Contingent Commissions definition

Contingent Commissions means insurer payments to a broker that are based on volume, profitability or value of business placed with the insurer. This also includes overrides and incentives; Core Classes means the insurance brokerage services classes described in Annex A of this Lot.

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Contingent Commissions means insurer payments to a Broker that are based on volume, profitability or value of business placed with the insurer. This also includes overrides and incentives;

Contingent Commissions means for any specified period the amount of incentive bonuses, overrides and contingent commissions payable from insurance companies that can be accrued and recorded as earned during the applicable period in accordance with applicable revenue recognition rules under Agreed Upon GAAP.

Examples of Contingent Commissions in a sentence

If there is an Increase Adjustment, then within 30 days following the date that the Final Post-Closing Report and the Final Aggregate Contingent Commissions are finally determined, the Parent shall pay to the Exchange Agent an amount of cash equal to such Increase Adjustment.
The Broker shall promptly disclose to SBBC all Contingent Commissions (or any other form of remuneration) offered to the BROKER or intermediary in the placement of SBBC's insurance.
Seller agrees to use commercially reasonable efforts to arrange for the transfer from the Companies to Seller prior to the Closing of the right under the Praetorian Agreement to receive Contingent Commissions in respect of all business entered into by the Companies on or prior to December 31, 2007.
During the aforesaid 30 day period, the Stockholder Representatives will have access to those books and records of the Surviving Corporation and the Parent which are reasonably necessary to calculate the Aggregate Contingent Commissions solely for the purposes of settling any dispute with respect to such Aggregate Contingent Commissions.
The Parent will provide the Stockholder Representatives with a quarterly report detailing the then earned Aggregate Contingent Commissions.
If, at the end of the aforesaid 15 calendar day period, the parties have reached written agreement with respect to all matters covered by a Notice of Contingent Disagreement, the Aggregate Contingent Commissions shall be adjusted to reflect such written agreement and shall become final and binding upon the parties hereto.
If the Final Aggregate Contingent Commissions are greater than Two Million Five Hundred Thousand Dollars ($2,500,000), the Base Purchase Price shall be increased automatically by $1.00 for each $1.00 of such excess, (the “Increase Adjustment”).
During the 15 calendar day period following the delivery by the Stockholder Representatives of the Notice of Contingent Disagreement, Parent and Stockholder Representatives shall have access to the working papers, schedules and calculations of the other used in the preparation of the Post-Closing Report and the Notice of Contingent Disagreement and the determination of the Aggregate Contingent Commissions and the Contingent Disputed Items.
In the event that the Stockholder Representatives do not provide a Notice of Contingent Disagreement within such 30 calendar day period, the Accredited Holders shall be deemed to have accepted in full the Post-Closing Report as prepared by the Parent and the Aggregate Contingent Commissions, as determined by the Parent, which shall be final, binding and conclusive for all purposes hereunder.
In the event Company terminates this Agreement, provided the Consultant is otherwise in compliance with this Agreement, Consultant’s remaining Contingent Commissions shall be considered earned and payable, and will be paid as provided in Section 3.3. Notwithstanding the foregoing, the Company may terminate the Consultation Period, effective immediately upon receipt of written notice, if the Consultant breaches any provision of Section 6.

More Definitions of Contingent Commissions

Contingent Commissions means any compensation (including commissions, fees or bonuses) paid to the Company or any of its Subsidiaries, or by the Company or any of its Subsidiaries to any Producer, in relation to insurance, which is an incentive arrangement contingent upon an agreed upon set of metrics, which may include: (a) placing a particular number of policies or a dollar value of premium with a Carrier, (b) achieving a particular level of growth in the number of policies placed or in the dollar value of premium with a Carrier, (c) meeting a particular rate of retention or renewal of policies in force with a Carrier, (d) placing or keeping insurance business with a Carrier with a particular loss ratio or other measure of profitability, (e) achieving loss ratios generated by any insurance program that the Company or any of its Subsidiaries administers for a Carrier, (f) participating in any underwriting gains or losses or (g) bearing a portion of the total insurance risk placed through any insurance program to be administered by the Company or any of its Subsidiaries for any Carrier.

Contingent Commissions means any compensation paid or other value given to the Company or any of its Subsidiaries in relation to insurance which is contingent upon: (i) placing a particular number of policies or a dollar value of premium with an insurer; (ii) achieving a particular level of growth in the number of policies placed or a particular dollar value of premium with an insurer; (iii) meeting a particular rate of retention or renewal of policies in force with an insurer; or (iv) placing or keeping a sufficient insurance business with an insurer to achieve a particular loss ratio or any other measure of profitability.

Contingent Commissions means any compensation paid to a Producer in relation to insurance which is contingent upon any Producer: (i) placing a particular number of policies or a dollar value of premium with an insurer; (ii) achieving a particular level of growth in the number of policies placed or a particular dollar value of premium with an insurer; (iii) meeting a particular rate of retention or renewal of policies in force with an insurer; (iv) placing or keeping a sufficient insurance business with an insurer to achieve a particular loss ratio or any other measure of profitability; (v) providing preferential treatment in the placement process, including but not limited to the giving of last looks, first looks, rights of first refusal, or limiting the number of quotes sought from insurers for insurance placements; or (vi) obtaining anything else of material value for an insurer.

Contingent Commissions means commission payments due to Seller related to the underwriting profitability of policies originated by the Companies pursuant to the General Agency Agreement dated July 1, 2000 and subsequent memoranda of understanding between Praetorian Financial Group, Inc. and its affiliates and the Companies.

Contingent Commissions means all commissions on renewal of Insurance ---------------------- Accounts (including any additions to Insurance Accounts existing at Closing). "Pro Forma Pretax Profits" means earnings before interest, taxes, ------------------------ amortization, and management fees. For purposes of calculating Pro Forma Pretax Profits, the amount of Contingent Commissions used in the calculation will be determined by negotiation of the parties in good faith and only those staffing or employee changes effectuated prior to the Closing Date will be considered in determining Pro Forma Pretax Profits. The parties agree that the Pro Forma Pretax Profits as of the close of business on December 31, 1998 are $513,092.00 as reflected on the Pro Forma Financial Statements a copy of which are attached as EXHIBIT 1.5.

Contingent Commissions has the meaning specified in Section 5.27(a).