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.
A Nevada Sales Representative Agreement with Residual Payments for New Customers after Contract Terminates is a legally binding contract between a company based in Nevada and a sales representative. This agreement outlines the terms and conditions under which the sales representative will promote and sell the company's products or services in Nevada and the method by which they will be compensated, especially in regard to residual payments for new customers acquired during the contract term. Residual payments are a form of compensation that sales representatives receive for the ongoing business generated by customers they initially acquired but may not actively manage or maintain after the termination of the agreement. This means that even after the contract ends, the sales representative is entitled to a percentage or commission of future sales revenue generated by these new customers. There can be different types of Nevada Sales Representative Agreements with Residual Payments for New Customers after Contract Terminates, including: 1. Commission-Based Residual Payment Agreement: This type of agreement specifies that the sales representative will receive a certain percentage or commission of the sales revenue generated by the new customers they acquired during the contract term. The residual payments may continue for a specified period, often referred to as the "residual period," which can range from a few months to several years. 2. Tiered or Graduated Residual Payment Agreement: In this agreement, the sales representative's commission or residual percentage may increase or decrease based on certain milestones or performance metrics achieved by the representative. For example, if the sales representative surpasses a certain sales target, their residual percentage may increase, providing added motivation and incentives to perform well. 3. Exclusive Territory Residual Payment Agreement: This type of agreement grants the sales representative exclusive rights to sell the company's products or services within a specific geographic area or market. In return, the sales representative receives residual payments for new customers acquired from their exclusive territory, even after the contract terminates. This type of agreement is often used when the company wants to establish a strong presence in a specific region or market. 4. Joint Venture Residual Payment Agreement: In certain cases, the sales representative and the company may enter into a joint venture agreement, where both parties contribute resources and actively participate in the sales process. In such agreements, the sales representative may receive higher residual payments as they may have a more significant role in generating and maintaining the new customer base. In summary, a Nevada Sales Representative Agreement with Residual Payments for New Customers after Contract Terminates is a contractual arrangement that provides a sales representative with compensation for ongoing sales generated by new customers they acquired during the contract period, even after the termination of the agreement. The specific terms and conditions of the agreement, including the residual payment structure and any variations based on performance or exclusivity, can vary depending on the negotiation between the parties involved.
