The Commission Guarantee Agreement serves as a risk mitigation tool in commercial relationships where commission-based payments are involved. This document type is commonly used in the Philippines when there's a need to secure commission payments, particularly in sales, agency, or distribution arrangements. It provides security to commission earners by having a third party (usually a financial institution or parent company) guarantee their commission payments. The agreement must comply with Philippine civil and commercial laws, including the Civil Code of the Philippines and relevant banking regulations. It's particularly valuable in situations where the commission earner requires certainty of payment, such as high-value sales transactions, real estate deals, or long-term distribution arrangements. The document typically includes detailed provisions on calculation methods, claim procedures, and conditions that trigger the guarantee.
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1. Parties: Identification of the guarantor and beneficiary, including full legal names, addresses, and registration details if applicable
2. Background: Context of the agreement, explaining the underlying commission arrangement and the purpose of the guarantee
3. Definitions: Key terms used throughout the agreement, including 'Commission', 'Guaranteed Amount', 'Commission Period', and 'Underlying Agreement'
4. Guarantee: Core terms of the guarantee, including the specific commission amount or percentage being guaranteed
5. Duration: Term of the guarantee, including commencement date and expiry conditions
6. Payment Terms: Conditions and timing for guarantee payments, including calculation methods and payment procedures
7. Conditions Precedent: Prerequisites that must be met before the guarantee becomes effective
8. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority to enter into the agreement
9. Events of Default: Circumstances that trigger a guarantee payment or termination
10. Termination: Conditions and procedures for ending the agreement
11. Notices: Communication procedures between parties
12. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
1. Security: Include when additional security or collateral is required to support the guarantee
2. Step-In Rights: Include when the guarantor has the right to take over the underlying commission-generating activities
3. Commission Adjustment Mechanism: Include when the guaranteed commission amount can be adjusted based on specific criteria
4. Performance Standards: Include when the guarantee is conditional on meeting certain performance metrics
5. Anti-Money Laundering Provisions: Include for agreements in regulated industries or financial sector
6. Force Majeure: Include when protection against unforeseen circumstances is required
7. Assignment and Transfer: Include when rights under the guarantee may need to be transferred
1. Schedule 1 - Calculation of Guaranteed Commission: Detailed methodology for calculating the guaranteed commission amount
2. Schedule 2 - Form of Demand: Template for making a claim under the guarantee
3. Schedule 3 - Underlying Commission Agreement: Copy or key terms of the agreement being guaranteed
4. Schedule 4 - Payment Schedule: Timeline of guarantee payments if applicable
5. Appendix A - Required Documents: List of documents required for making a claim
6. Appendix B - Contact Details: Detailed contact information for all parties and authorized representatives
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Insurance
Real Estate
Sales and Distribution
Manufacturing
Retail
Telecommunications
Energy
Import/Export
Professional Services
Relevant Teams
Legal
Finance
Sales Operations
Compliance
Risk Management
Treasury
Commercial Operations
Business Development
Contract Administration
Relevant Roles
Chief Financial Officer
Commercial Director
Sales Director
Legal Counsel
Compliance Officer
Risk Manager
Treasury Manager
Business Development Manager
Commission Administration Manager
Contract Manager
Financial Controller
Sales Operations Manager
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