The Broker Seller Agreement is essential for businesses and individuals operating in Nigeria who engage brokers to facilitate sales transactions. This document is particularly crucial given Nigeria's complex commercial landscape and the need for clear definition of responsibilities in brokerage relationships. The agreement establishes the legal framework for the broker-seller relationship, ensuring compliance with Nigerian commercial laws, including the Companies and Allied Matters Act (CAMA) 2020 and relevant financial regulations. It provides comprehensive coverage of commission structures, scope of authority, obligations, and protections for both parties. The document is designed to prevent disputes by clearly defining roles, responsibilities, and compensation terms, while including necessary provisions for compliance with Nigerian anti-money laundering regulations and consumer protection laws.
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1. Parties: Identification and details of the broker and seller, including registration numbers and addresses
2. Background: Context of the agreement and brief description of the parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment and Scope: Terms of broker's appointment and detailed scope of services
5. Broker's Authority: Extent and limitations of broker's authority to act on seller's behalf
6. Broker's Obligations: Detailed responsibilities and duties of the broker
7. Seller's Obligations: Responsibilities and commitments of the seller
8. Commission Structure: Details of broker's compensation, including rates and payment terms
9. Term and Termination: Duration of agreement and conditions for termination
10. Confidentiality: Obligations regarding confidential information
11. Representations and Warranties: Statements of fact and promises by both parties
12. Liability and Indemnification: Allocation of risks and responsibilities between parties
13. Dispute Resolution: Procedures for handling disputes and applicable jurisdiction
14. General Provisions: Standard contractual clauses including notices, amendments, and governing law
1. Exclusivity: Terms of exclusive rights granted to broker, used when broker has sole rights
2. Sub-Agents: Provisions regarding appointment of sub-agents, needed if sub-agents are permitted
3. Marketing Requirements: Specific marketing obligations and standards, for agreements requiring detailed marketing plans
4. Performance Targets: Specific performance metrics and consequences, used in performance-based agreements
5. Insurance Requirements: Detailed insurance obligations, necessary for high-value or high-risk transactions
6. International Sales: Additional provisions for international transactions, required for cross-border sales
7. Digital Marketing Rights: Specific provisions for online marketing and digital platforms
8. Compliance with Anti-Money Laundering: Detailed AML compliance requirements, necessary for high-value transactions
1. Schedule 1: Commission Rates: Detailed breakdown of commission structures and calculation methods
2. Schedule 2: Property/Product Details: Specific details of items/properties to be sold under the agreement
3. Schedule 3: Marketing Plan: Detailed marketing strategy and timeline
4. Schedule 4: Broker's Representatives: List of authorized representatives and their contact details
5. Schedule 5: Required Documentation: List of documents required for transactions
6. Appendix A: Standard Operating Procedures: Detailed procedures for handling sales and inquiries
7. Appendix B: Reporting Templates: Standard forms for regular reporting and updates
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