Clawback of Commission Sample Clauses

Clawback of Commission. We do not normally charge you a fee for arrangement of an insurance product as we will receive a commission from the product provider. If, however you cease to pay premiums and the policy subsequently cancels the provider will clawback a proportion of the commission that has been paid to us. As this commission covers the cost of our service to you, we will charge you a fee equal to the amount of commission that we have to refund to the provider. Before a policy is put into force, we will write to you to inform you of the commission we will receive. This will be the maximum amount we will charge you, together with the maximum period of clawback. This will usually be for a period of between 2 to 4 years. This would not apply where a plan is cancelled during the cooling off period.
Sample 1Sample 2
AutoNDA by SimpleDocs
Clawback of Commission. It is usual to receive commission payments on life, critical illness and income protection based on the first four years premium. If for any reason a plan is cancelled, Futurity Financial Services Ltd has to repay a pro-rata amount of commission (known as a ‘clawback’). As such, Futurity Financial Services Ltd reserves the right to invoice you for the amount of clawback levied due to cancellation of your plan(s). This would not apply where a plan is cancelled during the cooling off period. If the fee is not received on the due date, we reserve the right to charge interest of any unpaid sum at a rate of 2% per annum above the Bank of England base rate. This is our standard client agreement upon which we intend to rely. For your own benefit and protection you should read these terms carefully before signing them. If you do not understand any point please ask for further information. Please tick this box if you do not consent to us or any company associated with us processing any such sensitive data. Please tick this box if you do not wish for us or any company associated with us to contact you for marketing purposes by email, telephone, post or SMS. I am/We are aware of the costs of the Financial Review and Recommendation(s), and where appropriate, the Policy Arrangement and Implementation services and agree to the method and timing of these. I am/We confirm that we agree to the adviser being remunerated on the basis selected below; By deduction from the policy (Where possible) By direct payment from ourselves Client 1 Name .............................................................................................................
Sample 1
Clawback of Commission. 8.1 Where a Client cancels, alters, appoints another intermediary in relation to, or suspends, the Business (including but not limited to reducing or missing premiums) during the Clawback Period applicable to that Business, You shall owe to EXETER and EXETER will reclaim from You any Unearned Commission already paid to You. EXETER shall notify You in writing as soon as reasonably practicable of any Reclaimed Commission and may: 8.1.1 set-off any Reclaimed Commission against any other Commission or amount payable to You (including any sums due to You under any previous terms of business); or 8.1.2 submit a written request to You that You reimburse EXETER the full amount of Reclaimed Commission within 10 Business Days. 8.2 We reserve the right to share debt information with the Elixir 2000 group as well as other parties including other insurers and as required by the FCA. 8.3 In the event of any dispute regarding Commission due from EXETER to You or sums due to EXETER by way of clawback or adjustment, EXETER’s decision shall be final.
Sample 1
Clawback of Commission. 5.1 Where a Client cancels, alters, appoints another intermediary, or suspends the Business (including but not limited to reducing or missing premiums) during the Claw- back Period applicable to that Business, EXETER will reclaim from You any Unearned Commission already paid to You. EXETER shall notify You in writing as soon as reasonably practicable of any Reclaimed Commission and may: 5.1.1 set-off any Reclaimed Commission against any other Commission or amount payable to You; or 5.1.2 submit a written request to You that You reimburse EXETER the full amount of Reclaimed Commission within 10 Business Days. 5.2 We reserve the right to share debt information with the Elixir 2000 group as well as other parties including other insurers and as required by the FCA. 6.1 In the event that: a. Your Clients are transferred to another Intermediary, ongoing renewal commission and any initial commission liability will transfer to the recipient Intermediary, or b. Your Advisers are transferred to another Intermediary, ongoing renewal commission and any initial commission liability will transfer to the recipient Intermediary, or c. one or more of your Appointed Representatives are transferred to another Intermediary, ongoing renewal commission and any initial commission liability will transfer to the recipient Intermediary. d. an individual policy holder transfers the servicing rights of their policy to another intermediary, ongoing renewal commission will transfer to the recipient intermediary, but any outstanding initial commission liability will remain with you.
Sample 1

Related to Clawback of Commission

  • Payment of Commissions Payments of selling commissions and any other fees due to the Dealer pursuant to this Agreement will be made by the Dealer Manager to the Dealer. Selling commissions and such other fees and expense reimbursements due to the Dealer pursuant to this Agreement will be paid to the Dealer within 30 days after their receipt by the Dealer Manager. The Dealer, in its sole discretion, may authorize the Dealer Manager to deposit selling commissions and any other fees or payments due to it pursuant to this Agreement directly to its bank account. If the Dealer so elects, the Dealer shall provide such deposit authorization and instructions in Schedule 2 to this Agreement.

  • Payment of Commission 7 (1) The Company may exercise the power to make payments by way of brokerage or commission conferred by the Law in the manner provided by the Law. 7 (2) Payments by way of brokerage or commission may be satisfied by the payment of cash and, after the Establishment Period, by the allotment of fully or partly paid shares, or partly by the payment of cash and partly by the allotment of fully or partly paid shares.

  • No Commissions Neither the Company nor any of its Subsidiaries is a party to any contract, agreement or understanding with any person (other than as contemplated by this Agreement or any Terms Agreement) that would give rise to a valid claim against the Company or any of its Subsidiaries or the Agent for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the Shares.

  • Commitment Commission (a) The Borrower agrees to pay the Facility Agent for distribution to each Non-Defaulting Lender a commitment commission (the “Commitment Commission”) for the period from the Effective Date to and including the Commitment Termination Date (or such earlier date as the Total Commitment shall have been terminated) computed at the rate for each relevant period set out in the table below for each day multiplied by the unutilized Commitment (and taking into account for this purpose the increase in the Commitment pursuant to the First Supplemental Agreement) for such day of such Non-Defaulting Lender divided by 360. Accrued Commitment Commission shall be due and payable quarterly in arrears on the first Business Day of each April, July, October and January commencing with January 2013 and on the Borrowing Date contemplated by Section 2.02(a)(vi) (or such earlier date upon which the Total Commitment is terminated). No additional Commitment Commission shall be payable in respect of a Deferred Loan. [*]% p.a. Date of execution of this Agreement - October 15, 2013 [*]% p.a. October 16, 2013 - April 15, 2015 a. April 16, 2015 - Delivery Date (b) The Borrower shall pay to each Agent, for such Agent’s own account or for the account of the Lenders, such other fees as have been agreed to in writing by the Borrower and such Agent.

  • NO BROKERS, FINDERS OR FINANCIAL ADVISORY FEES OR COMMISSIONS No brokers, finders or financial advisory fees or commissions will be payable by the Company, its agents or Subsidiaries, with respect to the transactions contemplated by this Agreement.

  • Brokerage Commission Contributor has not engaged the services of, nor has it or will it or Acquirer become liable to, any real estate agent, broker, finder or any other person or entity for any brokerage or finder's fee, commission or other amount with respect to the transactions described herein on account of any action by Contributor. Contributor hereby agrees to indemnify and hold Acquirer and its employees, directors, members, partners, affiliates and agents harmless against any claims, liabilities, damages or expenses arising out of a breach of the foregoing. This indemnification shall survive Closing or any termination of this Agreement.

  • No Commission Stop Order At each of the Closing Date and the Option Closing Date, the Commission has not issued any order or threatened to issue any order preventing or suspending the use of any Preliminary Prospectus or the Prospectus or any part thereof, and has not instituted or threatened to institute any proceedings with respect to such an order.

  • Real Estate Commissions Seller shall pay to Xxxxxxxxxx Advisors (hereinafter called "AGENT" whether one or more) upon the Closing of the transaction contemplated hereby, and not otherwise, a cash commission in the amount agreed on in a separate listing agreement between Seller and Agent. Said commission shall in no event be earned, due or payable unless and until the transaction contemplated hereby is closed and fully consummated strictly in accordance with the terms of this Agreement and Seller has received the Purchase Price in immediately available funds; if such transaction is not closed and fully consummated for any reason, including, without limitation, failure of title or default by Seller or Purchaser or termination of this Agreement pursuant to the terms hereof, then such commission will be deemed not to have been earned and shall not be due or payable. Except as set forth above with respect to Agent, neither Seller nor Purchaser has authorized any broker or finder to act on Purchaser's behalf in connection with the sale and purchase hereunder and neither Seller nor Purchaser has dealt with any broker or finder purporting to act on behalf of any other party. Purchaser agrees to indemnify and hold harmless Seller from and against any and all claims, losses, damages, costs or expenses of any kind or character arising out of or resulting from any agreement, arrangement or understanding alleged to have been made by Purchaser or on Purchaser's behalf with any broker or finder in connection with this Agreement or the transaction contemplated hereby. Seller agrees to indemnify and hold harmless Purchaser from and against any and all claims, losses, damages, costs or expenses of any kind or character arising out of or resulting from any agreement, arrangement or understanding alleged to have been made by Seller or on Seller's behalf with any broker or finder in connection with this Agreement or the transaction contemplated hereby. Purchaser acknowledges that, in accordance with the terms of the Real Estate License Act of the State of Texas, Agent has advised Purchaser that Purchaser should have the abstract covering the Property examined by an attorney of Purchaser's selection, or that Purchaser should be furnished with or obtain a policy of title insurance. Notwithstanding anything to the contrary contained herein, this SECTION 10.2 shall survive the Closing or any earlier termination of this Agreement.

  • Brokerage Commissions All brokers' commissions and other charges incident to the purchase, sale or lending of the Fund 's portfolio securities.

  • Ceding Commission The Reinsurer shall allow the Company a ceding commission of (or a proportionate share of such amount in the event of a Quota Share Reduction) per annum, to be taken as a deduction from the first monthly premium payment to the Reinsurer at the commencement of this Contract and at each annual anniversary thereof, to cover the Company's operational costs directly allocable to writing the business subject hereto.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!