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Commission Guarantee Agreement
"I need a Commission Guarantee Agreement to secure commission payments for our network of sales agents in the UK, with a guarantee cap of £500,000 and quarterly commission payment dates starting from March 2025."
1. Parties: Identification of the guarantor, beneficiary, and principal obligor
2. Background: Context of the guarantee and underlying commission arrangement
3. Definitions: Key terms used throughout the agreement
4. Guarantee and Indemnity: Core guarantee provisions and indemnification terms
5. Scope of Guarantee: Extent and limitations of the guarantee coverage
6. Payment Terms: Conditions and timing of guarantee payments
7. Duration: Term of the guarantee and termination conditions
1. Security Provisions: Additional security arrangements when extra security is required beyond the basic guarantee
2. Assignment Rights: Provisions governing the ability to transfer or assign rights under the guarantee
3. Currency Provisions: Specific provisions for handling multiple currencies in international transactions
1. Schedule 1 - Commission Structure: Details of the commission arrangement being guaranteed
2. Schedule 2 - Claim Procedures: Process for making claims under the guarantee
3. Schedule 3 - Form of Demand: Standard form for making demands under the guarantee
4. Appendix A - Underlying Agreement: Copy or summary of the underlying commission agreement
Authors
Beneficiary
Business Day
Commission
Commission Period
Commission Payment Date
Demand
Effective Date
Guaranteed Obligations
Guarantor
Insolvency Event
Interest Rate
Law
Maximum Liability
Underlying Agreement
Party/Parties
Principal Obligor
Related Rights
Sales Contract
Security
Termination Date
Territory
Valid Claim
Working Hours
Scope of Guarantee
Representations and Warranties
Payment Obligations
Commission Calculation
Demand Procedures
Preservation of Rights
Subrogation Rights
Assignment and Transfer
Waiver
Set-off
Currency
Amendments
Termination
Force Majeure
Notices
Severability
Confidentiality
Costs and Expenses
Governing Law
Jurisdiction
Entire Agreement
Counterparts
Third Party Rights
Time of Essence
Further Assurance
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