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Broker Service Agreement
"I need a Broker Service Agreement governed by Saudi law for appointing an exclusive real estate broker to market our commercial properties in Riyadh, with a 3% commission structure and an initial term starting March 1, 2025."
1. Parties: Identification of the broker and the client, including full legal names, commercial registration numbers, and authorized representatives
2. Background: Context of the agreement and brief description of the parties' intentions
3. Definitions: Key terms used throughout the agreement, including specific industry terminology and regulatory references
4. Appointment and Scope: Formal appointment of the broker and detailed description of authorized services
5. Term and Termination: Duration of the agreement, renewal provisions, and circumstances for termination
6. Broker's Obligations: Detailed responsibilities including service standards, reporting requirements, and compliance obligations
7. Client's Obligations: Client's responsibilities including information provision and cooperation requirements
8. Fees and Payment Terms: Commission structure, payment terms, and expenses policy
9. Compliance with Laws: Obligations to comply with Saudi laws, regulations, and Sharia principles
10. Confidentiality: Protection of confidential information and trade secrets
11. Liability and Indemnification: Limitations of liability and mutual indemnification provisions
12. Force Majeure: Events excusing performance and related procedures
13. Dispute Resolution: Process for resolving disputes, including Saudi law compliance and jurisdiction
14. General Provisions: Standard clauses including notices, amendments, and entire agreement provisions
1. Non-Competition: Restrictions on broker's ability to represent competing interests, used when exclusive representation is required
2. Insurance: Insurance requirements for the broker, included when handling high-value transactions
3. Anti-Money Laundering: Detailed AML procedures, required for financial services brokers
4. Performance Metrics: Specific KPIs and performance standards, used in complex service arrangements
5. Training and Support: Requirements for broker training and client support, included for technical or specialized services
6. Data Protection: Specific data handling requirements, included when personal or sensitive data is involved
7. Marketing and Branding: Guidelines for using client's brand and marketing materials, included for client-facing services
8. Succession Planning: Procedures for change in key personnel, included for long-term agreements
1. Schedule 1 - Services Description: Detailed breakdown of brokerage services and deliverables
2. Schedule 2 - Fee Schedule: Detailed commission structures, rates, and calculation methods
3. Schedule 3 - Service Levels: Performance standards, response times, and quality metrics
4. Schedule 4 - Compliance Requirements: Specific regulatory and reporting requirements
5. Schedule 5 - Required Documentation: List of documents required for transactions and compliance
6. Schedule 6 - Authorized Representatives: List of key contacts and authorized signatories
7. Appendix A - Power of Attorney: Standard form of power of attorney if required for broker activities
8. Appendix B - Reporting Templates: Standard forms for regular reporting and documentation
Authors
Real Estate
Financial Services
Insurance
International Trade
Securities and Investments
Commodities
Maritime and Shipping
Industrial Equipment
Technology Services
Business Consulting
Import/Export
Commercial Property
Legal
Compliance
Commercial Operations
Finance
Risk Management
Business Development
Procurement
Operations
Regulatory Affairs
Strategy
Corporate Governance
Chief Executive Officer
Commercial Director
Legal Counsel
Compliance Officer
Risk Manager
Business Development Manager
Operations Director
Finance Director
Procurement Manager
Contract Manager
Regulatory Affairs Manager
Business Unit Head
Regional Director
Strategy Manager
Commercial Operations Manager
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