The Buyer Commission Agreement is a crucial document used when a company (principal) wishes to engage a professional buying agent to handle their procurement activities in India. This agreement type is particularly important in industries where specialized knowledge of suppliers, markets, and products is essential for effective procurement. The document establishes the legal framework for the principal-agent relationship, carefully outlining the agent's authority to act on behalf of the buyer, commission structures, and mutual obligations. It ensures compliance with Indian commercial laws, including the Indian Contract Act 1872 and other relevant statutes, while providing clear guidelines for performance, payment terms, and dispute resolution. This agreement is especially relevant in today's complex supply chain environment where companies seek to optimize their procurement processes through professional buying agents.
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1. Parties: Identification of the principal (buyer) and the agent, including full legal names, addresses, and registration details
2. Background: Context of the agreement, including the buyer's intention to engage the agent for procurement services
3. Definitions: Key terms used throughout the agreement, including 'Commission', 'Territory', 'Products', 'Purchase Price'
4. Appointment and Scope: Terms of agent's appointment, exclusivity status, and detailed scope of services
5. Duration and Termination: Term of the agreement, renewal provisions, and circumstances for termination
6. Agent's Authority: Extent and limitations of agent's authority to act on behalf of the buyer
7. Commission Structure: Detailed breakdown of commission calculations, payment terms, and conditions for commission eligibility
8. Obligations of the Agent: Agent's duties, responsibilities, reporting requirements, and standard of service
9. Obligations of the Principal: Buyer's commitments, including information provision and payment obligations
10. Confidentiality: Protection of confidential information exchanged during the course of the agreement
11. Indemnification: Mutual indemnification provisions and liability limitations
12. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for dispute resolution
13. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
1. Non-Compete: Restrictions on agent's ability to represent competing buyers, used when exclusivity is important
2. Performance Targets: Specific procurement targets and consequences of meeting/missing them, used for performance-based arrangements
3. Training and Support: Details of training provided by the buyer to the agent, included when specialized product knowledge is required
4. Insurance: Requirements for professional liability insurance, included for high-value procurement activities
5. Compliance with Anti-Corruption Laws: Specific provisions regarding compliance with anti-corruption laws, necessary for international trade
6. Force Majeure: Provisions for unforeseen circumstances, particularly relevant in long-term agreements
7. Dispute Resolution: Detailed arbitration or mediation procedures, included when parties prefer alternative dispute resolution
1. Schedule 1 - Commission Rates: Detailed breakdown of commission percentages, tiers, and calculation methods
2. Schedule 2 - Territory Definition: Geographical areas or market segments where the agent is authorized to operate
3. Schedule 3 - Product List: List of products or services the agent is authorized to procure
4. Schedule 4 - Reporting Format: Templates and requirements for regular reporting by the agent
5. Schedule 5 - Service Level Requirements: Detailed performance metrics and service standards
6. Appendix A - Power of Attorney: Format of power of attorney if required for specific transactions
7. Appendix B - Code of Conduct: Ethical guidelines and business conduct requirements for the agent
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Retail
Textiles and Apparel
Automotive
Electronics
Consumer Goods
Industrial Equipment
Food and Beverage
Pharmaceuticals
Construction Materials
Chemical Industry
Agricultural Products
Relevant Teams
Procurement
Legal
Supply Chain
Operations
Finance
Compliance
Commercial
Vendor Management
Contract Administration
Risk Management
Relevant Roles
Procurement Manager
Sourcing Director
Supply Chain Manager
Purchasing Agent
Chief Procurement Officer
Commercial Director
Contract Manager
Legal Counsel
Buying House Manager
Sourcing Specialist
Vendor Relations Manager
Operations Director
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