Agent Commission Agreement

 

 

This Agreement is made on this ----th day of ----------, 200--- by and between ABC Corp., a ---------corporation having its office at ----------------------------------------(hereinafter called “Principal”) and Agent Co. Ltd., a company existing under Korean laws and having its address at -------------------------------------------(hereinafter called “Agent”) and both Parties hereto have agreed as follows :

 

 

1. Sales Territory

“Agent” shall act as a (sole) sales agent for the “Principal” within the territory of the Republic of Korea as well as the area mutually agreed upon.

 

2. Sales products

All lines of products manufactured or supplied by the Principal.

 

3. Agent shall do its best to utmost efforts for the sales of above products and all sales transactions should be confirmed in advance by Principal.

 

4. Commission rate will be (  )% of the price of the products as evidenced by Principal’s invoice to the customer(s) in sales Territory.

 

5. This Agreement is effective from (   ) of (   ) 200---, and shall remain effective for (   ) years. This Agreement may be extended automatically unless otherwise informed by either party.

 

6. “Principal” shall comply with the relevant rules and regulations under Korean laws especially under Anti-trust and Fair Trade Acts.

 

7. In the event of this Agreement being terminated by the principal for any reason other than willful misconduct on the part of the Agent, the Agent shall be entitled to be compensated for loss of goodwill suffered, investments and services made by the Agent. Such compensation shall be an amount equal to the amount of the average monthly commissions over the previous periods multiplied by the months left not passed by. However such compensation shall not be less than ----------for each month not lapsed.

 

8. Any disputes or claims which may not be resolved amicably between the parties hereto shall be settled by arbitration in Seoul, Korea in accordance with the Rule of Arbitration of Korean Commercial Arbitration Board in Korea.

 

 

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized representatives as of the date first written above:

 

 

 

 

ABC Corp.                                Agent Co., Ltd.

 

 

                                                                  

Name,     Title                           Name,      Title