Broker Fee Agreement Template for Nigeria

The Broker Fee Agreement serves as a crucial legal document in Nigerian business transactions where intermediary services are required. This agreement is essential for establishing clear terms of compensation for brokers across various sectors, from real estate to financial services. The document ensures compliance with Nigerian regulatory requirements while protecting the interests of both brokers and clients. It typically includes detailed fee calculations, payment schedules, service scope, and performance expectations. The agreement is particularly important in the Nigerian context where business relationships often rely on intermediaries, and there's a need for transparent documentation of broker compensation to comply with anti-money laundering regulations and financial reporting requirements.

1. Parties: Identification of the broker and the client with full legal names and addresses

2. Background: Context of the agreement and brief description of the broker's services and client's requirements

3. Definitions: Definitions of key terms used throughout the agreement

4. Appointment and Scope: Formal appointment of the broker and detailed description of services to be provided

5. Broker's Obligations: Detailed responsibilities and duties of the broker, including professional standards and compliance requirements

6. Client's Obligations: Client's responsibilities, including providing necessary information and cooperation

7. Fee Structure: Detailed breakdown of broker's fees, payment terms, and calculation methods

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

9. Term and Termination: Duration of the agreement and circumstances under which it can be terminated

10. Confidentiality: Obligations regarding confidential information and trade secrets

11. Representations and Warranties: Standard warranties about capacity to contract and service quality

12. Liability and Indemnification: Limitations of liability and indemnification provisions

13. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

14. General Provisions: Standard boilerplate clauses including notices, amendments, and entire agreement