¶¶Òõ¶ÌÊÓƵ

The Oil Broker Commission Agreement is a crucial document used in the Pakistani oil trading industry to formalize the relationship between oil companies and professional brokers. This agreement becomes necessary when companies seek to expand their trading operations through third-party brokers while maintaining control over their trading activities and ensuring regulatory compliance. The document encompasses essential elements including commission structures, operational procedures, compliance requirements, and risk management provisions, all aligned with Pakistani law and industry regulations. It's particularly important given Pakistan's specific requirements under the Oil and Gas Regulatory Authority Ordinance 2002 and the Petroleum Act 1934. The agreement serves as a comprehensive framework for managing broker relationships while ensuring compliance with local legal requirements and industry standards.

1. Parties: Identification of the principal company and the broker, including full legal names, registration details, and addresses

2. Background: Context of the agreement, including the principal's business nature and broker's expertise

3. Definitions: Definitions of key terms used throughout the agreement, including 'Commission', 'Products', 'Territory', etc.

4. Appointment and Scope: Formal appointment of broker and detailed scope of services to be provided

5. Term and Termination: Duration of the agreement and circumstances under which it can be terminated

6. Broker's Obligations: Detailed responsibilities and duties of the broker, including reporting requirements

7. Principal's Obligations: Responsibilities of the principal company, including information provision and support

8. Commission Structure: Detailed breakdown of commission rates, calculation method, and payment terms

9. Payment Terms: Timing and method of commission payments, currency, and payment procedures

10. Confidentiality: Obligations regarding confidential information and trade secrets

11. Non-Competition: Restrictions on broker's activities with competing businesses

12. Representations and Warranties: Standard declarations about capacity to contract and compliance with laws

13. Liability and Indemnification: Allocation of risks and responsibilities between parties

14. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and jurisdiction for disputes

15. General Provisions: Standard boilerplate clauses including notices, amendments, and severability