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.
Keyword: Texas Sales Representative Agreement with Residual Payments for New Customers after Contract Terminates Detailed description: A Texas Sales Representative Agreement with Residual Payments for New Customers after Contract Terminates is a legally binding contract between a sales representative and a company based in Texas. This agreement outlines the terms and conditions under which the sales representative will promote and sell the company's products or services to new customers. The main feature of this agreement is the inclusion of residual payments for new customers even after the contract terminates. Residual payments refer to ongoing commission or compensation that the sales representative receives for successful sales made to new customers during the term of the agreement and beyond. This arrangement ensures that the sales representative continues to benefit from their efforts even after the contract ends. The Texas Sales Representative Agreement with Residual Payments for New Customers after Contract Terminates can be further categorized into different types, depending on specific variations and provisions. Some of these types may include: 1. Commission-Based Agreement: This type of agreement provides the sales representative with a fixed percentage or commission on every sale they make, even after the contract ends. The residual payments are calculated based on the sales representative's initial efforts and continue for as long as the new customers remain active and generate revenue for the company. 2. Time-Limited Residual Agreement: In this type of agreement, the residual payments for new customers are limited to a specific period after the contract terminates. For example, the sales representative may receive residual payments for six months or one year from the date of termination. This type allows the company to incentivize the sales representative to continue generating sales even after the official contract period. 3. Product-Specific Residual Agreement: This variation of the agreement focuses on residual payments for new customers specifically related to certain products or services. It allows the sales representative to receive ongoing compensation for sales made within a particular product category or service offering, even after the contract ends. This type ensures that the sales representative continues to benefit from their efforts in promoting and selling specific products or services. In conclusion, a Texas Sales Representative Agreement with Residual Payments for New Customers after Contract Terminates is a comprehensive contractual arrangement that outlines the rights and responsibilities of a sales representative. It ensures that the sales representative receives ongoing compensation for successful sales made to new customers, even after the contract terminates. Various types of agreements exist, providing flexibility in terms of commission structure, time limitations, and product-specific residual payments.
