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Split Commission Agreement
"I need a Split Commission Agreement for a real estate brokerage firm in Karachi, where two agents will share commissions 60-40 on all property sales, with monthly settlements and a minimum transaction value of PKR 5 million."
1. Parties: Identification of all parties to the agreement, including their legal status and registered addresses
2. Background: Context of the agreement, business relationship between parties, and purpose of the commission-sharing arrangement
3. Definitions: Definitions of key terms used throughout the agreement, including 'Commission', 'Gross Revenue', 'Territory', etc.
4. Commission Structure: Detailed explanation of how commissions will be calculated and the agreed split percentages between parties
5. Payment Terms: Timeline and method of commission payments, currency, bank details, and any minimum payment thresholds
6. Reporting Requirements: Requirements for sales reports, commission calculations, and supporting documentation
7. Record Keeping: Obligations regarding maintenance of accurate records and right to audit
8. Term and Termination: Duration of the agreement and circumstances under which it can be terminated
9. Confidentiality: Protection of confidential information shared between parties
10. Non-Circumvention: Prevention of parties bypassing each other to avoid commission payments
11. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and jurisdiction for disputes
12. General Provisions: Standard clauses including notices, amendments, assignment, and severability
1. Non-Compete: Restrictions on competing activities, used when parties operate in the same industry
2. Force Majeure: Provisions for unforeseen circumstances affecting commission generation, particularly relevant in uncertain markets
3. Indemnification: Mutual or one-way indemnification provisions, used in high-risk transactions
4. Insurance: Requirements for maintaining specific insurance coverage, relevant for high-value commission arrangements
5. Data Protection: Specific provisions for handling personal data, necessary when customer information is shared
6. Anti-Corruption: Compliance with anti-corruption laws, particularly important for international transactions
7. Territory Restrictions: Geographic limitations on commission-earning activities, used in territory-specific arrangements
1. Schedule 1 - Commission Rates: Detailed breakdown of commission percentages, including any variations based on product types or revenue thresholds
2. Schedule 2 - Calculation Methodology: Step-by-step process for calculating commissions and splits
3. Schedule 3 - Reporting Template: Standard format for periodic commission reports and calculations
4. Schedule 4 - Authorized Representatives: List of designated contacts for each party responsible for commission-related matters
5. Schedule 5 - Products/Services: List of products or services covered under the commission arrangement
6. Appendix A - Bank Details: Banking information for commission payments
7. Appendix B - Documentation Requirements: List of required documents for commission claims and verification
Authors
Real Estate
Insurance
Financial Services
Investment Banking
Import/Export
Wholesale Distribution
Retail
Technology Services
Telecommunications
Professional Services
Manufacturing
Automotive
Construction
Healthcare
Education
Sales
Business Development
Legal
Finance
Compliance
Operations
Partner Relations
Commission Operations
Contract Administration
Account Management
Sales Director
Business Development Manager
Commission Agent
Real Estate Broker
Insurance Agent
Financial Advisor
Sales Representative
Channel Partner Manager
Business Development Executive
Regional Sales Manager
Partner Relations Manager
Commission Operations Manager
Compliance Officer
Legal Counsel
Finance Manager
Account Executive
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