Premium and Accounts. Producer shall accept the format of Broker’s xxxxxxxx, which may take the form of binders, invoices, statements or similar communications. The net balance due as shown on such xxxxxxxx shall be paid by the billing due date, irrespective of whether a policy has been delivered to Producer by such date. Producer guarantees the full payment due Broker of all premiums including deposit, earned, extension and adjustable premiums, fees, plus applicable state and local taxes, less commission, on every insurance contract bound or written for Producer pursuant to this Agreement, whether or not collected by the Producer. The net balance will be due and payable as indicated on such xxxxxxxx and may vary based upon the credit terms of the issuing Insurer. The omission of any item(s) from a monthly statement or separate invoice shall not: (1) affect the Producer’s responsibility to account for and pay all amounts due; (2) prejudice the rights of Broker to collect all amounts due from Producer; or (3) extend the time within which Producer must make payment. Producer’s obligation to make payment to Broker is not contingent upon the issuance of the policy. Any credit extended to the insured or others shall be at the sole risk and responsibility of the Producer unless otherwise agreed in writing by Broker. Attempts by Broker to collect premiums (including audit premium discussed below) from insured shall not relieve Producer of liability to Broker except to the extent of amounts actually collected by Broker from insured, less the expense of such collection. In the event Broker shall have to bring any action or proceeding to enforce collection of any amount due under the terms of this Agreement, Producer agrees to pay all costs incident thereto, including reasonable attorney’s fees, incurred by reason of such action or proceeding.
Premium and Accounts. Producer shall accept Xxxxxxx’s xxxxxxxx, which may take the form of invoices, statements, or similar communications. The net balance due as shown on the billing shall be settled by the producer, whether or not they are collected by Producer. Any credit extended to the insured or others shall be at the sole risk of Producers. Producer accepts full and entire responsibility for the collection and payment of all premiums (including minimum earned premiums), counter signature fees and resulting charges required by any state, or any other applicable fees and taxes: and agrees to make full payment of such to Synergy under the customary rules in place at the time of binding, The exception to this paragraph would be any audits deemed uncollectible by the Broker. Broker will be relieved of any payment responsibility relating to the audits, so long as the audits are submitted according to the prescribed “Direct Collection” protocol as established by the carrier, and so long as the carrier approves the audit for direct collection. Xxxxxx further understands that commission will be forfeited for any audit submitted, and approved for direct collections. Producer understands and agrees that the business of Synergy is dependent on maintaining a good credit relationship with its various underwriters and that failure to pay upon the demand of Synergy or Synergy’s carrier poses great harm and may result in damages to the business of Synergy. Therefore, regardless of whether Producer agrees that such payments should be made, Producer agrees and understands that it will make such payments and, if made in protest, shall seek resolution at a later date. Producer will be granted any extension for payment, which is afforded to Synergy by the carrier.
Premium and Accounts. Broker shall accept the format of American Specialty’s xxxxxxxx, which may take the form of binders, invoices, statements or similar communications. The net balance due as shown on such xxxxxxxx shall be paid by the billing due date, irrespective of whether a policy has been delivered to Broker by such date. Broker guarantees the full payment due American Specialty of all premiums including deposit, earned, extension and adjustable premiums, fees, plus applicable state and local taxes, less commission, on every insurance contract bound or written for Broker pursuant to this Agreement, whether or not collected by Broker. The net balance will be due and payable as indicated on such xxxxxxxx and may vary based upon the credit terms of the issuing Insurer. The omission of any item(s) from a monthly statement or separate invoice shall not: (1) affect Broker’s responsibility to account for and pay all amounts due; (2) prejudice the rights of American Specialty to collect all amounts due from Broker; or (3) extend the time within which Broker must make payment. Xxxxxx’s obligation to make payment to American Specialty is not contingent upon the issuance of the policy. Any credit extended to the insured or others shall be at the sole risk and responsibility of Broker unless otherwise agreed in writing by American Specialty. Attempts by American Specialty to collect premiums (including audit premium discussed below) from insured shall not relieve Broker of liability to American Specialty except to the extent of amounts actually collected by American Specialty from insured, less the expense of such collection. In the event American Specialty shall have to bring any action or proceeding to enforce collection of any amount due under the terms of this Agreement, Xxxxxx agrees to pay all costs incident thereto, including reasonable attorney’s fees, incurred by reason of such action or proceeding.
Premium and Accounts. 5.1.1. Subject to any relief granted under Section 5.4.1 below, Producer guarantees the full payment due to SYNCHRONOSURE of all premiums (including deposit, earned, extension, endorsed, adjusted and audit-developed premiums) less earned commissions, deductible collateral (if applicable), fees, applicable taxes, and any return commissions due (collectively, “Collectible Funds”), on every insurance contract bound or written for Producer pursuant to this Agreement when due. Collectible Funds shall become due and payable to SYNCHRONOSURE thirty (30) days after the end of the calendar month in which the transactions giving rise to those Collectible Funds occurred.
5.1.2. SYNCHRONOSURE shall issue to Producer a monthly account current statement twenty (20) days after the end of each calendar month, which will detail all transactions relating to this Agreement and the Collectible Funds arising therefrom.
5.1.3. The omission of any item(s) from a monthly account current statement or other error shall not affect Producer's responsibility to account for and pay all amounts due, or prejudice the rights of SYNCHRONOSURE to collect all amounts due from Producer, or extend the time within which Producer must make payment.
5.1.4. Producer's obligation to make payment to SYNCHRONOSURE is not contingent upon the issuance of a policy.
5.1.5. Any credit extended to the Insured or others shall be at the sole, risk and responsibility of the Producer unless agreed to in writing by SYNCHRONOSURE.
Premium and Accounts. Xxxxxxx may xxxx Producer by invoice, statement, or similar written communication, and the net balance due shown on such xxxxxxxx shall be settled by the 10th day following the policy effective date. Producer’s payment to Xxxxxxx is not contingent upon issuance of any policy, binder, or certificate of insurance. Producer takes full responsibility for the collection of, and hereby guarantees timely payment of all premiums including deposit, earned, minimum earned, extension, and adjustable premiums due as well as all countersignature fees and resulting charges required by any state, or any other applicable fees and taxes due Xxxxxxx on insurance bound or written hereunder, whether or not the monies are collected by Producer. Producer assumes the sole risk of extending credit to an Applicant or Insured for transactions under this Agreement. Producer understands and agrees that Xxxxxxx’x business depends on good credit relations with insurance companies and that Producer’s failure to timely pay monies due under this Agreement poses great harm and may damage Xxxxxxx’x business relationships. Therefore, Producer guarantees prompt payment except in the following, limited circumstances: • If the insurance company permits, audit premium xxxxxxxx may be returned as uncollectible provided that Producer has aggressively exercised due diligence in seeking to collect such premiums, and Producer has notified Xxxxxxx within twenty-one (21) days of the invoice date that such premium may be uncollectible; or • If Producer contests any aspect of the payment, Producer must make timely payment, but may provide Xxxxxxx with written notice of Producer’s desire to mediate any questions regarding the payment before taking any legal action.
Premium and Accounts. Producer guarantees the full payment due Company of all premiums including deposit, earned, extension and adjustable premiums, fees, plus applicable state and local taxes, less commission, on every insurance contract bound or written for Producer pursuant to this Agreement. Producer shall be liable to Company for the payment of all premiums, fees and taxes whether or not collected by the Producer. Company shall allow Producer, as commission, a percentage of the premium written at the rate agreed upon by Company and Producer from time to time. Company’s xxxxxxxx may take the form of binders, invoices or statements. The net balance will be due and payable as indicated on such xxxxxxxx and may vary based upon the credit terms of the issuing Company. The omission of any item(s) from a monthly statement or separate invoice shall not: (1) affect the Producer’s responsibility to account for and pay all amounts due; (2) prejudice the rights of Company to collect all amounts due from Producer; and (3) extend the time within which Producer must make payment. Producer’s obligation to make payment to Company is not contingent upon the issuance of a policy. Any credit extended to the Insured or others shall be at the sole risk and responsibility of the Producer unless agreed to in writing by Company.
Premium and Accounts. 5.1.1. Producer guarantees the full payment due to SYNCHRONOSURE of all premiums (including deposit, earned, extension and adjustable premiums) fees and applicable taxes, less earned commissions, on every insurance contract bound or written for Producer pursuant to this Agreement and collected by Producer. Producer shall be liable to and will indemnify SYNCHRONOSURE for payment of all collected premiums (net of earned commission) fees and taxes.
5.1.2. SYNCHRONOSURE shall allow Producer as commission the percentage of premium written and collected at the rate(s) set out in Appendix One. Producer shall issue to SYNCHRONOSURE a monthly account current statement no later than 15 days after the end of each calendar month. The net balance, including offset for any amounts owed by Producer to SYNCHRONOSURE, will be due and payable to SYNCHRONOSURE at the same time.
5.1.3. The omission of any item(s) from a monthly account current statement or other error shall not affect Producer's responsibility to account for and pay all amounts due, or prejudice the rights of SYNCHRONOSURE to collect all amounts due from Producer, or extend the time within which Producer must make payment.
5.1.4. Producer's obligation to make payment to SYNCHRONOSURE is not contingent upon the issuance of a policy.
5.1.5. Any credit extended to the Insured or others shall be at the sole, risk and responsibility of the Producer unless agreed to in writing by SYNCHRONOSURE.
Premium and Accounts. Broker may access an insurer that performs direct billing or that requires agency billing. Except in the case of direct xxxxxxxx to an insured from an insurer, Producer shall accept the format of Xxxxxx’s xxxxxxxx, which may take the form of binders, invoices, statements or similar communications. The net balance due as shown on such xxxxxxxx shall be paid by the billing due date, irrespective of whether a policy has been delivered to Producer by such date. Producer guarantees the full payment due Broker of all premiums including deposit, earned, extension and adjustable premiums (except as provided for in (d) below), fees, plus applicable state and local taxes, less commission, on every insurance contract bound or written for Producer pursuant to this Agreement, whether or not collected by the Producer. The net balance will be due and payable as indicated on such xxxxxxxx and may vary based upon the credit terms of the issuing Insurer. The omission of any item(s) from a monthly statement or separate invoice shall not: (1) affect the Producer’s responsibility to account for and pay all amounts due; (2) prejudice the rights of Broker to collect all amounts due from Producer; or (3) extend the time within which Producer must make payment. Producer’s obligation to make payment to Broker is not contingent upon the issuance of the policy. Any credit extended to the insured or others shall be at the sole risk and responsibility of the Producer unless otherwise agreed in writing by Xxxxxx. Attempts by Broker to collect premiums (including audit premium discussed below) from insured shall not relieve Producer of liability to Broker except to the extent of amounts actually collected by Xxxxxx from insured, less the expense of such collection. Producer right to receive any commission or other compensation provided for in this Agreement shall at all times be subordinate to the right of Broker, in its sole discretion, to offset or apply such commissions or compensation against any financial obligation Producer has to Broker. In the event Broker shall have to bring any action or proceeding to enforce collection of any amount due under the terms of this Agreement, Producer agrees to pay all costs incident thereto, including reasonable attorney’s fees, incurred by reason of such action or proceeding.
Premium and Accounts. Producer shall accept the format of Xxxxxx’s billing procedures which may vary by policy, which also may take the form of binders, invoices, statements or similar communications. The net balance due as shown on such xxxxxxxx shall be paid by the billing due date, irrespective of whether a policy has been delivered to Producer by such date. Producer guarantees the payment to Orchid and is liable for all premiums including deposit, earned, extension and adjustable premiums, fees, plus applicable state and local taxes, and policy and inspection fees, less Commission, on every policy contract bound or written for Producer pursuant to this Agreement, whether or not collected by Producer. Producer assumes the credit risk of advancing premiums to Orchid before collecting premiums from an insured. The omission of any item(s) from a billing statement or separate invoice shall not: (1) affect Producer’s responsibility to account for and pay all amounts due; (2) prejudice the rights of Orchid to collect all amounts due from Producer; or (3) extend the time within which Producer must make payment.
Premium and Accounts. Producer guarantees the full payment due Legacy Underwriters, Inc. of all premiums including deposit, earned, extension and adjustable premiums, fees, plus applicable state and local taxes, less commissions, on every insurance contract bound or written for Producer pursuant to this Agreement, Producer shall be liable to Legacy Underwriters, Inc. for the payment of all premiums, fees and taxes whether or not collected by the Producer. Legacy Underwriters, Inc. shall allow Producer; as commission a percentage of the premium written at the rate agreed upon by Legacy Underwriters, Inc. and Producer from time to time. Legacy Underwriters, Inc.’s xxxxxxxx may take the form of binders, invoices or statements. The net balance will be due and payable no later than 10 days from the last day of the month in which the policy was effective and may vary based upon the credit terms of the issuing company. The omission of any item(s) from a monthly statement or separate invoice shall not: (1) affect the Producers responsibility to account for and pay all amounts due; (2) prejudice the rights of Legacy Underwriters, Inc. to collect all amounts due from Producer; or (3) extend the time within which Producer must make payment. Producer’s obligation to make payment to Legacy Underwriters, Inc. is not contingent upon the issuance of the policy. Any credit extended to the Insured or others shall be at the sole risk and responsibility of the Producer unless otherwise agreed in writing by Legacy Underwriters, Inc. Commissions on direct bill business will be paid to the producer upon receipt of the commissions from the insurance carrier to Legacy Underwriters, Inc.
