The Business Broker Contract is essential for formalizing the relationship between business brokers and clients in Singapore's dynamic business environment. This document is typically used when a business owner seeks professional assistance in selling their business, requiring detailed documentation of services, compensation, and obligations. The contract ensures compliance with Singapore's regulatory framework, including the Business Registration Act and relevant commercial laws. A properly structured Business Broker Contract protects both parties' interests while facilitating transparent and efficient business transactions in accordance with Singapore's legal requirements.
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Key Requirements PROMPT example:
Business Broker Contract
"I need a Business Broker Contract for my Singapore-based manufacturing company, with exclusive representation rights and a tiered commission structure based on the final sale price, to be effective from March 2025."
1. Parties: Identification of the broker and client, including full legal names, registration numbers, and addresses
2. Background: Context of the agreement and brief description of the business brokerage services to be provided
3. Definitions: Key terms used throughout the agreement including 'Services', 'Commission', 'Confidential Information', etc.
4. Scope of Services: Detailed description of brokerage services, including business valuation, marketing, negotiation, and deal facilitation
5. Commission Structure: Details of fees, payment terms, and conditions for commission eligibility
6. Confidentiality: Obligations regarding confidential information handling and non-disclosure terms
7. Term and Termination: Duration of the agreement and conditions for termination
1. Exclusivity: Terms of exclusive representation rights and obligations of the broker
2. Non-Circumvention: Prevention of direct deals between client and introduced parties, protecting broker's interests
3. Marketing Authorization: Specific permissions and terms for advertising and promoting the business
4. Due Diligence Support: Broker's role and responsibilities in facilitating the due diligence process
1. Schedule A - Commission Structure: Detailed breakdown of commission rates and payment terms
2. Schedule B - Services Description: Comprehensive list of services provided by the broker
3. Schedule C - Marketing Plan: Detailed marketing strategy and activities
4. Appendix 1 - Required Documentation: List of documents required from the client
5. Appendix 2 - Compliance Checklist: Regulatory compliance requirements and checklist
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