Override Commission Agreement Template for England and Wales

Create a bespoke document in minutes, or upload and review your own.

4.6 / 5

4.8 / 5

Let's create your Override Commission Agreement

1. Select your governing law and document type:

2. Enter your key requirements:

3. Create your document to edit, review or download

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Override Commission Agreement

"I need an Override Commission Agreement for our insurance brokerage firm that includes a tiered commission structure based on quarterly sales targets, with specific clawback provisions for policies cancelled within the first 12 months, to be effective from March 2025."

What is a Override Commission Agreement?

The Override Commission Agreement is utilized when establishing supplementary commission structures beyond standard rates, particularly in financial services and insurance distribution. This document, governed by English and Welsh law, is essential when implementing tiered commission structures or rewarding exceptional performance. The agreement typically includes specific performance targets, calculation methodologies, payment terms, and regulatory compliance requirements. It's particularly relevant in situations where a principal company wants to incentivize intermediaries or master agents to achieve higher sales volumes or maintain quality standards.

What sections should be included in a Override Commission Agreement?

1. Parties: Identification and details of the contracting parties

2. Background: Context and purpose of the override commission arrangement

3. Definitions: Key terms used throughout the agreement

4. Commission Structure: Details of override commission calculations and rates

5. Payment Terms: Timing and method of commission payments

6. Reporting Requirements: Requirements for sales and commission reporting

7. Term and Termination: Duration and termination provisions

8. Governing Law: Specification of English and Welsh law governance

What sections are optional to include in a Override Commission Agreement?

1. Clawback Provisions: Terms for commission recovery - used when dealing with insurance or financial products with potential for early termination

2. Performance Targets: Specific sales or performance requirements - used when commission rates are tied to performance levels

3. Compliance Requirements: Specific regulatory compliance obligations - used when dealing with regulated products or services

What schedules should be included in a Override Commission Agreement?

1. Commission Rate Schedule: Detailed breakdown of commission rates and tiers

2. Product Schedule: List of products covered by the agreement

3. Reporting Template: Standard format for commission reporting

4. Compliance Procedures: Detailed compliance requirements and procedures

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking
Investment Management
Insurance
Financial Technology

Relevant Teams

Legal
Compliance
Finance
Risk Management
Operations

Relevant Roles

Chief Financial Officer
Compliance Officer
Investment Manager
Risk Manager
Legal Counsel
Chief Risk Officer
Head of Compliance
General Counsel
Finance Director
Operations Director

Industries

Financial Services and Markets Act 2000: Primary legislation governing financial services in the UK, establishing regulatory framework and requirements for financial activities

Bribery Act 2010: Legislation addressing corruption and bribery, crucial for commission arrangements to ensure compliance with anti-bribery provisions

Competition Act 1998: Ensures commission arrangements don't violate competition law or create anti-competitive practices

Consumer Rights Act 2015: Protects consumer interests and may apply if the commission arrangement affects end customers

FCA Regulations: Financial Conduct Authority's regulatory framework governing financial services and commission structures

FCA COBS: Conduct of Business Sourcebook providing detailed rules for business conduct in financial services

Insurance Distribution Directive: European-derived regulations for insurance distribution, relevant if the commission relates to insurance products

Common Law Contract Principles: Fundamental principles of English contract law including offer, acceptance, consideration, and intention to create legal relations

Unfair Contract Terms Act 1977: Legislation controlling unfair terms in contracts, particularly in business-to-business contexts

Contracts (Rights of Third Parties) Act 1999: Governs how third parties may enforce terms of a contract they're not directly party to

UK GDPR: Data protection legislation governing the processing of personal data in the UK post-Brexit

Data Protection Act 2018: UK's implementation of data protection standards, working alongside UK GDPR

Money Laundering Regulations 2017: Anti-money laundering requirements for financial transactions and business relationships

Proceeds of Crime Act 2002: Legislation dealing with money laundering and proceeds of criminal conduct

Value Added Tax Act 1994: Tax legislation relevant to commission payments and VAT treatment

Employment Rights Act 1996: May be relevant if commission arrangements impact employment relationships

Agency Workers Regulations 2010: Regulations protecting agency workers' rights, potentially relevant for commission structures involving agents

Find the exact document you need

Retail Sales Commission Agreement

An England & Wales agreement detailing commission terms for sales agents in retail businesses.

How Genie AI reduced drafting time by 75% for a legal firm

Let's create your Override Commission Agreement

What is a Override Commission Agreement?

What sections should be included in a Override Commission Agreement?

What sections are optional to include in a Override Commission Agreement?

What schedules should be included in a Override Commission Agreement?

Authors

Alex Denne

Find the exact document you need

Retail Sales Commission Agreement

Referral Agreement And Commission Agreement

Partnership Commission Agreement

Lease Commission Agreement

Draw Against Commission Contract

Commission Only Sales Rep Agreement

Commission Only Contract

Commission Agreement For Sale Of Goods

Commission Agreement For Independent Contractor

Commission Agreement Between Two Companies

Residual Commission Agreement

Mutual Referral And Commission Agreement

Commission Chargeback Agreement

Outside Sales Commission Agreement

Split Sales Commission Agreement

Project Commission Agreement

Override Commission Agreement

Lead Generation Commission Agreement

Finder's Fee Commission Agreement

Business Development Commission Agreement

Vendor Commission Agreement

Commission Trust Agreement

Software Sales Commission Agreement

Sponsorship Commission Agreement

Introducer Agreement Commission

Intermediary Commission Agreement

Commission Draw Agreement

Fundraising Commission Agreement

Commission Pay Agreement

Commission Contract Agreement

Commission Share Agreement

Sales Representative Contract

Download our whitepaper on the future of AI in Legal

Genie’s Security Promise

Your documents are private:

Your documents are protected:

Organizational security

Innovation in privacy:

Want to know more?

Draft quality legal agreements or review documents in 3 minutes

Templates

Commercial

Employment

IP

Administration

Finance

R&D

Industries

Legal Services

Manufacturing

Construction

Solutions

Use Cases

Company Types

Comparisons

Business Categories

Teams

Information