The Fee Split Agreement is commonly used in the Philippines when two or more parties wish to formalize an arrangement for sharing professional fees, commissions, or revenue generated from joint business activities. This document is essential in professional services, real estate transactions, consulting arrangements, and other business contexts where fee sharing is appropriate and legally permitted. The agreement must comply with Philippine Civil Code requirements, tax regulations, and specific industry regulations where applicable. It typically includes detailed provisions for fee calculation, payment procedures, tax compliance, and dispute resolution mechanisms. The document is particularly important in ensuring transparency, preventing disputes, and maintaining compliance with Philippine legal requirements regarding revenue sharing and professional fee arrangements.
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1. Parties: Identification and details of all parties involved in the fee-splitting arrangement
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Key terms used throughout the agreement
4. Fee Structure: Detailed explanation of how fees are calculated and the agreed-upon split percentages
5. Payment Terms: Timing, method, and currency of payments, including payment verification procedures
6. Obligations of the Parties: Specific responsibilities of each party in generating and collecting fees
7. Record Keeping and Audit Rights: Requirements for maintaining financial records and rights to audit
8. Tax Compliance: Responsibilities for tax payments and reporting under Philippine tax laws
9. Confidentiality: Protection of confidential information shared between parties
10. Term and Termination: Duration of the agreement and conditions for termination
11. Dispute Resolution: Process for resolving disagreements under Philippine law
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. General Provisions: Standard clauses including notices, amendments, and severability
1. Non-Compete: Restrictions on competitive activities, used when parties operate in the same industry
2. International Payments: Additional provisions for cross-border fee splitting, including forex considerations
3. Third Party Rights: Provisions regarding the involvement of third parties in the fee-splitting arrangement
4. Intellectual Property: IP rights and usage terms, relevant when the fee splitting involves IP-based services
5. Force Majeure: Provisions for unforeseen circumstances affecting fee generation or payment
6. Anti-Corruption Compliance: Detailed compliance requirements when dealing with government entities or regulated industries
7. Insurance: Insurance requirements when the agreement involves high-value transactions or significant risks
1. Schedule A - Fee Calculation Method: Detailed methodology for calculating fees and splits
2. Schedule B - Payment Procedures: Step-by-step process for fee collection, calculation, and distribution
3. Schedule C - Reporting Templates: Standard forms for regular financial reporting between parties
4. Schedule D - Authorized Representatives: List of designated individuals authorized to handle fee-related matters
5. Appendix 1 - Tax Compliance Requirements: Specific requirements under Philippine tax laws
6. Appendix 2 - Audit Procedures: Detailed procedures for conducting financial audits
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