Common use of Premium and Accounts Clause in Contracts

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. Producer shall accept XxxxxxxSynergy’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 Broker 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.