This agreement is for a term of years and terminable at will after the initial term. Sales Representative is to receive a residual commission for sales to new customer (those he brings to the Company) for a certain number of years after this Agreement has expired or been terminated. The appointment of sales representative is nonexclusive since the sale representative will sell for more than one company.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Mississippi Sales Representative Agreement with Residual Payments for New Customers after Contract Terminates The Mississippi Sales Representative Agreement with Residual Payments for New Customers after Contract Terminates is a legally binding document between a company and a sales representative operating in the state of Mississippi. This agreement outlines the terms and conditions under which the sales representative will perform their duties and responsibilities. In this sales representative agreement, the term "residual payments" refers to the commission or compensation structure that allows the sales representative to earn a percentage of sales made by the new customers they acquire, even after the termination of their contract. This payment structure is designed to incentivize sales representatives to build long-term relationships with customers, ensuring continued sales growth for the company. Key terms and provisions included in this agreement may involve: 1. Scope of Representation: This section details the geographic territory and specific products or services the sales representative will be responsible for promoting and selling. 2. Obligations of the Sales Representative: It outlines the sales representative's responsibilities, such as prospecting for new customers, attending trade shows, providing product demonstrations, and maintaining customer relationships. 3. Compensation: This section typically includes details about the commission structure and residual payments. The agreement should clearly state the commission rate the sales representative will receive on initial sales and the percentage they will earn on subsequent sales made by new customers. 4. Termination: This clause outlines the circumstances under which the agreement may be terminated, including breaches of contract, non-performance, or mutual agreement. It may also specify the period during which the sales representative will still be entitled to receive residual payments after termination. 5. Confidentiality and Non-Compete: This section may include provisions prohibiting the sales representative from disclosing confidential information or engaging in competing activities during and after the contract ends. 6. Dispute Resolution: This clause outlines the process for resolving any disputes that may arise between the company and the sales representative, such as through mediation, arbitration, or litigation. Different types of Mississippi Sales Representative Agreements with Residual Payments for New Customers after Contract Terminates may include variations in commission rates, the duration of residual payments, or additional provisions depending on the industry, products, or services represented. Examples could include agreements focused on software sales, medical device sales, or industrial equipment sales. It is crucial for both the company and the sales representative to thoroughly review and understand the terms of the agreement before signing. Seeking legal advice during the drafting or negotiation process can help ensure that the agreement protects the interests of both parties and complies with Mississippi state regulations.
