Common use of Transfer Payments Clause in Contracts

Transfer Payments. Broker acknowledges that Paragon has entered into special relationships with the carriers on whose behalf it is acting as agent, and on whose behalf it is offering insurance products and/or services to Broker. Broker further acknowledges that by placing insurance business through Paragon under this Agreement, it may be gaining access to, and knowledge of, special proprietary products, pricing and/or programs, which might otherwise be unavailable to Broker. Accordingly, once Broker places insurance business through Paragon under this Agreement, Broker agrees that it will not thereafter transfer such insurance business and place it directly (or indirectly through another agent) with any of the carriers listed on Exhibit A hereto, as same may be amended from time to time. In the event Broker transfers such business in breach of this section, Broker shall pay Paragon the annual commissions Paragon would have earned on such business had it not been transferred, for each of the three policy years following such transfer (“Transfer Payments”), such payments to be made by Broker upon Broker’s receipt of its commissions on the business transferred. The Transfer Payments shall be in addition to any other remedy available to Paragon under this Agreement.

Transfer Payments. Broker acknowledges that Paragon has entered into special relationships with the carriers on whose behalf it is acting as agent, and on whose behalf it is offering insurance products and/or services to Broker. Broker further acknowledges that by placing insurance business through Paragon under this Agreement, it may be gaining access to, and knowledge of, special proprietary products, pricing and/or programs, which might otherwise be unavailable to Broker. Accordingly, once Broker Xxxxxx places insurance business through Paragon under this Agreement, Broker Xxxxxx agrees that it will not thereafter transfer such insurance business and place it directly (or indirectly through another agent) with any of the carriers listed on Exhibit A hereto, as same may be amended from time to time. In the event Broker transfers such business in breach of this section, Broker shall pay Paragon the annual commissions Paragon would have earned on such business had it not been transferred, for each of the three policy years following such transfer (“Transfer Payments”), such payments to be made by Broker upon BrokerXxxxxx’s receipt of its commissions on the business transferred. The Transfer Payments shall be in addition to any other remedy available to Paragon under this Agreement.