Non Exclusive Broker Agreement Generator for Australia

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Key Requirements PROMPT example:

Non Exclusive Broker Agreement

"I need a Non-Exclusive Broker Agreement for an Australian financial services company to engage multiple insurance brokers, with specific provisions for compliance with ASIC regulations and a commission structure based on performance tiers."

Document background
The Non-Exclusive Broker Agreement is a crucial document for businesses operating in Australia that utilize broker services while maintaining flexibility in their distribution channels. This agreement is particularly relevant when a principal wishes to engage a broker's services without granting exclusive rights, allowing both parties to maintain multiple business relationships. The document addresses key aspects required under Australian law, including regulatory compliance, licensing requirements, and consumer protection measures. It is designed to protect both parties' interests while establishing clear parameters for the broker's services, compensation structure, and performance expectations. The agreement is commonly used in financial services, real estate, and insurance sectors, where brokers play a vital role in distribution and client acquisition. It includes provisions for regulatory oversight, particularly relevant to ASIC requirements and the Corporations Act 2001, while maintaining the flexibility needed in modern business relationships.
Suggested Sections

1. Parties: Identification of the principal and broker, including ABN/ACN and registered addresses

2. Background: Context of the agreement, brief description of the parties' businesses, and purpose of the arrangement

3. Definitions and Interpretation: Key terms used throughout the agreement and rules for interpretation

4. Appointment and Scope: Terms of broker's appointment, confirmation of non-exclusive nature, and scope of authorized services

5. Term and Termination: Duration of the agreement, renewal provisions, and circumstances for termination

6. Broker's Obligations: Core duties, service standards, compliance requirements, and reporting obligations

7. Principal's Obligations: Support, information provision, and cooperation requirements

8. Compensation and Fees: Commission structure, payment terms, and expense arrangements

9. Compliance and Licensing: Regulatory compliance obligations and maintenance of required licenses

10. Confidentiality: Protection and handling of confidential information

11. Intellectual Property: Ownership and usage rights of relevant IP

12. Liability and Indemnity: Risk allocation, limitation of liability, and indemnification provisions

13. General Provisions: Standard clauses including notices, governing law, and dispute resolution

Optional Sections

1. Performance Targets: Specific KPIs and performance metrics, used when the principal wants to establish measurable objectives

2. Territory Restrictions: Geographic limitations on broker's activities, included when specific territorial bounds are needed

3. Marketing and Branding: Guidelines for using principal's branding, relevant when broker will conduct marketing activities

4. Training Requirements: Specific training or certification requirements, included for specialized products or services

5. Non-Solicitation: Restrictions on soliciting clients or employees, used in more restrictive arrangements

6. Data Protection: Detailed data handling requirements, necessary when dealing with sensitive customer information

7. Sub-Contracting: Terms for engaging sub-contractors, included when sub-contracting might be permitted

8. Insurance Requirements: Specific insurance coverage requirements, used for high-risk or regulated activities

Suggested Schedules

1. Schedule 1 - Commission Structure: Detailed breakdown of commission rates, calculation methods, and payment terms

2. Schedule 2 - Authorized Products/Services: Comprehensive list of products or services the broker is authorized to promote/sell

3. Schedule 3 - Service Level Requirements: Detailed service standards, response times, and quality metrics

4. Schedule 4 - Compliance Procedures: Specific compliance protocols and reporting requirements

5. Schedule 5 - Required Documentation: Templates and forms to be used in the course of business

6. Appendix A - Broker Qualifications: Copies of required licenses, certifications, and qualifications

7. Appendix B - Territory Map: Visual representation of any geographical restrictions or focus areas

8. Appendix C - Reporting Templates: Standard formats for regular reporting and performance tracking

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

Relevant legal definitions
Clauses
Relevant Industries

Financial Services

Insurance

Real Estate

Wealth Management

Mortgage Broking

Commercial Property

Investment Services

Commodities Trading

Business Consulting

Export/Import

Relevant Teams

Legal

Compliance

Business Development

Sales

Risk Management

Operations

Finance

Partner Relations

Distribution

Commercial

Relevant Roles

Chief Executive Officer

Legal Counsel

Compliance Officer

Business Development Manager

Sales Director

Channel Manager

Broker Relations Manager

Risk Manager

Operations Manager

Contract Administrator

Chief Financial Officer

Relationship Manager

Partnership Manager

Distribution Manager

Industries
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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