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Simple Broker Agreement

Simple Broker Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Simple Broker Agreement

"I need a Simple Broker Agreement for appointing an exclusive real estate broker in Dubai to market our new residential development, with the agreement starting from March 1, 2025, including performance targets and a 5% commission structure."

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Document background
The Simple Broker Agreement is designed for use in the United Arab Emirates when establishing a formal brokerage relationship between a principal and a broker (either individual or corporate). This document is essential when engaging brokers for various commercial activities, including real estate transactions, trade facilitation, or business intermediary services. The agreement encompasses key elements required under UAE law, including broker obligations, commission structures, and compliance requirements. It's particularly relevant when the principal needs a standardized framework for engaging brokers while ensuring compliance with UAE Federal Laws, including the Commercial Transactions Law and Civil Code. The Simple Broker Agreement can be customized for different sectors while maintaining core elements that protect both parties' interests and ensure regulatory compliance.
Suggested Sections

1. Parties: Identification of the principal and broker, including full legal names, addresses, and registration details as required under UAE law

2. Background: Context of the agreement and brief description of the parties' intention to enter into a brokerage relationship

3. Definitions: Key terms used throughout the agreement, including specific industry terminology and defined terms

4. Appointment and Scope: Clear statement of broker's appointment and detailed description of brokerage services to be provided

5. Term: Duration of the agreement, including start date and any renewal provisions

6. Broker's Obligations: Detailed listing of broker's duties, responsibilities, and service standards

7. Principal's Obligations: Principal's responsibilities, including provision of information and cooperation

8. Commission Structure: Details of broker's fees, commission rates, and payment terms

9. Payment Terms: Timing and method of payment, including any conditions precedent to payment

10. Confidentiality: Obligations regarding confidential information and trade secrets

11. Termination: Grounds for termination, notice requirements, and consequences of termination

12. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes

13. General Provisions: Standard boilerplate clauses including notices, amendments, and severability

Optional Sections

1. Exclusivity: Defines whether the broker has exclusive rights - include if exclusive arrangement is intended

2. Territory: Geographical scope of broker's authority - include if broker's activities are limited to specific emirates or regions

3. Performance Targets: Specific performance metrics and consequences - include if broker must meet certain targets

4. Insurance: Insurance requirements and coverage - include for high-value or high-risk brokerage activities

5. Non-Competition: Restrictions on broker's competitive activities - include if protecting against competition is important

6. Force Majeure: Provisions for unforeseen circumstances - include for longer-term or complex arrangements

7. Anti-Bribery and Corruption: Compliance with anti-corruption laws - include for international transactions or government-related work

8. Data Protection: Data handling and privacy obligations - include if personal data processing is involved

Suggested Schedules

1. Schedule 1 - Commission Rates: Detailed breakdown of commission structures and calculations

2. Schedule 2 - Services Description: Detailed specification of brokerage services to be provided

3. Schedule 3 - Required Licenses: List of required licenses and registrations for the broker

4. Schedule 4 - Reporting Requirements: Format and frequency of broker's activity reports

5. Appendix A - Power of Attorney: If applicable, specific powers granted to broker

6. Appendix B - Territory Map: If applicable, geographical definition of broker's territory

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Clauses
Appointment
Scope of Services
Term and Duration
Broker Authority
Commission
Payment Terms
Broker Obligations
Principal Obligations
Exclusivity
Territory
Representations and Warranties
Confidentiality
Non-Competition
Professional Standards
Compliance
Licensing
Record Keeping
Reporting
Intellectual Property
Liability
Indemnification
Insurance
Force Majeure
Termination
Consequences of Termination
Assignment
Notices
Governing Law
Dispute Resolution
Entire Agreement
Severability
Amendment
Waiver
Third Party Rights
Counterparts
Language
Anti-Corruption
Relevant Industries

Real Estate

Financial Services

International Trade

Manufacturing

Retail

Construction

Import/Export

Commercial Property

Industrial Products

Consumer Goods

Professional Services

Technology

Commodities Trading

Relevant Teams

Legal

Commercial

Business Development

Sales

Procurement

Operations

Compliance

Real Estate

Trading

Channel Management

Partner Relations

Executive Leadership

Risk Management

Relevant Roles

Commercial Director

Business Development Manager

Legal Counsel

Contracts Manager

Chief Executive Officer

Sales Director

Procurement Manager

Real Estate Manager

Operations Director

Compliance Officer

General Manager

Trading Manager

Business Owner

Commercial Broker

Real Estate Broker

Channel Manager

Partner Relations Manager

Industries
UAE Federal Law No. 18 of 1993 (Commercial Transactions Law): The primary legislation governing commercial transactions in the UAE, including provisions specific to commercial contracts and business relationships
UAE Federal Law No. 5 of 1985 (Civil Transactions Law): Contains fundamental principles of contract law, including formation, validity, and termination of contracts, as well as specific provisions on brokerage contracts (Articles 954-970)
UAE Federal Law No. 18 of 1981 (Commercial Agency Law): Regulates commercial agency relationships and provides specific requirements for registered commercial agents and brokers
UAE Federal Law No. 2 of 2015: Commercial Companies Law that may apply if the broker is operating as a commercial entity, setting requirements for business registration and operation
Dubai Law No. 26 of 2007: Specific to Dubai - Regulates the relationship between real estate brokers and their clients (relevant if the agreement involves real estate brokerage in Dubai)
UAE Federal Law No. 4 of 2012: Competition Law that may affect exclusive brokerage arrangements and territorial restrictions
UAE Federal Law No. 19 of 2018: Foreign Direct Investment Law that may be relevant if the broker agreement involves international parties
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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