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Broker Commission Agreement

Broker Commission Agreement Template for Nigeria

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Key Requirements PROMPT example:

Broker Commission Agreement

"I need a Broker Commission Agreement for my real estate company in Lagos, Nigeria, appointing an exclusive broker to sell luxury residential properties with a tiered commission structure starting from January 2025, including anti-money laundering compliance requirements."

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Document background
The Broker Commission Agreement is a critical document used to formalize the relationship between companies and their brokers/agents in Nigeria. It is particularly relevant in industries where intermediaries facilitate business transactions, sales, or services. The agreement must comply with Nigerian legislation, including the Investment and Securities Act 2007, Companies and Allied Matters Act 2020, and relevant tax laws. This document typically includes detailed commission structures, performance metrics, compliance requirements, and operational procedures. It's essential for businesses operating through broker networks in Nigeria, providing legal protection while ensuring clear understanding of rights, obligations, and compensation arrangements between parties. The agreement should be customized based on the specific industry, regulatory requirements, and business model while maintaining compliance with Nigerian legal frameworks.
Suggested Sections

1. Parties: Identification of the principal and broker, including full legal names, registration numbers, and addresses

2. Background: Context of the agreement and brief description of the business relationship

3. Definitions: Definitions of key terms used throughout the agreement

4. Appointment and Scope: Formal appointment of broker and detailed description of authorized services

5. Broker's Obligations: Detailed responsibilities and duties of the broker

6. Principal's Obligations: Responsibilities and commitments of the principal

7. Commission Structure: Basic framework for commission calculations and earning criteria

8. Payment Terms: Timeline and method of commission payments, including invoicing requirements

9. Term and Termination: Duration of agreement and conditions for termination

10. Confidentiality: Protection of confidential information and trade secrets

11. Compliance: Regulatory compliance requirements and anti-money laundering obligations

12. Representations and Warranties: Standard declarations by both parties regarding capacity and authority

13. Limitation of Liability: Limits on parties' liability and indemnification provisions

14. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law

Optional Sections

1. Exclusivity: Terms regarding exclusive rights of the broker - used when broker has exclusive territory or client base

2. Sub-Brokers: Rules for appointment and management of sub-brokers - included when sub-brokers are permitted

3. Performance Targets: Specific performance metrics and consequences - used for performance-based arrangements

4. Training and Support: Details of training and support provided by principal - included for complex products/services

5. Insurance Requirements: Specific insurance obligations - used in high-risk or regulated industries

6. Marketing and Branding: Guidelines for use of principal's brand - included when broker represents principal's brand

7. Data Protection: Specific data handling requirements - used when personal data processing is involved

8. Non-Compete: Restrictions on competitive activities - used when protecting market position

Suggested Schedules

1. Schedule 1 - Commission Rates: Detailed commission rates, tiers, and calculation methods

2. Schedule 2 - Territory: Definition of geographical area or market segment covered

3. Schedule 3 - Products/Services: List of products or services covered by the agreement

4. Schedule 4 - Performance Metrics: Detailed KPIs and measurement criteria

5. Schedule 5 - Reporting Templates: Standard forms for activity and commission reporting

6. Appendix A - Compliance Procedures: Detailed compliance and AML procedures

7. Appendix B - Operating Procedures: Standard operating procedures and workflows

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions











































Clauses









































Relevant Industries

Financial Services

Real Estate

Insurance

Securities Trading

Commodities Trading

Import/Export

Oil and Gas

Agricultural Products

Manufacturing

Telecommunications

Construction

Professional Services

Relevant Teams

Legal

Compliance

Finance

Sales

Business Development

Operations

Risk Management

Commercial

Partner Relations

Contract Administration

Relevant Roles

Chief Executive Officer

Commercial Director

Sales Director

Business Development Manager

Channel Manager

Legal Counsel

Compliance Officer

Finance Director

Sales Operations Manager

Account Manager

Broker Relations Manager

Contract Manager

Risk Manager

Commission Administrator

Partnership Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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