The Broker Agent Commission Agreement is essential for businesses operating in Singapore that engage brokers or agents on a commission basis. This document defines the commercial relationship between parties, establishing clear terms for commission calculations, payment schedules, and performance expectations. It ensures compliance with Singapore's Estate Agents Act 2010 and CEA regulations while protecting both parties' interests. The agreement is particularly crucial in regulated industries where commission-based sales are common, providing a framework for professional services delivery and compensation.
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1. Parties: Identifies the broker/agent and the principal company, including registration details and addresses
2. Background: Context of the agreement and brief description of the business relationship
3. Definitions: Key terms used throughout the agreement, including 'Commission', 'Territory', 'Services'
4. Appointment and Scope: Terms of appointment and detailed scope of services to be provided
5. Commission Structure: Detailed breakdown of commission rates, calculation methods, and payment terms
6. Obligations of the Agent: Agent's duties, responsibilities, and compliance requirements under CEA regulations
7. Term and Termination: Duration of agreement and circumstances for termination
8. Compliance with Laws: Commitment to comply with relevant Singapore laws and CEA regulations
1. Non-Compete Clause: Restrictions on working with competitors, used when protecting market share in specific territories
2. Performance Targets: Specific sales or business targets, included for performance-based agreements
3. Training Requirements: Mandatory training and certification requirements, used when specific qualifications are needed
4. Marketing Support: Details of marketing assistance provided, included when marketing support is part of the arrangement
1. Commission Rate Card: Detailed breakdown of commission rates for different products/services
2. Territory Map: Geographical area where agent is authorized to operate
3. Required Qualifications: List of mandatory certifications and qualifications
4. Reporting Templates: Standard forms for activity and performance reporting
5. CEA Guidelines: Relevant excerpts from CEA regulations and guidelines
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