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Draw Against Commission Contract
"I need a Draw Against Commission Contract for a real estate agency where agents receive weekly draws of £500 against future sales commissions, with quarterly reconciliation periods and a requirement to repay excess draws within 30 days of termination."
1. Parties: Identification and details of the principal and agent
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Appointment and Scope: Terms of appointment and scope of agent's authority
5. Commission Structure: Detailed breakdown of commission rates and calculation methods
6. Draw Terms: Terms governing advance payments against future commission
7. Reconciliation: Process and frequency of commission vs. draw reconciliation
8. Repayment Obligations: Terms for repaying excess draws
9. Term and Termination: Duration and termination provisions
1. Performance Targets: Minimum performance requirements and specific sales targets that must be achieved by the agent
2. Territory: Geographic or market limitations defining where the agent is authorized to operate
3. Non-Compete: Restrictions on competing activities during and after the agreement term
4. Training Requirements: Required training, certifications, or qualifications the agent must maintain
1. Commission Rates Schedule: Detailed breakdown of commission rates by product/service category
2. Draw Calculation Schedule: Formula and examples of draw calculations with reconciliation methods
3. Territory Map: Visual representation of assigned territory with relevant boundaries
4. Product Schedule: Comprehensive list of products/services covered by the agreement
5. Reporting Templates: Standard forms for sales and activity reporting requirements
Authors
Applicable Law
Business Day
Commission
Commission Period
Confidential Information
Draw
Draw Period
Effective Date
Excess Draw
Initial Term
Maximum Draw Amount
Minimum Performance Requirements
Net Sales
Principal
Products
Qualified Sale
Reconciliation Period
Sales Agent
Sales Report
Services
Territory
Term
Termination Date
Working Hours
Commission Structure
Draw Calculations
Payment Terms
Reconciliation
Minimum Performance Requirements
Reporting Obligations
Territory Rights
Non-Competition
Confidentiality
Intellectual Property
Record Keeping
Termination
Force Majeure
Assignment
Warranties and Representations
Indemnification
Insurance
Data Protection
Dispute Resolution
Governing Law
Entire Agreement
Severability
Notices
Amendments
Third Party Rights
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