Common use of Producer Compensation Clause in Contracts

Producer Compensation. a. During the term of this Agreement, XXX agrees to pay commissions to the Producer at the commission rate agreed by XXX and the Producer in connection with each policy placed under this Agreement. XXX shall pay commissions to the Producer within sixty (60) days after the end of the month in which SIMreceives and records the premium for each policy. b. The Producer agrees that any amounts due the Producer that are held by XXX, including undistributed commissions, may be applied by SIM to offset any balances due SIM from the Producer. c. In the event SIM refunds premiums under any policy by reason of cancellation or otherwise, whether during or after the term of this Agreement, the Producer shall promptly return to SIM the amount of commission received by the Producer with respect to such premiums refunded at the same rate at which such commissions were originally earned. d. Notwithstanding anything herein to the contrary, SIM reserves the right to change commission percentages contemplated hereunder without notice.

Producer Compensation. a. During the term of this Agreement, XXX SIM agrees to pay commissions to the Producer at the commission rate agreed by XXX SIM and the Producer in connection with each policy placed under this Agreement. XXX SIM shall pay commissions to the Producer within sixty (60) days after the end of the month in which SIMreceives and records the premium for each policy. b. The Producer agrees that any amounts due the Producer that are held by XXXSIM, including undistributed commissions, may be applied by SIM to offset any balances due SIM from the Producer. c. In the event SIM refunds premiums under any policy by reason of cancellation or otherwise, whether during or after the term of this Agreement, the Producer shall promptly return to SIM the amount of commission received by the Producer with respect to such premiums refunded at the same rate at which such commissions were originally earned. d. Notwithstanding anything herein to the contrary, SIM reserves the right to change commission percentages contemplated hereunder without notice.