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Incentive Agreement
"I need an Incentive Agreement for our Singapore sales team that includes quarterly performance targets and a commission structure of 2% for achieving base targets and up to 5% for exceeding targets, starting from January 2025."
1. Parties: Identification of contracting parties and their details
2. Background: Context and purpose of the incentive agreement
3. Definitions: Key terms used throughout the agreement
4. Incentive Structure: Details of the incentive program, including targets and metrics
5. Payment Terms: Timing and method of incentive payments
6. Performance Criteria: Specific targets or goals that trigger incentive payments
7. Term and Termination: Duration of agreement and termination provisions
8. Governing Law: Specification of Singapore law as governing law
1. Clawback Provisions: Recovery of payments in specific circumstances - used for senior executive agreements or high-value incentives
2. Non-Competition: Restrictions on competitive activities - used for senior employees or sensitive positions
3. International Provisions: Specific terms for cross-border arrangements - used when incentive scheme involves multiple jurisdictions
4. Tax Provisions: Specific tax treatment and obligations - used for complex incentive structures or international arrangements
1. Performance Metrics Schedule: Detailed breakdown of performance targets and calculation methodologies
2. Payment Schedule: Timeline and structure of incentive payments
3. Calculation Examples: Examples illustrating how incentives are calculated
4. Eligible Positions Appendix: List of positions or roles covered by the incentive scheme
5. Compliance Requirements: Specific regulatory or internal compliance requirements
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