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RE: Commission Split contract with buyout provision
Posted: Tue Jan 08, 2008 8:30 am
by ScubaDude
I'm entering into a contractual agreement with an independent agency to do outside sales. Can anyone point me to a contract that the agency and I can use as a template? It needs to cover the commission split and buyout provisions. Thanks for all of your help!
Posted: Tue Jan 08, 2008 1:50 pm
by scott
An agreement like this should not be done on the cheap.
You need an attorney to draw this up - someone who looks out for your interests.
Put another way... We hate it when attorneys try to tell us about insurance. Why do we think we can practice law?
RE: Commission Split contract with buyout provision
Posted: Wed Jan 09, 2008 3:37 pm
by gregcw
scott wrote:An agreement like this should not be done on the cheap.
You need an attorney to draw this up - someone who looks out for your interests.
Put another way... We hate it when attorneys try to tell us about insurance. Why do we think we can practice law?
I agree that we should not be practricing law,
HOWEVER
most attorneys are woefully ignorant of many of the arrangements, of this type, that are common in the insurance industry. Although I do not have one to provide, I think that ScubaDude is on the right track and well advised to be looking for a template.
Re: RE: Commission Split contract with buyout provision
Posted: Sat Mar 15, 2008 9:08 pm
by Norcalinsurance
I am looking to do something very similar to this. I would like to hire an agent to be a 'sub-producer' for my agency, with the majority of their be the commission made off of each new account they bring in.
If somebody has any resources for templates to draw some kind of contract like this, it would be very helpful. I do agree that you may want to consult a lawyer, but I'm sure it would be less costly to do some of the leg work by putting together the initial contract & understanding it, then bringing the lawyer in to review it.