Agreement Between Buyer And Commission Agent Template for Singapore

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Key Requirements PROMPT example:

Agreement Between Buyer And Commission Agent

"I need an Agreement Between Buyer And Commission Agent for our Singapore-based manufacturing company to engage a procurement agent who will source raw materials from Southeast Asia, with a 5% commission structure and exclusive territory rights starting March 2025."

Document background
The Agreement Between Buyer And Commission Agent is essential when establishing a formal agency relationship for procurement or purchasing activities in Singapore. This document is commonly used when a buyer wants to engage an agent to act on their behalf in transactions, with the agent's compensation structured as a commission. The agreement addresses key aspects such as the agent's authority, commission calculations, payment terms, and obligations of both parties. It ensures compliance with Singapore's agency laws and commercial regulations while providing clarity and protection for all parties involved. This type of agreement is particularly important in international trade and local procurement scenarios where direct purchasing isn't practical or efficient.
Suggested Sections

1. Parties: Identification and details of the buyer and commission agent

2. Background: Context and purpose of the agreement

3. Definitions: Key terms used throughout the agreement

4. Appointment: Terms of appointment of the commission agent

5. Scope of Authority: Extent and limitations of agent's authority

6. Commission Structure: Details of commission rates and payment terms

7. Obligations of Parties: Duties and responsibilities of both parties

8. Term and Termination: Duration and termination provisions

9. Governing Law: Applicable law and jurisdiction

Optional Sections

1. Exclusivity: Terms of exclusive arrangement, used when agent is granted exclusive rights

2. Performance Targets: Specific targets or KPIs, used when performance metrics are required

3. Insurance: Insurance requirements, used when specific insurance coverage is needed

4. Non-Compete: Restrictions on competitive activities, used when protecting business interests

Suggested Schedules

1. Commission Rates Schedule: Detailed breakdown of commission structures

2. Territory Schedule: Definition of geographical coverage area

3. Product Schedule: List of products covered under the agreement

4. Service Level Agreement: Detailed performance standards and metrics

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

Industries

Civil Law Act (Cap. 43): Primary legislation governing civil law matters in Singapore, including contract formation and enforcement

Contract Law of Singapore: Fundamental principles governing formation, execution, and enforcement of contracts in Singapore

Agency Law principles: Legal principles governing the relationship between principal and agent, including duties, responsibilities, and authority

Sale of Goods Act (Cap. 393): Legislation governing the sale and purchase of goods, including rights and obligations of parties

Consumer Protection (Fair Trading) Act: Legislation protecting consumer interests and ensuring fair trading practices

Registration of Businesses Act: Law governing business registration requirements in Singapore

Central Provident Fund Act: Legislation governing mandatory social security savings system, relevant for employment-related matters

Estate Agents Act: Specific legislation governing real estate agency activities if the commission agreement relates to property

Securities and Futures Act: Regulatory framework for financial products and services if the agreement involves financial instruments

Insurance Act: Legislation governing insurance-related activities if the agreement involves insurance products

Personal Data Protection Act 2012: Law governing the collection, use, and disclosure of personal data

Goods and Services Tax Act: Tax legislation relevant for commercial transactions and commission calculations

Electronic Transactions Act: Law governing electronic communications and digital signatures in commercial transactions

Common Law - Duty of Care: Legal principle requiring reasonable care and skill in performing obligations

Common Law - Fiduciary Duties: Legal obligations of trust and loyalty owed by agents to their principals

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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