Agreement Between a Firm and a Broker for Agency (India)
This agreement establishes a relationship between a business entity and a broker for the sale of a specific property. It outlines the broker's authority to sell, the commission rates, and the required payment terms for potential buyers.
AggrementBetween A Firm And A Broker For Agency
THIS AGREEMENT made on the…………………..day of……………..BETWEEN ………..,
etc., a firm carrying on the business of ……………………………………………..at……………………………………………
(hereinafter called the firm) of the one part and ……………….., etc. (hereinafter called the broker ) of the other part.
WHEREAS the firm wants to sell the property described in the Scheudle hereto and for the said purpose the services of the broker are required.
AND WHEREAS the said broker has shown his willingness to accept the agency for the sale of the said property described in the Schedule hereto.
AND WHEREAS the firm has accepted to pay to the broker the present rat of commission of … per cent. Of the sale price.
NOW THEREFORE THIS AGREEMENT WITNESSES as follows :
1. The firm hereby gives the broker for a period of ………… months thereof the right to sell the property described in the Schedule hereto at the price and on the terms and conditions hereinafter contained in this agreement.
2. 2. The broker is hereby authorised to sell the property on he price of Rs. …………….……..and out of this consideration the purchaser shall pay Rs………….………..in advance as earnest money and the balance of Rs………….……………..shall be paid within a month hereof before the Registrar at the time of registration of the sale-deed.
3. The broker shall be authorised to sell the property at the price of Rs…………..and on other terms and conditions that may be acceptable to the firm.
4. The firm hereby represents and warrants that the details of the property as described in the Schedule hereto are true and correct and the said property is free from all encumbrances.
5. The firm hereby undertakes to deliver to the purchaser, within a reasonable time, as abstract of title showing that the firm is the owner of the property and the said property is free from all encumbrances.
6. The firm hereby agrees that the sale-deed to be executed by the firm shall be a full covenant warranty deed free from all encumbrances.
IN WITNESS WHEREOF, etc.
SCHEDULE OF PROPERTY
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About this template
What is this template?
This is a commercial agency contract that creates a principal-agent relationship under the Indian Contract Act. It is not an employment contract, and it specifically excludes the Broker from making binding commitments outside of the defined scope of products.
When should you use it?
Use this document when a firm wants to hire an independent broker to handle sales negotiations in exchange for a percentage-based commission. Use a Distribution Agreement instead if the counterparty is buying stock to resell on their own account.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Appointment of Broker | The Firm appoints the Broker as its agent to negotiate and conclude sales for the products specified in the document. |
| 3 | Commission and Remuneration | The Firm agrees to pay the Broker a commission at the rate of [percentage] on all successfully completed sales. |
| 4 | Broker's Obligations | The Broker must use their best endeavors to promote the Firm's interests and provide periodic reports on market conditions. |
| 7 | Duration and Termination | The agreement remains in force for [period] and can be terminated by either party giving [number] days' written notice. |
| 10 | Governing Law | The agreement is governed by the laws of India and subject to the jurisdiction of the courts in [Location]. |
Who it's for
- an Indian business entity appointing a third-party agent to sell goods
- a real estate or commodity broker formalizing their commission rights with a firm
- parties establishing a non-exclusive agency relationship for regional sales in India
How long it runs and how it's signed
Law it's drafted under
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