Policy & Procedure of AB Contracting, Inc.
Payment of Sales Commissions & Referral Fees to
Real Estate Agencies, Brokers, Salespersons and Agents
Effective February 4, 2011
I. The following policy and procedure shall govern the payment of sales commissions, referral fees, or any other compensation from AB Contracting, Inc., (hereinafter “AB”) to real estate agencies, brokers, salespersons or agents (hereinafter “sales agent”) for the sale of AB’s real estate. Any sales agent failing to agree to and abide by the following policy and procedure shall NOT be entitled to receive any compensation of any kind from AB.
II. In order for a sales agent to successfully introduce, refer, or register a client with AB, the sales agent shall produce a “Notice of Agency Relationship,” or equivalent, signed and dated by said sales agent and the client. A copy of such document shall be presented to AB. In addition, the complete contact information for the sales agent and the client shall be forwarded to AB. All documentation shall be maintained by AB or its designated agent as proof of the existing relationship between the sales agent and the client.
A. Proof of the existing relationship between sales agent and client shall be delivered to AB prior to the client executing a contract to purchase real estate from AB. Further, any and all agency relationships must be disclosed by all parties prior to the execution of such a contract. If such documentation or disclosure has not been made prior to execution of the sales contract, AB shall not compensate any sales agent for that transaction.
B. In the event that two or more sales agents present a Notice of Agency Relationship to AB for the same client, AB will determine if one or more of said sales agents are entitled to compensation. If more than one sales agent is deemed to be entitled to receive compensation, the total compensation that would have been paid to one deserving sales agent shall be split among the sales agents and AB shall determine the proportion to which each is entitled.
C. Any attempt to register a client by oral communication, phone, text message, or email shall be insufficient to entitle the sales agent to any compensation from AB.
III. At a minimum, the sales agent must personally accompany his/her client to the first meeting with the builder/developer in order to be eligible to receive any compensation from AB.
IV. The maximum commission to be paid by AB to a sales agent for new build jobs, spec. homes, and/or lot sales shall be Two Percent (2%). AB will not pay any fees or commissions until closing and the deed is recorded.
V. Prior to placing an advertisement of any kind (i.e. newspaper, magazine, real estate publication, billboard, internet, etc.) that makes reference to AB Contracting, Inc., Rabel Development, LLC, and/or The Ridges, a sales agent must first have written approval and permission from AB and/or Rabel Development, LLC. The placement of an advertisement by a sales agent does not amount to an alternative agreement with AB and does not act as a substitute for complying with the terms contained herein. The sales agent must still comply with the terms contained herein in order to be eligible for compensation from AB.
VI. If any sales agent has a written agreement with AB, Rabel Development, LLC, and/or Edward Allen Bell which is dated prior to February 4, 2011, and which contains terms inconsistent with those stated herein, the former agreement shall supersede the policy herein above stated insofar as that sales agent is concerned. At the expiration or termination of the prior agreement, the terms stated within this policy and procedure shall govern future transactions between the sales agent and AB, Rabel Development, LLC, and/or Edward Allen Bell.
VII. Any Agency, Broker, or Sales agent doing business with AB Contracting, Inc., Rabel Development, LLC, and/or Edward Allen Bell must sign a copy of this document, stating that they have read, understand, and agree to this policy.
THIS IS A BINDING CONTRACT. YOUR SIGNATURE BELOW LEGALLY BINDS YOU TO THE TERMS CONTAINED HEREIN. YOU MAY WANT TO CONSULT AN ATTORNEY PRIOR TO SIGNING.
I have read the above policy and procedure and I understand the duties and obligations that it imposes upon me, as well as the benefits that it provides to me. By affixing my signature hereto, I hereby accept the terms as stated herein above and I covenant and agree to be bound by the terms of this policy and procedure.
BROKER / SALES AGENT PRINT NAME:
BROKER / SALES AGENT SIGNATURE:
NAME OF COMPANY:
DATE:
WITNESS PRINT NAME:
WITNESS SIGNATURE:
DATE:
WITNESS PRINT NAME:
WITNESS SIGNATURE:
DATE:
IF YOU HAVE ANY QUESTIONS PLEASE CALL OUR MAIN OFFICE AT 304.674.0100
OR CLICK HERE email TO REACH US BY EMAIL
