The Business Broker Engagement Agreement serves as the foundational document for establishing a professional relationship between a business broker and their client in England and Wales. This agreement is essential when engaging professional services for business sales, acquisitions, or mergers, setting out clear parameters for the engagement including scope of work, fee structures, confidentiality provisions, and service levels. It provides protection for both parties while ensuring compliance with UK regulatory requirements and professional standards. The agreement is particularly important for defining success criteria, payment terms, and the extent of the broker's authority to act on behalf of the client.
Business Broker Engagement Agreement for the United Kingdom
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Key Requirements PROMPT example:
Business Broker Engagement Agreement
"I need a Business Broker Engagement Agreement for my UK-based M&A consultancy firm, with specific provisions for cross-border transactions and a complex success fee structure based on deal value tiers."
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1. Parties: Identifies and defines the contracting parties - the broker and the client
2. Background: Sets out the context and purpose of the broker engagement
3. Definitions: Defines key terms used throughout the agreement including 'Services', 'Success Fee', 'Target Business'
4. Scope of Services: Details the specific services to be provided by the broker including business identification, valuation, and transaction support
5. Appointment and Authority: Establishes the nature of the broker's appointment and extent of their authority to act
6. Fees and Payment Terms: Specifies retainer fees, success fees, payment conditions and timing
7. Term and Termination: Defines the duration of the agreement and circumstances for early termination
8. Confidentiality: Sets out obligations regarding confidential information and trade secrets
9. Non-Circumvention: Prevents parties from circumventing the broker to avoid fees
10. Representations and Warranties: Contains standard representations about capacity and authority to contract
11. Limitation of Liability: Sets out the extent and limitations of the broker's liability
12. General Provisions: Contains boilerplate clauses including governing law, notices, and entire agreement
1. Success Fee Structure: Detailed provisions for performance-based compensation, used when including success-based payments
2. International Services: Additional provisions for cross-border services, used when broker provides international services
3. Sub-broker Arrangements: Terms governing the engagement of sub-brokers, used when sub-brokers may be involved
4. Data Protection: Specific provisions for handling personal data, used when significant personal data processing is involved
5. Anti-Money Laundering: Specific AML obligations and procedures, used when dealing with regulated activities
1. Schedule of Fees: Detailed breakdown of fee structure, calculations, and payment mechanisms
2. Service Level Agreement: Detailed service standards, response times, and performance metrics
3. Target Business Profile: Specific characteristics and criteria for businesses to be targeted
4. Excluded Opportunities: List of businesses or opportunities excluded from the scope of the agreement
5. Required Information Schedule: Lists the information and documentation required from the client
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