Agreement For Profit Sharing

You can also include restrictions on how the partner remains liquidates the business and distributes profits. The main purpose of the agreement is to cover any scenario in your initial contract in order to avoid disputes and, in any case, to run smoothly. A profit-forwarding agreement should indicate all parties involved with the name and address at the beginning of the contract. You should write the name of the company you are creating at the beginning of the agreement as well as the purpose of the business. Add references to the date of the agreement as well as the expected duration of the agreement. The accounts into which the profits are paid and when those profits are paid shall be indicated. CONSIDERING that the company and the representative wish to enter into an agreement under which [PARTNER 1] and [PARTNER 2] share the profits from the sale of the product due to the efforts of the representative, in accordance with the conditions set out therein. This Master of Incentive Agreement (this “Agreement”) between Grange Mutual Casualty Company, including its 100% subsidiaries of the Property and Casualty Insurance Company (the “Company”), and the primary agency (“Agent or Agency”), which is set forth in your Summary as of Agency Date and in the Agency Agreement with the Entity, is effective on January 1, 2016 and will remain in effect until revised, replaced or terminated by the Company, and supersedes all prior profit-sharing and/or contingency commission agreements between the parties covering the same lines of insurance as this Agreement. That agreement shall be complementary to the Agency Agreement and shall not be part of this Agreement.

In return for the tasks performed under this Agreement, the representative shall be entitled to [percentage] of the profits made for the sale of the product, which are the direct result of the representative`s efforts. You can spread the gains and losses in any way. It is important that all partners agree on the situation and sign a contract that stipulates it. The only important detail they need to keep in mind is that all portions together match 100%. REPRESENTATIVE RESPONSIBILITIES. In return for the profit sharing granted therein, the representative performs the following functions: PandaTip: This section regulates the consequences of the termination of this profit-sharing relationship. This gives the agent the right to continue to receive arrears (if circumstances so require), while giving the agent the responsibility to ask all other questions of the company to ensure a smooth transition. THE WHOLE DEAL…