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Broker Contract Commission

Broker Contract Commission for Singapore

Broker Contract Commission Template for Singapore

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Broker Contract Commission

"Need a Broker Contract Commission agreement for our Singapore-based real estate agency, covering both residential and commercial property transactions, with a tiered commission structure starting at 2% for properties under SGD 1 million and increasing to 3% for luxury properties over SGD 5 million, to be implemented from January 2025."

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What is a Broker Contract Commission?

The Broker Contract Commission agreement is essential for formalizing broker-principal relationships in Singapore's regulated market environment. This document is typically used when engaging brokers for various financial, real estate, or commercial transactions, establishing clear commission structures, payment terms, and compliance requirements. It incorporates key elements required by Singapore's regulatory framework, including MAS guidelines and the Securities and Futures Act, while protecting both parties' interests through detailed performance metrics and payment terms.

What sections should be included in a Broker Contract Commission?

1. Parties: Identification of the principal and broker, including registration details and addresses

2. Background: Context of the agreement and relationship between parties

3. Definitions: Key terms used throughout the agreement

4. Appointment and Scope: Terms of broker appointment and authorized activities

5. Commission Structure: Detailed breakdown of commission rates and calculation methods

6. Payment Terms: Timeline and method of commission payments

7. Obligations and Duties: Broker's responsibilities and compliance requirements

8. Term and Termination: Duration of agreement and termination provisions

9. Confidentiality: Protection of confidential information

What sections are optional to include in a Broker Contract Commission?

1. Non-Competition: Restrictions on competing activities when broker has access to sensitive client information or market strategies

2. Training Requirements: Mandatory training and certification requirements when specific qualifications or ongoing training is required

3. Performance Targets: Specific goals and metrics when commission structure is tied to performance benchmarks

4. Professional Indemnity: Insurance requirements and liability provisions when dealing with high-value transactions or regulated activities

What schedules should be included in a Broker Contract Commission?

1. Commission Rate Schedule: Detailed breakdown of commission rates for different products or services

2. Territory Schedule: Geographic areas where broker is authorized to operate

3. Product Schedule: List of authorized products or services

4. Compliance Procedures: Detailed compliance requirements and procedures

5. Performance Metrics: Detailed KPIs and measurement criteria

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 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




































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Industries

Securities and Futures Act (SFA): Primary legislation governing securities, futures, and derivatives markets in Singapore, including broker activities in these sectors

Financial Advisers Act (FAA): Regulates financial advisory services in Singapore, including requirements for licensing, conduct of business, and client relations

Insurance Act: Governs insurance business and insurance intermediaries including brokers in Singapore

Estate Agents Act: Regulates real estate agents and agencies in Singapore, including their licensing and professional conduct

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore covering various aspects of financial services

Guidelines on Standards of Conduct: Specific guidelines for financial advisers and representatives regarding professional conduct and service standards

MAS Notice on Investment Products: Regulatory requirements regarding recommendations and dealings in investment products

Singapore Contract Law: General contract law principles governing formation and enforcement of contracts in Singapore

Civil Law Act: Fundamental legislation governing civil matters including contractual relationships in Singapore

Unfair Contract Terms Act: Regulates unfair terms in contracts and limits the extent to which civil liability can be excluded

Employment Act: Main labor law governing employment relationships if broker is considered an employee

Central Provident Fund Act: Mandatory social security savings scheme affecting employment relationships in Singapore

AML/CFT Notices: Anti-Money Laundering and Countering the Financing of Terrorism regulations applicable to financial sector

Personal Data Protection Act: Governs the collection, use, and disclosure of personal data by organizations

Consumer Protection (Fair Trading) Act: Protects consumers against unfair practices and provides additional rights in consumer transactions

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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