The Business Agency Agreement is a crucial document for businesses operating in Singapore who wish to appoint representatives to act on their behalf. This agreement is particularly important in the context of Singapore's robust commercial framework, which emphasizes clear delineation of business relationships and responsibilities. The document typically includes detailed provisions on agent authority, territorial rights, commission structures, and compliance with local regulations. It's essential for businesses expanding their reach through agents, ensuring both parties understand their rights, obligations, and the scope of their relationship. The agreement must comply with Singapore's Civil Law Act, Competition Act, and relevant commercial regulations.
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1. Parties: Identification and details of the Principal and Agent
2. Background: Context and purpose of the agency relationship
3. Definitions: Key terms used throughout the agreement
4. Appointment and Scope: Terms of agent appointment and scope of authority
5. Territory and Products: Geographical area and products/services covered
6. Duration and Termination: Term of agreement and termination provisions
7. Compensation: Commission structure and payment terms
8. Obligations of the Agent: Agent's duties and responsibilities
9. Obligations of the Principal: Principal's duties and responsibilities
1. Non-Compete: Restrictions on competing activities during and after the agreement term
2. Intellectual Property: Provisions regarding IP rights, usage, and protection
3. Data Protection: Compliance with Personal Data Protection Act and data handling procedures
4. Force Majeure: Provisions for handling unforeseen circumstances and events beyond parties' control
1. Schedule 1: Territory Description: Detailed description of geographical territory covered by the agreement
2. Schedule 2: Products/Services: Comprehensive list of products or services covered by the agency agreement
3. Schedule 3: Commission Structure: Detailed commission calculations, payment terms and conditions
4. Schedule 4: Performance Targets: Specific KPIs and performance metrics for the agent
5. Schedule 5: Reporting Requirements: Format and frequency of required reports and documentation
Relevant legal definitions
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