The Percentage Agreement Contract is designed for situations where compensation or payment is calculated as a percentage of revenue, sales, or other measurable metrics. This contract type is commonly used in England and Wales for commission-based arrangements, revenue sharing agreements, and performance-based compensation structures. It provides legal certainty by clearly defining the basis for calculations, payment terms, and parties' rights and obligations. The agreement is particularly valuable in commercial relationships where variable compensation needs to be formally documented and enforced.
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1. Parties: Identification and details of all contracting parties
2. Background: Context and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Percentage Calculation: Formula and methodology for calculating percentages, including basis of calculation and any exclusions
5. Payment Terms: Timing, frequency and method of payments, including interest provisions and payment verification
6. Duration: Term of the agreement and renewal provisions
7. Representations and Warranties: Standard representations and specific warranties related to the percentage calculations
8. Termination: Circumstances and process for ending the agreement, including consequences of termination
9. General Provisions: Standard boilerplate clauses including governing law, notices, and entire agreement
1. Minimum Guarantees: Minimum payment provisions to ensure baseline income regardless of percentage calculations
2. Audit Rights: Rights to verify calculations, inspect records and conduct audits
3. Territory Restrictions: Geographical limitations and territorial scope of the agreement
4. Non-Compete: Restrictions on competing activities during and after the agreement
5. Force Majeure: Provisions for handling events beyond parties' control affecting percentage calculations
1. Calculation Schedule: Detailed breakdown of percentage calculations with worked examples
2. Payment Schedule: Timeline and specifics of payment arrangements including payment dates
3. Reporting Template: Standard format for regular reporting of calculations and supporting documentation
4. Excluded Items: List of items or transactions excluded from percentage calculations
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