The Agreement Between Buyer And Commission Agent is essential when establishing a formal agency relationship for procurement or purchasing activities in Singapore. This document is commonly used when a buyer wants to engage an agent to act on their behalf in transactions, with the agent's compensation structured as a commission. The agreement addresses key aspects such as the agent's authority, commission calculations, payment terms, and obligations of both parties. It ensures compliance with Singapore's agency laws and commercial regulations while providing clarity and protection for all parties involved. This type of agreement is particularly important in international trade and local procurement scenarios where direct purchasing isn't practical or efficient.
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Key Requirements PROMPT example:
Agreement Between Buyer And Commission Agent
"I need an Agreement Between Buyer And Commission Agent for our Singapore-based manufacturing company to engage a procurement agent who will source raw materials from Southeast Asia, with a 5% commission structure and exclusive territory rights starting March 2025."
1. Parties: Identification and details of the buyer and commission agent
2. Background: Context and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Appointment: Terms of appointment of the commission agent
5. Scope of Authority: Extent and limitations of agent's authority
6. Commission Structure: Details of commission rates and payment terms
7. Obligations of Parties: Duties and responsibilities of both parties
8. Term and Termination: Duration and termination provisions
9. Governing Law: Applicable law and jurisdiction
1. Exclusivity: Terms of exclusive arrangement, used when agent is granted exclusive rights
2. Performance Targets: Specific targets or KPIs, used when performance metrics are required
3. Insurance: Insurance requirements, used when specific insurance coverage is needed
4. Non-Compete: Restrictions on competitive activities, used when protecting business interests
1. Commission Rates Schedule: Detailed breakdown of commission structures
2. Territory Schedule: Definition of geographical coverage area
3. Product Schedule: List of products covered under the agreement
4. Service Level Agreement: Detailed performance standards and metrics
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