The Ship Broker Commission Agreement is essential for formalizing the relationship between maritime brokers and their principals in vessel transactions. This document, governed by English and Welsh law, is commonly used when engaging professional intermediaries for vessel sales, purchases, or charters. It provides clarity on commission structures, defines the scope of authority, and establishes clear responsibilities while ensuring compliance with maritime regulations and industry practices. The agreement protects both parties' interests and provides a framework for resolving potential disputes.
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1. Parties: Identification of the ship broker and the principal (shipowner/charterer)
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement including relevant legislation and industry standards
4. Appointment: Terms of broker's appointment and scope of authority
5. Commission Structure: Details of commission rates, calculation methods, and payment terms
6. Obligations of the Broker: Duties, responsibilities, and standard of service
7. Obligations of the Principal: Principal's duties and responsibilities
8. Term and Termination: Duration of agreement and termination provisions
9. Confidentiality: Confidentiality obligations and restrictions
10. Governing Law and Jurisdiction: Applicable law and dispute resolution mechanisms
1. Exclusivity: Terms of exclusive appointment - used when broker is granted exclusive rights
2. Sub-Brokers: Terms for appointment and management of sub-brokers - used when sub-brokers may be involved
3. Insurance: Insurance requirements and coverage details - used when specific insurance coverage is required
4. Anti-Bribery: Anti-corruption provisions in compliance with Bribery Act 2010 - used for international transactions or high-value deals
5. Force Majeure: Provisions for unforeseen circumstances - used when dealing with long-term arrangements
1. Commission Rate Schedule: Detailed breakdown of commission rates for different types of transactions
2. Vessel Details: Specifications of vessels covered by the agreement
3. Territory Schedule: Geographic areas covered by the agreement
4. Service Level Agreement: Detailed performance metrics and service standards
5. Compliance Requirements: Specific regulatory or industry compliance requirements including relevant legislation and standards
Relevant legal definitions
Clauses
Relevant Industries
Relevant Teams
Relevant Roles
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