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Broker Fee Agreement

Broker Fee Agreement Template for Malaysia

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Key Requirements PROMPT example:

Broker Fee Agreement

"I need a Broker Fee Agreement for my real estate brokerage firm in Kuala Lumpur, with a tiered commission structure starting at 2% for properties under RM1 million and 3% for properties above, to be effective from January 2025."

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Document background
The Broker Fee Agreement serves as a crucial legal instrument in Malaysian business transactions, establishing the formal relationship between brokers and their clients. This document is essential when engaging brokerage services in various sectors, from financial services to real estate, and must comply with Malaysian regulatory requirements, including the Capital Markets and Services Act 2007. The agreement typically outlines commission structures, service scope, payment terms, and obligations of both parties. It's particularly important in the Malaysian context where specific regulatory compliance and licensing requirements must be addressed. The document should be used whenever a broker is formally engaged to provide services, ensuring clear terms and protecting both parties' interests under Malaysian law.
Suggested Sections

1. Parties: Identification of the broker and the client, including full legal names, registration numbers, and addresses

2. Background: Context of the agreement, including the broker's qualifications and the client's intention to engage brokerage services

3. Definitions: Key terms used throughout the agreement, including technical and financial terms

4. Scope of Services: Detailed description of brokerage services to be provided, including specific markets or transactions covered

5. Broker's Obligations: Duties and responsibilities of the broker, including regulatory compliance and service standards

6. Client's Obligations: Responsibilities of the client, including providing accurate information and necessary documentation

7. Fee Structure: Detailed breakdown of brokerage fees, commission rates, and payment terms

8. Payment Terms: Timing and method of payment, including invoicing procedures and payment deadlines

9. Term and Termination: Duration of the agreement and conditions for termination by either party

10. Confidentiality: Obligations regarding confidential information and trade secrets

11. Representations and Warranties: Statements of fact and promises made by both parties

12. Limitation of Liability: Extent and limitations of the broker's liability for losses or damages

13. Governing Law: Specification of Malaysian law as governing law and jurisdiction

14. Execution: Signature blocks and execution requirements

Optional Sections

1. Non-Competition: Restrictions on client's engagement with other brokers, used when exclusivity is required

2. Force Majeure: Provisions for unforeseen circumstances, recommended for long-term agreements

3. Insurance: Requirements for professional indemnity insurance, relevant for high-value transactions

4. Dispute Resolution: Specific procedures for resolving disputes, including mediation or arbitration clauses

5. Assignment: Rights and restrictions regarding transfer of rights under the agreement

6. Notices: Formal communication procedures, important for complex business relationships

7. Compliance with Anti-Money Laundering Laws: Additional compliance obligations, necessary for financial services brokers

8. Electronic Communications: Provisions for digital communications and transactions, relevant for modern business practices

Suggested Schedules

1. Schedule A - Fee Schedule: Detailed breakdown of all fees, commission rates, and calculation methods

2. Schedule B - Service Specifications: Detailed description of specific services, markets, or products covered

3. Schedule C - Required Documentation: List of documents required from the client for different types of transactions

4. Schedule D - Compliance Requirements: Specific regulatory requirements and compliance procedures

5. Appendix 1 - Broker's Licenses and Certifications: Copies of relevant licenses and certifications

6. Appendix 2 - Standard Operating Procedures: Detailed procedures for common transactions and services

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
Broker Obligations
Client Obligations
Fees and Commission
Payment Terms
Representations and Warranties
Confidentiality
Data Protection
Intellectual Property
Limitation of Liability
Indemnification
Term and Duration
Termination
Force Majeure
Regulatory Compliance
Anti-Money Laundering
Record Keeping
Dispute Resolution
Governing Law
Assignment
Severability
Entire Agreement
Notices
Amendment
Third Party Rights
Counterparts
Time of Essence
Non-Solicitation
Insurance
Relevant Industries

Financial Services

Real Estate

Insurance

Commodities Trading

Securities Trading

Foreign Exchange

Investment Banking

Property Development

Maritime and Shipping

Business Consulting

Mergers and Acquisitions

Relevant Teams

Legal

Compliance

Finance

Risk Management

Operations

Business Development

Commercial

Procurement

Treasury

Corporate Services

Client Relations

Documentation

Relevant Roles

Broker

Financial Advisor

Real Estate Agent

Compliance Officer

Legal Counsel

Contract Manager

Business Development Manager

Chief Financial Officer

Risk Manager

Operations Director

Investment Advisor

Procurement Manager

Commercial Director

Treasury Manager

Industries
Contracts Act 1950: The primary legislation governing contract formation, validity, and enforcement in Malaysia. It sets out the basic principles of contract law including offer, acceptance, consideration, and capacity to contract.
Capital Markets and Services Act 2007: Regulates capital market activities and services, including brokerage services. Sets requirements for licensing, conduct of business, and client protection measures.
Registration of Businesses Act 1956: Governs the registration requirements for businesses operating in Malaysia, including brokerage firms.
Financial Services Act 2013: Provides the regulatory framework for financial institutions and payment systems, including provisions relevant to financial brokers.
Income Tax Act 1967: Contains provisions regarding the taxation of brokerage fees and commission income in Malaysia.
Consumer Protection Act 1999: Provides protection for consumers in transactions including provisions that may apply to brokerage services provided to individual clients.
Stamp Act 1949: Governs the stamp duty requirements for various documents and agreements, including broker fee agreements.
Money Services Business Act 2011: Relevant if the brokerage services involve currency exchange or money transmission services.
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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