The Commercial Lease Commission Agreement is essential for property transactions in Singapore's commercial real estate market. It is used when property owners engage real estate agents to secure tenants for their commercial properties. The agreement specifies commission structures, payment triggers, and service scope while ensuring compliance with Singapore's Estate Agents Act and CEA regulations. This document protects both parties' interests by clearly defining obligations, exclusivity terms, and commission calculations for successful lease arrangements.
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Key Requirements PROMPT example:
Commercial Lease Commission Agreement
"Need a Commercial Lease Commission Agreement for my property management company based in Singapore, acting as an exclusive agent for a new Grade A office building in the CBD area, with a tiered commission structure based on lease duration and tenant quality."
1. Parties: Identification of the agent/agency and the client
2. Background: Context of the agreement and property details
3. Definitions: Key terms used throughout the agreement
4. Appointment and Scope: Terms of agent appointment and services to be provided
5. Commission Structure: Detailed breakdown of commission rates and payment terms
6. Payment Terms: When and how commission payments will be made
7. Agent's Obligations: Duties and responsibilities of the agent
8. Client's Obligations: Duties and responsibilities of the client
9. Term and Termination: Duration of agreement and termination conditions
1. Exclusivity: Terms of exclusive agency rights when granted to the agent
2. Sub-Agents: Terms and conditions for engaging sub-agents in the property transaction
3. Marketing Plan: Specific marketing strategies and commitments agreed between parties
4. Force Majeure: Provisions for handling unforeseen circumstances and external events
1. Schedule 1: Property Details: Detailed description of the property and its specifications
2. Schedule 2: Commission Rate Card: Detailed breakdown of commission rates for different scenarios
3. Schedule 3: Marketing Activities: Detailed marketing plan and activities if applicable
4. Appendix A: Agent's Credentials: Copy of agent's license and certifications
5. Appendix B: Standard Terms and Conditions: CEA prescribed terms and conditions
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