This document is essential for businesses operating in Malaysia that wish to formalize their procurement processes through local or international buying agents. A Buying Agency Agreement is particularly crucial in establishing clear lines of authority, responsibilities, and commercial terms between principals and their buying agents. The agreement, governed by Malaysian law, typically includes detailed provisions on scope of authority, commission structures, territorial rights, and compliance requirements. It's commonly used in various industries from manufacturing to retail, where companies need local representation for sourcing and purchasing activities. The document ensures compliance with Malaysian legal requirements, including the Contracts Act 1950 and relevant agency law provisions, while protecting both parties' interests through clear operational guidelines and risk allocation.
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1. Parties: Identification of the Principal and the Buying Agent with full legal names and addresses
2. Background: Context of the agreement and brief description of the parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment and Scope: Formal appointment of the agent and detailed scope of authority
5. Term and Termination: Duration of the agreement and circumstances for termination
6. Agent's Duties and Responsibilities: Detailed obligations of the buying agent including sourcing, negotiation, and reporting duties
7. Principal's Duties and Responsibilities: Obligations of the principal including providing information and timely responses
8. Commission and Payment Terms: Structure of commission, payment calculations, and payment terms
9. Confidentiality: Obligations regarding confidential information and trade secrets
10. Non-Competition and Non-Solicitation: Restrictions on competitive activities and client solicitation
11. Indemnification: Mutual indemnification provisions and liability limitations
12. General Provisions: Standard clauses including notices, amendments, governing law, etc.
1. Performance Targets: Include when specific buying targets or KPIs need to be met by the agent
2. Exclusivity: Include when the agent is granted exclusive rights in specific territories or for specific products
3. Insurance: Include when specific insurance requirements are needed due to high-value transactions
4. Intellectual Property: Include when the agent will be handling branded products or using principal's IP
5. Compliance with Laws: Include detailed compliance requirements when dealing with regulated products or markets
6. Force Majeure: Include when needed for high-value long-term arrangements
7. Dispute Resolution: Include detailed arbitration or mediation procedures for complex international arrangements
1. Schedule 1 - Commission Structure: Detailed breakdown of commission calculations and examples
2. Schedule 2 - Territory: Detailed description of geographical areas covered by the agreement
3. Schedule 3 - Products: List of products or services the agent is authorized to source
4. Schedule 4 - Approved Suppliers: List of pre-approved suppliers if applicable
5. Schedule 5 - Reporting Requirements: Templates and timing for required reports
6. Schedule 6 - Operating Procedures: Detailed procedures for order processing and communication
7. Appendix A - Power of Attorney: If required, formal authorization for the agent to act on principal's behalf
8. Appendix B - Bank Details: Banking information for commission payments
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Retail
Wholesale Trade
Textiles and Apparel
Electronics
Automotive
Consumer Goods
Raw Materials
Industrial Equipment
Agriculture
Food and Beverage
Construction Materials
Commodities Trading
Relevant Teams
Procurement
Legal
Operations
Supply Chain
Commercial
Finance
Compliance
International Trade
Vendor Management
Contract Administration
Relevant Roles
Procurement Manager
Supply Chain Director
Commercial Director
Sourcing Manager
Purchasing Manager
Operations Manager
Legal Counsel
Contract Manager
Business Development Manager
Chief Operating Officer
Vendor Relations Manager
Import/Export Manager
Category Manager
Buying Director
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