Unearned Commissions. Broker shall be liable to American Specialty and shall pay return commission at the same rate as originally allowed to Broker for all return premium adjustments or cancellations, including return premium on cancellations ordered or made by the Insurer or finance company. Such return commission shall be paid to American Specialty by the due date indicated on the billing document. If a return premium becomes due under any contract of insurance and American Specialty has been issued a credit, or payment has been rendered, for such premium by American Specialty’s Insurer, American Specialty will pay to Broker such return premium less the unearned portion of any commission previously retained by Broker.
Appears in 4 contracts
Samples: Broker Agreement, Broker Agreement, Broker Agreement
