The Agency Contract, governed by Singapore law, is essential for businesses seeking to establish formal representation arrangements. This document is commonly used when a company (principal) wishes to appoint another party (agent) to act on its behalf in matters such as sales, distribution, or business development. The contract defines the scope of authority, territorial rights, commission structures, and compliance requirements under Singapore's legal framework. It's particularly important in international trade and commercial relationships where clear delineation of rights and responsibilities is crucial for business operations.
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1. Parties: Identification of principal and agent, including full legal names and addresses
2. Background: Context of the agency relationship and general purpose
3. Definitions: Key terms used throughout the agreement
4. Appointment and Scope: Terms of agent's appointment and scope of authority
5. Duration: Term of the agreement, including start date and duration
6. Duties and Responsibilities: Detailed obligations of both agent and principal
7. Remuneration: Commission structure and payment terms
8. Termination: Circumstances and procedures for ending the agreement
1. Non-Compete: Restrictions on agent's competitive activities during and after the agreement term
2. Insurance: Requirements for professional indemnity insurance and other coverage obligations
3. Sub-Agents: Terms and conditions for appointing and managing sub-agents
4. Performance Targets: Specific performance goals, metrics and evaluation criteria for the agent
1. Territory Schedule: Defined geographical areas where the agent is authorized to operate
2. Commission Schedule: Detailed breakdown of commission structures, calculations and payment terms
3. Product Schedule: Comprehensive list of products or services covered by the agency agreement
4. KPI Schedule: Detailed performance indicators, targets and measurement criteria
5. Approved Sub-Agents: List of pre-approved sub-agents and their respective territories or responsibilities
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