The Broker Agreement Commission is a crucial document used in the Indian business environment to formalize the relationship between companies and their brokers or agents. This agreement is essential when a business wishes to engage intermediaries to promote, sell, or facilitate transactions for their products or services in exchange for commission-based compensation. The document encompasses key elements required under Indian law, including commission structures, payment terms, compliance requirements, and operational procedures. It ensures alignment with various Indian regulations such as the Indian Contract Act, 1872, and sector-specific requirements (e.g., SEBI regulations for securities, RERA for real estate). The agreement protects both parties' interests by clearly defining rights, obligations, and compensation terms while maintaining compliance with local legal requirements.
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1. Parties: Identifies and provides details of the principal/company and the broker, including their registered addresses and legal status
2. Background: Outlines the context of the agreement, including the principal's business and the broker's expertise
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Appointment and Scope: Details the formal appointment of the broker and defines the scope of services to be provided
5. Commission Structure: Specifies the commission rates, calculation methods, and payment terms
6. Payment Terms: Details the timing, method, and conditions for commission payments
7. Broker's Obligations: Lists the duties, responsibilities, and service standards expected from the broker
8. Principal's Obligations: Outlines the responsibilities and commitments of the principal
9. Term and Termination: Specifies the duration of the agreement and conditions for termination
10. Confidentiality: Establishes obligations regarding confidential information handling
11. Non-Solicitation: Prevents the broker from directly soliciting the principal's clients post-termination
12. Dispute Resolution: Outlines the process for resolving disputes between parties
13. Governing Law: Specifies that Indian law governs the agreement and defines jurisdiction
14. General Provisions: Includes standard legal clauses such as force majeure, notices, and amendments
1. Exclusivity: Defines whether the broker has exclusive rights for specific territories or clients
2. Performance Targets: Sets specific performance metrics and related commission incentives
3. Training and Support: Details any training or support provided by the principal to the broker
4. Insurance Requirements: Specifies insurance coverage requirements for the broker
5. Compliance with Specific Regulations: Added for sector-specific regulatory requirements (e.g., RERA for real estate)
6. Sub-Brokers: Provisions regarding the appointment and management of sub-brokers
7. Intellectual Property Rights: Included when the broker needs to use the principal's branding or IP
8. Data Protection: Required when dealing with personal data of clients
9. Marketing and Promotion: Specifies terms for marketing activities and material usage
1. Commission Rate Card: Detailed breakdown of commission rates for different products/services
2. Territory Definition: Specific geographical areas or market segments covered by the agreement
3. Product/Service List: Detailed list of products/services for which broker is authorized
4. Performance Metrics: Detailed KPIs and performance measurement criteria
5. Standard Operating Procedures: Detailed procedures for deal registration and commission claims
6. Compliance Checklist: List of regulatory requirements and compliance procedures
7. Reporting Templates: Standard formats for periodic reports and commission statements
8. Contact Details: List of key contacts and escalation matrix for both parties
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Insurance
Financial Services
Securities Trading
Commodities Trading
Import/Export
Shipping
Manufacturing
Technology Services
Business Consulting
Relevant Teams
Legal
Compliance
Finance
Sales
Business Development
Channel Management
Operations
Risk Management
Commercial
Partner Relations
Contract Administration
Relevant Roles
Business Development Manager
Sales Director
Channel Partner Manager
Legal Counsel
Compliance Officer
Finance Manager
Commission Administrator
Broker Relations Manager
Regional Sales Manager
Chief Commercial Officer
Contract Manager
Partnership Director
Agency Manager
Operations Manager
Risk Manager
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