Broker Seller Agreement

Broker Seller Agreement Template for South Africa

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Key Requirements PROMPT example:

"I need a Broker Seller Agreement for my financial services company based in Cape Town, appointing an independent broker to sell our investment products, with strict FAIS Act compliance requirements and a tiered commission structure starting from March 2025."

Document background

The Broker Seller Agreement is a critical document used to establish and govern the commercial relationship between a broker (acting as an intermediary) and a seller (principal party) in South Africa. This agreement is essential when a business wishes to engage independent brokers or agents to market and sell their products or services. The document must comply with South African legislation, particularly the Financial Advisory and Intermediary Services Act (FAIS) for financial services, the Consumer Protection Act, and industry-specific regulations. The agreement typically covers commission structures, territorial rights, performance expectations, compliance requirements, and risk allocation between parties. It's particularly important in regulated industries where specific compliance requirements must be met and documented.

Suggested Sections

1. Parties: Identification and details of the broker and seller, including registration numbers, licenses, and contact information

2. Background: Context of the agreement and brief description of the business relationship

3. Definitions: Detailed definitions of terms used throughout the agreement

4. Appointment and Scope: Terms of the broker's appointment and detailed scope of services to be provided

5. Duration and Territory: Term of the agreement and geographical area where broker may operate

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

7. Seller's Rights and Obligations: Responsibilities and obligations of the seller, including information provision and cooperation

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

9. Compliance and Regulations: Compliance with FAIS Act, FICA, and other relevant legislation

10. Confidentiality: Protection of confidential information and trade secrets

11. Representations and Warranties: Statements and guarantees made by both parties

12. Termination: Conditions and procedures for termination of the agreement

13. Dispute Resolution: Procedures for handling disputes between parties

14. General Provisions: Standard legal clauses including notices, amendments, and governing law

Optional Sections

1. Exclusivity: Terms of exclusive rights granted to the broker, used when exclusive arrangement is agreed

2. Performance Targets: Specific sales or performance targets for the broker, included when performance-based arrangements are required

3. Training and Support: Details of training and support provided by seller to broker, included for complex products or services

4. Marketing and Advertising: Terms regarding marketing activities and brand usage, included when broker has marketing responsibilities

5. Sub-brokers: Terms for appointment and management of sub-brokers, included when sub-broking is permitted

6. Insurance Requirements: Specific insurance requirements for broker, included for high-risk products or services

7. Data Protection: Specific provisions for handling personal data, included when significant personal data processing is involved

Suggested Schedules

1. Schedule A - Commission Structure: Detailed breakdown of commission rates, tiers, and special arrangements

2. Schedule B - Products and Services: Comprehensive list of products/services the broker is authorized to sell

3. Schedule C - Territory Map: Detailed map and description of authorized territory

4. Schedule D - Performance Metrics: Detailed performance indicators and measurement criteria

5. Schedule E - Compliance Procedures: Detailed compliance procedures and requirements

6. Appendix 1 - Required Documentation: List of required documentation for transactions and compliance

7. Appendix 2 - Contact Details: Complete contact information for key personnel and offices

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Real Estate

Insurance

Securities and Investments

Commodities Trading

Manufacturing

Import/Export

Wholesale Distribution

Agricultural Products

Technology Services

Relevant Teams

Legal

Compliance

Sales

Business Development

Commercial

Risk Management

Channel Management

Operations

Partner Relations

Distribution

Regulatory Affairs

Relevant Roles

Legal Counsel

Compliance Officer

Business Development Manager

Sales Director

Commercial Director

Broker Relations Manager

Channel Manager

Chief Executive Officer

Chief Operating Officer

Risk Manager

Contracts Manager

Partnership Manager

Distribution Manager

Regional Sales Manager

Regulatory Affairs Manager

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