A Broker Agreement Commission is essential for businesses operating in Australia that engage brokers to facilitate transactions or generate sales. This document is specifically designed to comply with Australian regulatory requirements, including the Corporations Act 2001, ASIC regulations, and relevant financial services laws. It establishes the commercial relationship between a principal and a broker, detailing commission structures, payment terms, performance expectations, and compliance obligations. The agreement is particularly crucial in industries where broker arrangements are common, such as financial services, real estate, and insurance. The document includes specific provisions for Australian consumer protection, financial services licensing requirements, and dispute resolution mechanisms, making it suitable for both domestic and international companies operating in the Australian market.
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1. Parties: Identifies and defines the contracting parties - the Broker and the Principal
2. Background: Sets out the context of the agreement, including the broker's qualifications and the principal's business
3. Definitions: Defines key terms used throughout the agreement
4. Appointment and Scope: Details the broker's appointment, territory, and scope of services
5. Broker's Obligations: Specifies the broker's duties, responsibilities, and service standards
6. Principal's Obligations: Outlines the principal's responsibilities and support commitments
7. Commission Structure: Details the commission rates, calculation methods, and payment terms
8. Payment Terms: Specifies payment timing, methods, and handling of disputes
9. Compliance: Sets out regulatory compliance requirements and licensing obligations
10. Term and Termination: Specifies agreement duration and termination provisions
11. Confidentiality: Addresses handling of confidential information
12. Intellectual Property: Covers ownership and usage of intellectual property
13. Liability and Indemnity: Addresses risk allocation between parties
14. General Provisions: Contains standard boilerplate clauses including governing law, notices, and assignment
1. Non-Compete: Include when restricting broker from representing competitors
2. Performance Targets: Include when setting specific performance metrics or sales targets
3. Training and Support: Include when principal provides specific training or support services
4. Marketing and Promotion: Include when specifying marketing obligations or restrictions
5. Insurance: Include when specific insurance requirements are needed
6. Dispute Resolution: Include when specific dispute resolution procedures are required
7. Data Protection: Include when handling significant personal or sensitive data
8. Force Majeure: Include when specific force majeure provisions are needed
1. Schedule 1 - Commission Rates: Detailed breakdown of commission rates for different products or services
2. Schedule 2 - Territory: Detailed description of geographical territory or market segment
3. Schedule 3 - Products and Services: List of products or services covered by the agreement
4. Schedule 4 - Performance Metrics: Detailed performance targets and measurement criteria
5. Schedule 5 - Compliance Requirements: Specific regulatory compliance requirements and procedures
6. Appendix A - Required Forms: Standard forms and documentation required for operations
7. Appendix B - Reporting Templates: Templates for required regular reporting
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Insurance
Real Estate
Mortgage Lending
Commercial Property
Securities Trading
Commodities Trading
Business Broking
Equipment Finance
Import/Export
Relevant Teams
Legal
Finance
Compliance
Sales
Business Development
Operations
Risk Management
Broker Relations
Channel Management
Contract Administration
Relevant Roles
Chief Financial Officer
Commercial Director
Sales Director
Compliance Officer
Legal Counsel
Business Development Manager
Channel Manager
Broker Relations Manager
Commission Administrator
Finance Manager
Contract Manager
Risk Manager
Operations Manager
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