Description: A Montana Distribution Agreement is a legally binding contract that establishes the terms and conditions of the distribution relationship between First American Insurance Portfolios, Inc. (FAIR) and SET Financial Services Company (SET). It outlines the rights, obligations, and responsibilities of both parties in distributing financial products and services within the state of Montana. The agreement is designed to ensure a clear understanding and collaboration between FAIR and SET while complying with the specific laws and regulations of Montana. It establishes the framework for a successful partnership in delivering insurance and financial products to residents of the state. Key terms and provisions of the Montana Distribution Agreement may include: 1. Parties Involved: Clearly identifies First American Insurance Portfolios, Inc. as the insurance or financial product provider and SET Financial Services Company as the distributor. 2. Territory: The agreement specifies that the distribution activities will be limited to the state of Montana, ensuring compliance with state regulations and laws governing the insurance and financial sectors. 3. Exclusive or Non-Exclusive: It clarifies whether the distribution agreement is exclusive or non-exclusive. An exclusive agreement would mean that SET has the exclusive rights to distribute FAIR's products and services in Montana, whereas a non-exclusive agreement would allow FAIR to work with other distributors simultaneously. 4. Product Specification: The agreement should outline the specific products and services covered under the distribution agreement, including insurance policies, investment products, annuities, and other financial instruments. 5. Responsibilities of FAIR: It defines the responsibilities of FAIR in terms of providing necessary training, marketing materials, product support, and compliance assistance to SET. FAIR must also ensure that it meets all regulatory requirements imposed by Montana. 6. Responsibilities of SET: It outlines the obligations of SET, including marketing and promotion activities, training of SET's sales representatives, compliance with industry standards and regulations, and maintaining accurate records of sales and distribution. 7. Compensation and Fees: The agreement should specify the compensation structure for SET, including commissions, fee schedules, or other remuneration methods. It may also detail any additional fees or reimbursements for marketing expenses incurred by SET. 8. Duration and Termination: The agreement defines the initial term of the distribution relationship, typically for a specific number of years, and includes provisions for renewal or termination. It may outline conditions that permit termination, such as breach of agreement, insolvency, or change in business circumstances. Types of Montana Distribution Agreements between First American Insurance Portfolios, Inc. and SET Financial Services Company: 1. Exclusive Montana Distribution Agreement: This type of agreement grants SET Financial Services Company the exclusive rights to distribute First American Insurance Portfolios, Inc. products and services solely within the state of Montana. No other distributor can offer FAIR products in this territory. 2. Non-Exclusive Montana Distribution Agreement: This agreement allows First American Insurance Portfolios, Inc. to work with multiple distributors besides SET Financial Services Company in the state of Montana. SET retains the right to distribute FAIR products but does not have the exclusive rights to do so. It is important to note that the specific terms and conditions of any Montana Distribution Agreement between FAIR and SET may vary based on the negotiations and the requirements of their collaboration.
Montana Distribution Agreement between First American Insurance Portfolios, Inc. and SEI Financial Services Company
Category:
State:
Multi-State
Control #:
US-EG-9187
Format:
Word;
Rich Text
Instant download
Description
Distribution Agreement between First American Insurance Portfolios, Inc. and SEI Financial Services Company dated December 8, 1999. 9 pages
Description: A Montana Distribution Agreement is a legally binding contract that establishes the terms and conditions of the distribution relationship between First American Insurance Portfolios, Inc. (FAIR) and SET Financial Services Company (SET). It outlines the rights, obligations, and responsibilities of both parties in distributing financial products and services within the state of Montana. The agreement is designed to ensure a clear understanding and collaboration between FAIR and SET while complying with the specific laws and regulations of Montana. It establishes the framework for a successful partnership in delivering insurance and financial products to residents of the state. Key terms and provisions of the Montana Distribution Agreement may include: 1. Parties Involved: Clearly identifies First American Insurance Portfolios, Inc. as the insurance or financial product provider and SET Financial Services Company as the distributor. 2. Territory: The agreement specifies that the distribution activities will be limited to the state of Montana, ensuring compliance with state regulations and laws governing the insurance and financial sectors. 3. Exclusive or Non-Exclusive: It clarifies whether the distribution agreement is exclusive or non-exclusive. An exclusive agreement would mean that SET has the exclusive rights to distribute FAIR's products and services in Montana, whereas a non-exclusive agreement would allow FAIR to work with other distributors simultaneously. 4. Product Specification: The agreement should outline the specific products and services covered under the distribution agreement, including insurance policies, investment products, annuities, and other financial instruments. 5. Responsibilities of FAIR: It defines the responsibilities of FAIR in terms of providing necessary training, marketing materials, product support, and compliance assistance to SET. FAIR must also ensure that it meets all regulatory requirements imposed by Montana. 6. Responsibilities of SET: It outlines the obligations of SET, including marketing and promotion activities, training of SET's sales representatives, compliance with industry standards and regulations, and maintaining accurate records of sales and distribution. 7. Compensation and Fees: The agreement should specify the compensation structure for SET, including commissions, fee schedules, or other remuneration methods. It may also detail any additional fees or reimbursements for marketing expenses incurred by SET. 8. Duration and Termination: The agreement defines the initial term of the distribution relationship, typically for a specific number of years, and includes provisions for renewal or termination. It may outline conditions that permit termination, such as breach of agreement, insolvency, or change in business circumstances. Types of Montana Distribution Agreements between First American Insurance Portfolios, Inc. and SET Financial Services Company: 1. Exclusive Montana Distribution Agreement: This type of agreement grants SET Financial Services Company the exclusive rights to distribute First American Insurance Portfolios, Inc. products and services solely within the state of Montana. No other distributor can offer FAIR products in this territory. 2. Non-Exclusive Montana Distribution Agreement: This agreement allows First American Insurance Portfolios, Inc. to work with multiple distributors besides SET Financial Services Company in the state of Montana. SET retains the right to distribute FAIR products but does not have the exclusive rights to do so. It is important to note that the specific terms and conditions of any Montana Distribution Agreement between FAIR and SET may vary based on the negotiations and the requirements of their collaboration.
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