The Oil Broker Commission Agreement serves as a fundamental document in the oil trading industry, establishing the commercial relationship between brokers and their clients. This agreement, governed by U.S. law, is essential when engaging professional intermediaries to facilitate oil transactions. It typically includes detailed commission structures, service scope, territorial rights, and compliance requirements under U.S. federal and state regulations. The agreement ensures clarity in compensation arrangements while addressing regulatory requirements under the Commodity Exchange Act and related legislation.
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1. Parties: Identification of the broker and the principal, including full legal names, addresses, and registration details
2. Background: Context of the agreement, relationship between parties, and purpose of the brokerage arrangement
3. Definitions: Key terms used throughout the agreement including 'Commission', 'Oil Products', 'Territory', 'Successful Transaction'
4. Scope of Services: Detailed description of broker's services, responsibilities, and authority limits
5. Commission Structure: Payment terms, commission rates, calculation methods, and payment schedules
6. Term and Termination: Duration of agreement, renewal terms, and conditions for termination
7. Representations and Warranties: Statements of fact and promises by both parties regarding their capacity and authority
8. Confidentiality: Protection of sensitive information and trade secrets
9. Compliance with Laws: Obligations to comply with relevant laws, regulations, and industry standards
10. Dispute Resolution: Procedures for handling disputes, choice of law, and jurisdiction
1. International Trading Provisions: Special provisions for cross-border transactions, including FCPA compliance and international sanctions
2. Exclusivity Provisions: Terms defining exclusive rights and territories for the broker
3. Force Majeure: Provisions covering unforeseen circumstances that prevent performance
4. Insurance Requirements: Specific insurance coverage requirements for the broker
5. Non-Compete Clause: Restrictions on broker's ability to work with competitors
1. Schedule A - Commission Rate Schedule: Detailed breakdown of commission rates for different transaction types and volumes
2. Schedule B - Service Territory: Geographic areas and jurisdictions covered by the agreement
3. Schedule C - Product Specifications: Technical specifications of oil products covered under the agreement
4. Schedule D - Compliance Requirements: List of specific regulatory and reporting requirements
5. Schedule E - Approved Counterparties: List of pre-approved trading partners and customers
Relevant legal definitions
Clauses
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