A Residual Commission Agreement is essential when establishing long-term commission arrangements where payments continue after the initial sale or beyond the termination of a business relationship. This document, governed by English and Welsh law, is commonly used in sectors with recurring revenue models or where agents maintain ongoing client relationships. The agreement specifically outlines commission rates, calculation methods, payment schedules, and duration of entitlement, while ensuring compliance with relevant commercial agency regulations and contract law principles.
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1. Parties: Identification and details of contracting parties
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Commission Structure: Details of commission rates, calculation methods, and qualifying transactions
5. Payment Terms: Timing and method of commission payments
6. Duration: Period during which residual commission will be payable
7. Reporting and Accounting: Requirements for sales reporting and commission calculations
8. Termination: Circumstances under which the agreement can be terminated
9. General Provisions: Standard contractual provisions including notices, amendments, and governing law
1. Non-Compete: Restrictions on competitive activities during and after the agreement term
2. Audit Rights: Right to audit sales records and commission calculations for verification purposes
3. International Payments: Provisions for cross-border payments and currency conversion
4. Data Protection: Provisions relating to handling of personal data and compliance with data protection laws
5. Confidentiality: Provisions protecting confidential information exchanged during the relationship
1. Schedule 1 - Commission Rates: Detailed breakdown of commission rates for different products/services
2. Schedule 2 - Calculation Methodology: Detailed explanation of how commission is calculated including formulas and examples
3. Schedule 3 - Reporting Template: Standard format for sales and commission reports
4. Schedule 4 - Product/Service List: List of products/services covered by the agreement
5. Schedule 5 - Territory: Definition of geographical area or market segment covered by the agreement
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