailed breakdown of commission calculations, including formulas and examples
2. Product/Service List: List of products or services covered by the commission arrangement
3. Commission Payment Procedures: Step-by-step procedures for processing and distributing commission payments
4. Reporting Templates: Standard formats for commission reports and documentation
5. Key Performance Indicators: Metrics used to measure performance and calculate performance-based commissions
6. Authorized Representatives: List of individuals authorized to act on behalf of each party regarding commission matters
Authors
Real Estate
Insurance
Financial Services
Sales and Distribution
Business Consulting
Technology Services
Recruitment
Advertising and Marketing
Import/Export
Professional Services
Sales
Finance
Legal
Compliance
Business Development
Operations
Partner Relations
Commission Administration
Account Management
Risk Management
Sales Director
Business Development Manager
Commission Administrator
Finance Manager
Real Estate Agent
Insurance Broker
Channel Partner Manager
Compliance Officer
Legal Counsel
Account Executive
Sales Operations Manager
Partnership Manager
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