The Commission Guarantee Agreement is primarily used in commercial contexts where there is a need to secure commission payments through a third-party guarantee. This document type is particularly relevant in Hong Kong's dynamic business environment, where commission-based compensation structures are common in various industries. The agreement provides security to commission earners by having a guarantor stand behind the principal's obligation to pay commissions. It is essential in situations where there might be concerns about the principal's ability to meet commission obligations, or where additional security is required as part of a broader commercial arrangement. The document typically includes detailed provisions for commission calculation, payment terms, guarantee scope, and enforcement mechanisms, all structured to comply with Hong Kong's legal framework and commercial practices.
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1. Parties: Identification of all parties: Principal, Agent/Commission Earner, and Guarantor
2. Background: Context of the agreement, relationship between parties, and purpose of the guarantee
3. Definitions and Interpretation: Definitions of key terms including Commission, Guaranteed Obligations, Payment Period, etc.
4. Commission Structure: Details of how commission is calculated, earned, and accrued
5. Payment Terms: Terms for commission payment including timing, method, and currency
6. Guarantee Provisions: Core guarantee obligations, including scope, limitations, and conditions
7. Representations and Warranties: Key statements of fact and promises by all parties
8. Duration and Termination: Term of the agreement and circumstances for termination
9. Enforcement and Remedies: Rights and procedures for enforcing the guarantee
10. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction
11. General Provisions: Standard boilerplate clauses including notices, amendments, assignment
1. Performance Metrics: Detailed criteria for measuring performance, used when commission is performance-based
2. Clawback Provisions: Terms for recovering commission in specific circumstances, included when risk of transaction reversal exists
3. Security Provisions: Additional security arrangements, used when guarantee needs to be secured
4. Multiple Guarantors: Provisions for joint and several liability, used when there is more than one guarantor
5. Commission Caps: Limitations on maximum commission payable, included when upper limits are needed
6. Dispute Resolution: Detailed ADR procedures, included when specific dispute resolution mechanisms are preferred
7. Compliance Requirements: Specific regulatory compliance obligations, included for regulated industries
1. Commission Calculation Formula: Detailed methodology and examples for calculating commission
2. Payment Schedule: Specific dates or periods for commission payments
3. Performance Criteria: Detailed metrics and targets for performance-based commission
4. Guaranteed Obligations: Detailed list of obligations covered by the guarantee
5. Form of Demand: Template for making a demand under the guarantee
6. Contact Details: List of key contacts and notice addresses for all parties
7. Required Documents: List of supporting documents required for commission claims
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Real Estate
Insurance
Sales and Distribution
Retail
Investment Banking
Commercial Banking
Consulting Services
Recruitment
Export/Import
Luxury Goods
Relevant Teams
Legal
Finance
Sales
Compliance
Risk Management
Treasury
Business Development
Contract Administration
Credit Control
Relevant Roles
Sales Director
Commercial Director
Chief Financial Officer
Legal Counsel
Compliance Officer
Business Development Manager
Commission Administrator
Finance Manager
Risk Manager
Contract Manager
Sales Agent
Broker
Agency Manager
Treasury Manager
Credit Controller
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