VERZUN PROPERTY Oü, company registration Nr. 10168663, with a registered address of Köömne 37, Tallinn, Estonia;
Both parties, in the representation in which they act, acknowledge mutual legal capacity in order to enter into this agreement. The parties gathered in this agreement act out of their own free will and whereby both parties have decided to start a commercial collaboration which they rule according to the following:
Company 1 and Company 2 will collaborate and share property details and client information, with the aim of creating a sale transaction. In the event of one party’s client expressing interest in a property introduced by the other party, both parties will collaborate to develop, facilitate and broker a real estate sale transaction.
Both parties agree that, in respect of those of clients / properties introduced, they will provide such information relating to the financial and personal circumstances or documentation as may be reasonably required. Both parties will ensure that their clients/owners are aware of this agreement and have consented to being referred or having their property introduced to the other party.
Each client / property introduced under this agreement will be recorded by both parties and each prospective client will sign an agreement in respect of properties to which they are introduced to indemnify us in the event that they attempt to acquire said property directly or through another agent. This agreement makes provision for 3rd party involvement. A 3rd party company or individual may introduce their clients or property with the aim of completing a sale transaction. The 3rd party, on the agreement of both the First and Second Parties will become a Third party in the collaboration. Neither party will enter into separate arrangements that present a conflict of interest to this collaboration. To maximise benefit for both themselves and their clients, both parties agree to keep each other informed of new arrangements, collaborations and any other relevant information that could affect the collaboration. We/You may introduce clients to the You/Us for reasons other than real estate collaboration, including for services offered and provided by other Partnered Businesses. In such cases and where business arises for the other firm or company directly as a result of the initial introduction, We/You will use its reasonable endeavours to obtain for You/Us, remuneration from the other firm of like character to that provided for in this Agreement.
For any agreed deal by a client or property introduced by Company 2 to Company 1 - Company 1 will pay Company 2 a share of 50% from the net brokerage fees received. A completion statement will be sent per property acquisition stating the fees payable per transaction and other parties involved who may also be due fees on a given acquisition. Payment of the fees shall be made within 28 days of the formal completion of the acquisition of the property, the “Completion Date”, and subject to receipt of cleared funds from the client for their fees payable, along with any other fees due and payable on the acquisition, specifically any financing arrangement or Vendor fees that may be due to the Introducer.
The parties acknowledge that they have no authority to act on the other party's behalf in any capacity beyond what is envisaged by this agreement. Neither party shall hold itself out as being associated with the other party other than is envisaged by this agreement, and for the avoidance of doubt this agreement is not an agency agreement.
Neither party will, either during or at any time after the termination of this agreement, divulge to any person, firm, company or other entity any confidential information (not being already within the public domain or subsequently coming into the public domain otherwise than through the breach of this clause or as a result of a legal obligation) concerning the business or affairs of the other.
Both parties agree to accept and comply with the code of conduct or rules of the professional body that governs their business activity, where applicable. Comply and work within the laws of all relevant jurisdictions, in particular in relation to Data Protection and ensuring client confidentiality.
Either party may terminate this agreement on Thirty (30) days written notice to the other party. This agreement shall terminate forthwith: if either party is in material breach of its terms unless such a breach, if capable of remedy, is remedied with 30 days of either party having received written notice of such breach from the other. If, except for the purposes of a solvent amalgamation or reconstruction, either party becomes insolvent or has an administrative or other receiver, manager, trustee, liquidator, administrator or other similar official appointed in relation to its affairs or assets in whole or part or otherwise becomes unable to pay its debts or proposes any composition or arrangement with its creditors for the payments of its debts or anything analogous thereto in any jurisdiction. In case of termination of this agreement between both parties, one party cannot contact directly other party's contacts. If contract is terminated during negotiation of any property, or if any contact of Company 2 buys any property from Company 1 after termination of this agreement, Company 2 will still be entitled to a commission for atleast 2 years. Existing negotiations/contacts will still be part of this agreement.
This agreement constitutes the entire understanding between the parties with regard to its subject matter. It may not be amended, varied, waived, explained, added to, extended or changed in any way except in writing either by hard copy or electronic mail, signed by a person authorised to execute such modification or amendment on behalf of either party.
Both parties agree that the law, which will regulate their contractual liabilities, will be the laws of the Emirate of Dubai.
VERZUN Real Estate Broker | Boutique agency for international luxury real estateLevel 41, Emirates Towers, Dubai, UAE | +971 4 319 7520 | email@example.com | www.verzun.com