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.
Oklahoma Sales Representative Agreement with Residual Payments for New Customers after Contract Terminates is a legally binding contract between a company and a sales representative located in Oklahoma. This agreement outlines the terms and conditions under which the sales representative will perform their duties and receive compensation. Residual payments refer to a specific type of compensation where the sales representative continues to receive a percentage or commission on sales made to new customers even after the termination of the contract. Residual payments are a way to reward sales representatives for their efforts in acquiring new customers and incentivize ongoing relationship building. There could be various types or variations of the Oklahoma Sales Representative Agreement with Residual Payments for New Customers after Contract Terminates, based on specific requirements, industry, and company policies. Some common types are: 1. Percentage-based residual payments: In this type, the sales representative receives a fixed percentage of sales made to new customers for a defined period after contract termination. The percentage may vary depending on factors like the industry, product type, or sales representative's performance. 2. Tiered residual payments: This type involves a tiered structure where the commission percentage varies based on predetermined sales targets or performance milestones. As the sales representative achieves higher targets, the residual payment percentage increases, creating an additional incentive for performance. 3. Time-limited residual payments: With this type, the sales representative receives residual payments for a specific duration after contract termination, typically a predetermined number of months or years. Once the time limit expires, the residual payments cease. 4. Exclusive territory-based residual payments: In certain cases, the sales representative agreement may include exclusivity clauses, granting the sales representative exclusive rights to a specific geographic territory. In such cases, the residual payments may be tied to sales made within that territory even after the termination of the agreement. 5. Product-specific residual payments: In industries where companies offer diverse product lines, the residual payments may vary depending on the product sold. For example, higher commission rates may be applied to high-demand or high-margin products to further incentivize sales representatives. In Oklahoma, the Sales Representative Agreement with Residual Payments for New Customers after Contract Terminates must comply with state and federal laws governing the rights and responsibilities of both parties involved. It is recommended that both the company and sales representative seek legal counsel to ensure that the agreement adequately protects their interests and adheres to applicable laws and regulations.Oklahoma Sales Representative Agreement with Residual Payments for New Customers after Contract Terminates is a legally binding contract between a company and a sales representative located in Oklahoma. This agreement outlines the terms and conditions under which the sales representative will perform their duties and receive compensation. Residual payments refer to a specific type of compensation where the sales representative continues to receive a percentage or commission on sales made to new customers even after the termination of the contract. Residual payments are a way to reward sales representatives for their efforts in acquiring new customers and incentivize ongoing relationship building. There could be various types or variations of the Oklahoma Sales Representative Agreement with Residual Payments for New Customers after Contract Terminates, based on specific requirements, industry, and company policies. Some common types are: 1. Percentage-based residual payments: In this type, the sales representative receives a fixed percentage of sales made to new customers for a defined period after contract termination. The percentage may vary depending on factors like the industry, product type, or sales representative's performance. 2. Tiered residual payments: This type involves a tiered structure where the commission percentage varies based on predetermined sales targets or performance milestones. As the sales representative achieves higher targets, the residual payment percentage increases, creating an additional incentive for performance. 3. Time-limited residual payments: With this type, the sales representative receives residual payments for a specific duration after contract termination, typically a predetermined number of months or years. Once the time limit expires, the residual payments cease. 4. Exclusive territory-based residual payments: In certain cases, the sales representative agreement may include exclusivity clauses, granting the sales representative exclusive rights to a specific geographic territory. In such cases, the residual payments may be tied to sales made within that territory even after the termination of the agreement. 5. Product-specific residual payments: In industries where companies offer diverse product lines, the residual payments may vary depending on the product sold. For example, higher commission rates may be applied to high-demand or high-margin products to further incentivize sales representatives. In Oklahoma, the Sales Representative Agreement with Residual Payments for New Customers after Contract Terminates must comply with state and federal laws governing the rights and responsibilities of both parties involved. It is recommended that both the company and sales representative seek legal counsel to ensure that the agreement adequately protects their interests and adheres to applicable laws and regulations.
