Finder’s Fee Agreement for Commercial Property Search (Fixed Fee)
This Finder’s Fee Agreement for Commercial Property Search (Fixed Fee Commission) may be used by a property search agency that is acting for a commercial client. This Agreement details the Agency’s and the Client’s obligations and provides for payment of commission to the Agency if the Client goes on to buy or rent a property from a seller introduced by the Agency.
This version of the Agreement should be used where the Agency is appointed to find a property for a business Client. The property may be commercial or residential and may be required for occupation, investment or development – this Agreement can be used for all such scenarios. Under this Agreement, the Introduction Commission paid by the Client is a fixed fee as opposed to a percentage of the purchase price or annual rent payable for the property.
Other versions of this Agreement cover percentage-based commission and providing search services to consumer clients.
- Clause 1 contains definitions.
- Clause 2 covers the appointment of the Property Finder and payment of an initial Retainer Fee. Optional drafting provides for the Retainer Fee to be refunded if the Client subsequently pays Introduction Commission to the Property Finder. The Property Finder’s appointment may be on an exclusive or non-exclusive basis.
- Clause 3 requires the Property Finder to make Introductions of suitable properties and sellers to the Client during the Search Period. There are optional clauses setting out the scope of the Property Finder’s role – these should be adapted to suit the circumstances.
- Clause 4 sets out the Client’s obligations. These include providing information to the Property Finder to enable the Property Finder to search effectively, and notifying the Property Finder when a contract for sale or rent is entered into (an “Applicable Contract”).
- Clause 5 covers payment of the Introduction Commission. This is a fixed fee.
- Clause 6 contains anti-bribery provisions.
- Clause 7 covers confidentiality.
- Clause 8 covers data protection.
- Clauses 10 and 11 deal with termination of the Agreement.
- Clauses 12-25 are standard clauses dealing with the relationship of the parties, jurisdiction and other matters. Although not required by law, property finders may be members of a redress scheme, and details can be included at Clause 24.
Optional phrases / clauses are enclosed in square brackets. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document.
This Finder’s Fee Agreement for Commercial Property Search (Fixed Fee Commission) is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
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