This Referral Business Commission Agreement ("Agreement") is made and entered into by and between:
• [Company Name] ("Company"),
Address: [Company Address]
Email: [Company Email]
Phone: [Company Phone Number]
And
• Referral Provider ("Referral Provider")
Address: [Referral Provider Address]
Email: [Referral Provider Email]
Phone: [Referral Provider Phone Number]
Collectively referred to as the “Parties.”
1. Purpose of Agreement
The Company engages in real estate transactions and real estate services, and the Referral Provider has agreed to refer potential clients (buyers and/or sellers) to the Company for the purposes of generating business. This Agreement outlines the terms and conditions under which the Referral Provider will be compensated for successful referrals.
2. Referral Commission
a. Referral Commission Rate: The Referral Provider shall receive 50%* of the commission earned by the Company for any transaction (sale, Rent, or purchase) resulting from a referral made by the Referral Provider.
b. Referral Commission Calculation: The commission payable to the Referral Provider will be 50%* of the net commission paid to the Company upon successful completion of the referred real estate transaction. The net commission is determined by the contract between the Company and the buyers & sellers.
c. Referral Commission Plan: Any changes to the commission rate shall be binding as per the terms. The Company decision regarding the commission rate is final and non-negotiable
d. Payment Terms: Referral Commission will be paid to the Referral Provider within [30 to 45 }days after the Company receives full payment for the real estate transaction, or as per the company’s payment policy. Payment mode will be made via cheque, wire transfer, or any other mutually agreed-upon method.
3. Referral Process
a. Referral Submission Process
• Referral Submission: The Referral Provider must submit the referral on the portal, including the name, contact information, and any relevant details of the potential client. Referrals should be submitted before any contact is made by the Company with the referred client.
• Referral Code: The referral will only be considered valid if a referral code is generated by the company at the time of submission. No commission will be paid for referrals made without this code.
• Referral Validity: The referral is valid only if it meets the criteria outlined in this Agreement, and the referral code has been successfully generated and registered by the Company.
b. Referral Eligibility
• Successful Transaction: For a referral to be eligible for commission, the referred client must sign a formal agreement with the Company for a real estate transaction. The transaction must result in a completed sale, purchase, or Rent.
• Referral Exclusivity: If the same seller is referred by multiple referral providers, the referral that is received first by the Company shall be considered valid for commission purposes.
• Invalid Referrals: In the case where a referral is found to be invalid, the company reserves the right to delete such leads from the system. The details of the invalid referral will be communicated to the Referral Provider, and no commission will be paid on such invalid referrals.
c. Digital Documentation
• All documentation related to the referral, including agreements and updates, must be digitally signed and updated. The Referral Provider acknowledges and agrees to accept updates and changes to this Agreement in digital form. Once the updates are communicated, they shall be deemed as accepted by the Referral Provider.
4. No Conflict of Interest
The Referral Provider agrees not to engage in any actions or activities that may create a conflict of interest with the Company or harm the reputation of the Company or the real estate transaction.
5. No Guarantee of Business
The Company does not guarantee that any referral will result in a closed transaction. The Referral Provider acknowledges that the Company is under no obligation to enter into a transaction with any referred client.
6. Independent Contractor
The Referral Provider acts as an independent contractor and is not an employee, agent, or partner of the Company. The Referral Provider shall not be entitled to any benefits, including insurance, retirement plans, or other employee benefits offered by the Company.
7. Confidentiality
The Referral Provider agrees to maintain the confidentiality of all sensitive information, including client details and the terms of any real estate transactions, that is shared by the Company. This confidentiality obligation will survive the termination of this Agreement.
8. Term and Termination
a. Term: This Agreement shall be effective as of the date signed and shall continue until terminated by either party.
b. Termination: Either party may terminate this Agreement at any time upon written notice to the other party. In the event of termination, the Referral Provider shall be entitled to any earned commissions for referrals made prior to the termination date.
c. Survival: Sections 6 (Independent Contractor), 7 (Confidentiality), and 8 (Term and Termination) shall survive termination of this Agreement.
9. Legal Compliance
The Referral Provider agrees to comply with all applicable local, state, and federal laws, including but not limited to real estate licensing laws and regulations, while performing under this Agreement.
10. Dispute Resolution
• Arbitration: In the event of any dispute arising under or in connection with this Agreement, the matter shall be referred to [Arbitration Organization] for resolution in accordance with its rules and the decision rendered by the arbitrator shall be final and binding on both parties.
• Court of Law: In case the dispute is not resolved through arbitration, the parties agree that the courts at GB Nagar (Uttar Pradesh) shall have exclusive jurisdiction.
11. Commission Dispute
• No Commission for Invalid Referrals: In cases where a referral is deemed invalid (e.g., the referred party is already in an active agreement with the Company or other specific conditions), no commission will be paid. If the Referral Provider disputes this decision, the Referral Provider may seek dispute resolution as outlined in this Agreement.
• Non-Payment of Commission: If the Referral Provider has not received the commission due for a valid transaction, they are entitled to claim the commission as per the procedure outlined in this Agreement, subject to the validity of the referral.
12. Referral Process Update Knowledge
• Updates: The Referral Provider shall be bound by any updates or changes to this Agreement, including changes to commission rates, submission processes, and other terms. Such updates will be communicated digitally and considered accepted by the Referral Provider upon receipt.
13. Miscellaneous Provisions
• Amendments: This Agreement may be amended only by written agreement, duly signed by both parties.
• Severability: If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions will remain in full force and effect.
• Entire Agreement: This Agreement constitutes the entire understanding between the parties’ concerning referrals and supersedes any prior agreements, whether written or oral, relating to referrals.
14. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of [State/Country], without regard to its conflict of laws principles.
________________________________________
IN WITNESS WHEREOF, the parties hereto have executed this Referral Agreement as of the Effective Date.
Referral Provider
Signature: ____________________________
Name: ______________________________
Date: ______________________________
[Company Name] (Company)
Signature: ____________________________
Name: ______________________________
Title: _____________________________
Date: ______________________________