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What is a Referral Fee Agreement?
If you're a finder - a broker - who successfully makes introductions, refers clients, or seals a lot of deals, you can use a Referral Fee Agreement to set terms and conditions for all parties to on. A Referral Fee Agreement is used when people have knowledge and contacts in a certain field and want to be paid for making successful introductions to others. Most often, a broker will introduce a buyer and seller of goods or services, real estate buyer and seller, or employer and potential employee. The Referral Fee Agreement says which party pays the broker for the introduction and under what conditions. Businesses may use this Agreement if they want to pay a Broker bring in new clients or customers. The business may also need a broker to find certain goods or services it can't find on its own.
When to use a Referral Fee Agreement:
- You have knowledge and contacts in a certain field and want to introduce a buyer and a seller of a good or service, or an employer and potential employees, to each other for a fee.
- You have a good or service but while running your business cannot reach out to find clients or customers yourself so would like to pay a broker to connect you with clients or customers.
- You want to purchase a certain good or service but do not know where to look or who to speak with, so want to pay a broker to find you that good or service.
- Note: The Referral Fee Agreement should not be confused with the Finder's Fee Agreement, which allows business owners to contract with another party to find potential clients and investors for their business for a fee.
Sample Referral Fee Agreement
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REFERRAL FEE AGREEMENT
This Referral Fee Agreement (hereinafter the "Agreement") is made on (the "Effective Date"), by and between of , , of , , (hereinafter referred to as "Buyer""Seller") and of , , (hereinafter referred to as "Referrer").
WHEREAS, Buyer Seller desires to purchase sell certain goods;services;
WHEREAS, Referrer has contacts within the industry and desires to act as an intermediary finder of goods services for Buyer;WHEREAS, Referrer has contacts within the industry and desires to act as an intermediary finder of buyers for Seller's goods; services;
NOW, THEREFORE, in consideration of the premise and the mutual promises and covenants contained herein, the parties agree as follows:
. LEGAL COMPLIANCE.
As required by the industry, Referrer shall comply with all applicable laws and has obtained the necessary licenses.Licensing and/or certification is required by the industry and Referrer does not hold such licensing and/or certification.Referrer certifies that no certification or licensure is required by the industry.
. TERM AND TERMINATION.
The term of this Agreement shall commence on the Effective Date and shall continue in full force and effect for a period of days from the date of this Agreement (the "Term"), unless earlier until terminated by either party upon at least days' prior written notice.
. EXCLUSIVITY.
For the term of this Agreement, Referrer shall have the non-exclusive exclusive right to introduce prospective buyers sellers to the Buyer Seller who are not already known to the Buyer.Seller.
. FEES AND PAYMENT.
Upon determination of referrer fees due, the Referrer shall issue an invoice to the Buyer Seller and payment shall be due net thirty (30) days from the date of the invoice.
Acceptable forms of payment include the following:
. FINAL AGREEMENT.
This Agreement represents the entire agreement with respect to the subject matter hereof and terminates and supersedes all prior understandings or agreements with respect to such matters. This Agreement may be amended only in writing signed by both parties.
. LEGAL CONSTRUCTION.
In the event any one or more of the provisions contained in this Agreement shall for any reason be held invalid, illegal, or unenforceable in any respect, that invalidity, illegality, or unenforceability shall not affect any other provisions. This Agreement shall be construed as if the invalid, illegal, or unenforceable provision had never been contained in it.
. GOVERNING LAW.
This Agreement shall be governed by the laws of the , without giving effect to principles of conflicts of law.
. SIGNATORIES.
This Agreement shall be executed on behalf of by , and on behalf of by , . The Agreement shall be effective as of the Effective Date first written above.
| By: | Date: |
| By: | Date: |
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| _____ | Look over the Referral Fee Agreement to ensure it matches your intentions. If you'd like to make changes, you can download this document in Microsoft Word, or you can make edits using the Document Manager on Rocketlawyer.com. |
| _____ | You can use Rocket Lawyer's e-signature service to electronically have each party sign the document. Or, have both parties sign and date duplicate hard copies of the Referral Fee Agreement. |
| _____ | Deliver a copy of the Referral Fee Agreement to the other Party. |
Copies
| * | Keep a copy of all documents for your own records and in case there is a problem. |
| * | Each Party should receive an original signed copy of the Referral Fee Agreement. Your copy should be kept in a safe place. IF you signed a paper copy of your document, you can use Rocket Lawyer to store and share it. Safe and secure in your Rocket Lawyer account, you can access it any time from any computer, as well as share it for future reference. |
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