Sample Insurance Agency Sale Agreement

It contains the terms of sale contained or not contained in the sale price, as well as optional clauses and guarantees to protect the seller and buyer after the transaction has been concluded. The payment of commissions and the accounting of the return commission are carried out on an ongoing basis. The agreement should include clear conditions for the allocation of commissions due or payable, liability for return commissions, expenses, costs and debts, and absolute data relating to these accounts and how these accounts are settled. Attention to details such as this in the agreement will help avoid disagreements and misunderstandings after closure. The agreement should contain assurances and guarantees, for example, commitments. B of each party as to the execution of certain things. For example, the buyer wants the seller to inser and guarantee that at the time the expiry policies were issued, the seller was licensed as an insurance producer and had the right to make transactions and that the seller did not receive a significant number of letters of intent that should not be renewed in the last twelve months, which reduced the value of the assets to be acquired. The seller may require a business buyer to guarantee that he or she is authorized to purchase and that there are no disputes or other procedures that could prevent the buyer from closing the transaction or making payments in any note. The purchase of commercial agreements should be used by anyone wishing to buy or sell a business. The agreement can help give details in the sale, including aspects of the transaction that are for sale (i.e. assets or shares). Do you buy and sell shares or assets? If the assets, the agreement should include all assets that are included, as well as those that are expressly excluded.

Expiration times are probably the greatest asset, but don`t forget physical property, for example. B the computer software you may need to access the expiry records. These include intangible information such as the right to use telephone numbers, fax numbers, web addresses and the name of the sales agency. The agreement should include a compensation provision requiring the offender to reimburse you for damages, losses, taxes, fines, fees and legal fees that you may suffer as a result of a breach of representation. For example, if the seller guaranteed that no other producer owned any of the expiry times, and that was wrong and the manufacturer sued the buyer, the seller would be required to compensate the buyer for the damages. In order to facilitate the recovery of these damages, the contract could include a right of compensation against installments of the purchase price.