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.
Chicago, Illinois Sales Representative Agreement with Residual Payments for New Customers after Contract Terminates is a legal document that outlines the terms and conditions of the agreement between a sales representative and a company based in Chicago, Illinois. This agreement provides sales representatives with an opportunity to earn residual payments even after their contract terminates. The purpose of this agreement is to establish a mutually beneficial relationship between the company and the sales representative. It ensures that the sales representative is compensated for their efforts in acquiring new customers and maintaining long-term relationships with them. The agreement also aims to encourage the sales representative to consistently generate new sales and provide exceptional customer service. Keywords: Chicago, Illinois, Sales Representative Agreement, Residual Payments, New Customers, Contract Terminates. Types of Chicago, Illinois Sales Representative Agreement with Residual Payments for New Customers after Contract Terminates: 1. Exclusive Sales Representative Agreement: This type of agreement grants the sales representative the exclusive right to represent the company's products or services in a specific territory. In return, the sales representative receives residual payments based on the sales made to new customers in that territory, even after the contract terminates. 2. Non-Exclusive Sales Representative Agreement: In this type of agreement, the sales representative is not granted exclusive rights. They can represent other companies as well. However, they still receive residual payments for new customers acquired during the contract period, even after the termination of the agreement. 3. Product-Specific Sales Representative Agreement: This agreement focuses on a specific product or product line. The sales representative is responsible for selling and generating new customers for that particular product. Residual payments are provided for new customers of that specific product, even after the contract ends. 4. Service-Based Sales Representative Agreement: This agreement is tailored for sales representatives dealing with services rather than physical products. The sales representative is responsible for acquiring new customers and maintaining the ongoing relationship with them. Residual payments are based on the service agreements with the new customers and continue to be provided post-contract termination. In conclusion, the Chicago, Illinois Sales Representative Agreement with Residual Payments for New Customers after Contract Terminates establishes a contractual relationship between a company and a sales representative. It ensures fair compensation for the sales representative by providing residual payments for acquiring new customers, even after the contract terminates. Different types of agreements exist to cater to specific sales scenarios and products.
