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Commission Draw Agreement
"I need a Commission Draw Agreement for a Singapore-based real estate agency hiring new sales agents, with a monthly draw of $3,000 and tiered commission rates starting at 2% for residential properties, effective March 1, 2025."
1. Parties: Identifies and defines the contracting parties
2. Background: Provides context and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Commission Structure: Details the commission rates, calculation methods, and earning criteria
5. Draw Terms: Specifies the draw amount, payment frequency, and recovery mechanisms
6. Reconciliation Process: Outlines how and when commission earnings are reconciled against draws
7. Payment Terms: Details payment timing, methods, and deductions
8. Term and Termination: Specifies duration and termination conditions
1. Non-Competition: Restricts competitive activities when protecting business interests is crucial
2. Bonus Structure: Additional incentive arrangements for performance-based bonuses beyond commission
3. International Sales: Special provisions for international transactions when sales territory includes multiple countries
1. Commission Rate Card: Detailed breakdown of commission rates by product/service
2. Sales Territory Map: Definition of geographical sales boundaries
3. Performance Targets: Specific sales targets and corresponding commission tiers
4. Draw Calculation Examples: Illustrative examples of draw and commission calculations
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