The Exclusive Agency Agreement Commission is a crucial document in Singapore's business landscape, used when a Principal wishes to appoint an Agent as their sole representative for specific activities or territories. This agreement type is particularly important in regulated industries where clear documentation of agency relationships is required. It includes detailed provisions for commission calculations, payment terms, and performance metrics, while ensuring compliance with Singapore's legal framework. The document is essential for businesses seeking to establish protected, exclusive agency relationships with clear financial terms and obligations.
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Key Requirements PROMPT example:
Exclusive Agency Agreement Commission
"I need an Exclusive Agency Agreement Commission for appointing a real estate agent as our sole representative in Singapore's Central Region, with a tiered commission structure starting at 2% for properties under $1M and increasing to 3% for properties over $1M, effective from March 2025."
1. Parties: Identification and details of the Principal and Agent
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Appointment and Scope: Terms of exclusive appointment and scope of agency services
5. Duration: Term of the agreement including commencement and expiry dates
6. Commission Structure: Detailed breakdown of commission rates and calculation methods
7. Payment Terms: Terms and timing of commission payments
8. Obligations of Agent: Agent's duties, responsibilities and performance standards
9. Obligations of Principal: Principal's duties and responsibilities
10. Termination: Grounds and procedures for termination
11. Governing Law: Specification of Singapore law as governing law
1. Non-Competition: Restrictions on competitive activities during and after the agreement term
2. Intellectual Property: Protection and usage rights of intellectual property in the agency relationship
3. Force Majeure: Provisions for handling unforeseen circumstances and events beyond parties' control
4. Data Protection: Compliance with Personal Data Protection Act (PDPA) and data handling procedures
5. Insurance: Requirements for insurance coverage and liability protection
1. Commission Rate Schedule: Detailed breakdown of commission rates for different services or transactions
2. Territory Schedule: Definition of geographical area covered by exclusivity
3. Service Level Agreement: Detailed performance metrics and standards
4. Required Documentation: List of documents required for commission claims
5. Reporting Templates: Standard formats for regular reporting requirements
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