Commission Guarantee Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Commission Guarantee Agreement

"I need a Commission Guarantee Agreement for our Hong Kong real estate agency, where a parent company will guarantee commission payments to our top-performing agents who exceed HKD 5 million in sales per quarter, with the agreement starting from March 1, 2025."

Document background

The Commission Guarantee Agreement is primarily used in commercial contexts where there is a need to secure commission payments through a third-party guarantee. This document type is particularly relevant in Hong Kong's dynamic business environment, where commission-based compensation structures are common in various industries. The agreement provides security to commission earners by having a guarantor stand behind the principal's obligation to pay commissions. It is essential in situations where there might be concerns about the principal's ability to meet commission obligations, or where additional security is required as part of a broader commercial arrangement. The document typically includes detailed provisions for commission calculation, payment terms, guarantee scope, and enforcement mechanisms, all structured to comply with Hong Kong's legal framework and commercial practices.

Suggested Sections

1. Parties: Identification of all parties: Principal, Agent/Commission Earner, and Guarantor

2. Background: Context of the agreement, relationship between parties, and purpose of the guarantee

3. Definitions and Interpretation: Definitions of key terms including Commission, Guaranteed Obligations, Payment Period, etc.

4. Commission Structure: Details of how commission is calculated, earned, and accrued

5. Payment Terms: Terms for commission payment including timing, method, and currency

6. Guarantee Provisions: Core guarantee obligations, including scope, limitations, and conditions

7. Representations and Warranties: Key statements of fact and promises by all parties

8. Duration and Termination: Term of the agreement and circumstances for termination

9. Enforcement and Remedies: Rights and procedures for enforcing the guarantee

10. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction

11. General Provisions: Standard boilerplate clauses including notices, amendments, assignment

Optional Sections

1. Performance Metrics: Detailed criteria for measuring performance, used when commission is performance-based

2. Clawback Provisions: Terms for recovering commission in specific circumstances, included when risk of transaction reversal exists

3. Security Provisions: Additional security arrangements, used when guarantee needs to be secured

4. Multiple Guarantors: Provisions for joint and several liability, used when there is more than one guarantor

5. Commission Caps: Limitations on maximum commission payable, included when upper limits are needed

6. Dispute Resolution: Detailed ADR procedures, included when specific dispute resolution mechanisms are preferred

7. Compliance Requirements: Specific regulatory compliance obligations, included for regulated industries

Suggested Schedules

1. Commission Calculation Formula: Detailed methodology and examples for calculating commission

2. Payment Schedule: Specific dates or periods for commission payments

3. Performance Criteria: Detailed metrics and targets for performance-based commission

4. Guaranteed Obligations: Detailed list of obligations covered by the guarantee

5. Form of Demand: Template for making a demand under the guarantee

6. Contact Details: List of key contacts and notice addresses for all parties

7. Required Documents: List of supporting documents required for commission claims

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Real Estate

Insurance

Sales and Distribution

Retail

Investment Banking

Commercial Banking

Consulting Services

Recruitment

Export/Import

Luxury Goods

Relevant Teams

Legal

Finance

Sales

Compliance

Risk Management

Treasury

Business Development

Contract Administration

Credit Control

Relevant Roles

Sales Director

Commercial Director

Chief Financial Officer

Legal Counsel

Compliance Officer

Business Development Manager

Commission Administrator

Finance Manager

Risk Manager

Contract Manager

Sales Agent

Broker

Agency Manager

Treasury Manager

Credit Controller

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Let's create your Commission Guarantee Agreement

Authors

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