Open Selling Agency Agreement - Business Broking - AUNSWRECM012

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BLACK = Old Item/Clause  | RED = New Item/Clause | BLUE = Comments About Change (Not Part of Form) | STRIKEOUT = Wording Deleted

 

15 Oct 2018 v2.9

Additions / Changes:

 

All instances of 'fax' removed.

 

Item 1

Name/s: ………………………………………………………………………………………………………………

             ……………………………………………………………………………………………………………..

Business Name: ……………………………………………………………………. ACN: ………………………

                        ……………………………………………………………………. ABN: ………………………

Address: ………………………………………………………………………………………………………………

            ………………………………………………………………………………………………………………

Phone:    (…)…………………..…………… Mobile: ………………………………  GST Registered: Yes/No

Email:          ………………………………………………………………………………………………………………

 

Clause 3.1

In consideration of and in accordance with the terms of this Agreement, the Vendor appoints the Agent (and its permitted Assigns), for the duration of this Agreement to sell the Business for the Vendor and the Agent agrees. Authority vested in the Agent by this Agreement shall be deemed to be vested in the Agent’s authorised employees.

 

Clause 3.2

Authority vested in the Agent by this Agreement shall be deemed to be vested in the Agent’s authorised employees.

 

Clause 3.3

In carrying out the duties and services specified in this Agreement the Agent is authorised to utilise the services of any suitable person or company, provided however where required under the Act such duties or services must be carried out by a licensed person.

 

Clause 3.4

The Agent (licensee) in charge of the business must properly supervise, in accordance with the guidelines issued by the Commissioner for Fair Trading, all persons (employee or otherwise) engaged in the business carried on by the Agent.

 

Clause 7.5

The services and amounts detailed in the Agreement cannot be varied without agreement in writing signed by the Vendor.

 

Clause 13.2

This Agreement cannot be varied without agreement in writing signed by the parties.

 

Clause 16.1

The parties agree and confirm any documents and communications in relation to this Agreement may be forwarded electronically and where this Agreement document has been forwarded electronically (either for signing or otherwise) the party receiving the Agreement document confirms having consented to the delivery of the Agreement document (and any other materials) by way of the electronic means of delivery before receiving the documentation.

 

Clause 16.8

The parties agree and consent to execution, by any party, delivery and service of documents electronically using by a method provided by DocuSign or such other agreed an electronic signing signature service provider.

 

19 Feb 2018 v2.8

Additions / Changes:

 

Item N

Signature of Vendor         Date:                   Signature of Vendor       Date:

………………………………  …… / …… / ……  ………………………………  …… / …… / ……

By signing below the parties acknowledge and confirm having read and understood this Agreement.

Signature of Vendor(s)     Date:                                                            Date:

 

………………………………  …… / …… / ……  ………………………………  …… / …… / ……

 

………………………………  …… / …… / ……  ………………………………  …… / …… / ……

 

Note: Where signed by Vendor’s authorised representative or the Vendor is a corporation evidence of authority to sign must be provided.

 

Signature of Agent           Date:

………………………………   …… / …… / ……

 

Clause 1.1(6)

Electronic Document: means any electronic communication (including Notices) as defined in the Electronic Transactions Act 2000 (NSW) including any electronically generated document situated on an external server readily accessible via a link within an electronic communication or other electronically generated document.

 

Clause 1.1(12)

Related Document: means any written communication (including Notices) with regard to this matter between the parties, including any Electronic Documents.

 

Clause 2

Vendor’s Confirmation

By signing this Agreement the Vendor(s) warrants and confirms:

(1)

it is the owner of the Business.

(1)

having read this Agreement.

(2)

it has having authority to enter into this Agreement.

(3)

having authority to grant the Agent selling rights of the Business during the term of this Agreement specified in Item A.

 

Clause 13

Provision of Documents

The parties agree and confirm this Agreement may be forwarded electronically if the recipient has provided an email address or facsimile number in the Item Schedule to this Agreement.

 

Clause 16

Related Documents / Notices / Electronic Communication

16.1

The parties agree and confirm any documents and communications in relation to this Agreement may be forwarded electronically and where this document has been forwarded electronically (either for signing or otherwise) the party receiving the document confirms having consented to the delivery of the document (and any other materials) by way of the electronic means of delivery before receiving the documentation.

16.2

A Related Document to be served on any party under this Agreement shall be in writing and may be served on that party:


(1)

by delivering it to the party personally; or


(2)

by leaving it for the party at that party’s address as stated in this Agreement; or


(3)

by posting it to the party by ordinary mail or security mail as a letter addressed to the party at the address as stated in this Agreement; or


(4)

by email to the party at the appropriate email address as stated in this Agreement; or


(5)

by delivery to an alternative address, provided in writing by the party, by any of the methods outlined in Clauses 16.2(1) to (4) above.

16.3

A document posted shall be deemed to have been served, unless the contrary is shown, at the time when, by the ordinary course of post, the document would be delivered.

16.4

A document sent by electronic communication will be deemed to have been received in accordance with Section 13A of the Electronic Transactions Act 2000 (NSW).

16.5

Documents given by a party's solicitor will be deemed to have been given by and with the authority of the party.

16.6

Documents must be served before 5pm on a business day, failing which, such document will be deemed to have been served on the next business day.

16.7

The parties acknowledge and agree an Electronic Document readily accessible via a link within a Related Document is received when the Related Document is served and will be opened when the Related Document is opened.

16.8

The parties agree to execution, delivery and service of documents electronically by a method provided by DocuSign or such other agreed electronic signature service provider.

 

01 Jul 2017 v2.7

Additions / Changes:

 

Item M

Note: Where the sale of the business includes real property For businesses with a market value of, at or more than, $2,000,000 $750,000 a buyer must withhold 10 12.5% of the market value of the real property purchase price and pay such monies to the Australian Taxation Office (ATO) on or before settlement, unless the Vendor has obtained a Clearance Certificate from the ATO (Taxation Administration Act 1953 (Cth) – Subdivision 14-D). If this Business is likely to sell for $2,000,000 or more Where such real property is included and the Vendor is an Australian Resident it would be advisable for the Vendor to obtain a Clearance Certificate from the ATO to prevent avoid purchase monies being withheld.

(1)

Does the Vendor have a Clearance Certificate?           __ Yes  __ No  __ N/A

(2)

If ‘No’ above has the Vendor applied?                           __ Yes on …… / …… / ……  __ No  

 

26 Apr 2017 v2.6

Additions / Changes:

 

Clause 8.3

An intending buyer should assess the suitability of any investment in the Business Property in the light of the buyer’s own needs and circumstances, which the buyer can do personally or by consulting an appropriately licensed financial adviser.

 

24 Mar 2017 2.5

Additions / Changes:

 

Item 8

Items 1 to 7 make up the inspection report required by the Act and has been completed by the Agent in Item 3.

 

Agent’s Signature: ………………………………………………………… Date of Report: …… / …… / ……

 

Terms and Conditions Title

Terms of Agreement (the Open Selling Agency Agreement (Business Broking) in conjunction with the Sales Inspection Report)

 

Clause 8

Financial and Investment Advice

8.1

The Agent makes no representation as to being a financial or investment advisor.

8.2

The Vendor acknowledges any financial and investment advice provided by the Agent is general advice and its preparation has not taken into account the individual circumstances of the person or the person’s objectives, financial situation or needs.

8.3

An intending buyer should assess the suitability of any investment in the Property in the light of the buyer’s own needs and circumstances, which the buyer can do personally or by consulting an appropriately licensed financial adviser.

8.4

If there is any conflict of interest the Agent may have in connection with the provision of the advice referred to above the Agent must disclose full details of any benefits that may accrue to the Agent as a result thereof.

 

Clause 8

Agent’s Opinion (Item 5)

8.1

The Agent makes no representation as to being a financial or investment advisor.

8.2

The Agent’s estimated selling price is applicable as at the date of this Agreement and is the Agent’s honest and fair opinion of the estimated value.

 

Clause 9

Agent’s Opinion (Item 5)

9.1

In respect of the Agent’s estimated selling price (ESP) (Item 5.1) it is:

(1)

applicable as at the date of this Agreement; and

(2)

the Agent’s honest and fair opinion.

9.2

Should the Agent be called upon by the Vendor to provide supporting evidence of the ESP’s reasonableness, the Agent must provide such evidence.

 

31 Jan 2017 v2.4

Additions / Changes:

 

Item M

CAPITAL GAINS WITHHOLDING PAYMENT (To be completed by the Vendor)

Note: For businesses with a market value of, at or more than, $2,000,000 a Buyer must withhold 10% of the purchase price and pay such monies to the Australian Taxation Office (ATO) on or before settlement, unless the Vendor has obtained a Clearance Certificate from the ATO (Taxation Administration Act 1953 (Cth) – Subdivision 14-D). If this Business is likely to sell for $2,000,000 or more and the Vendor is an Australian Resident it would be advisable for the Vendor to obtain a Clearance Certificate from the ATO to prevent purchase monies being withheld.

 

Has the Vendor received from the ATO a:

Clearance Certificate:          __ Yes   __ Have Applied  on:  …… / …… / …….  __ N/A

(1)

Does the Vendor have a Clearance Certificate?  __ Yes  __ No  __ N/A

(2)

If ‘No’ above has the Vendor applied?  __ Yes on …... / …... / …...  __ No

 

Clause 4.3

The Agent will be responsible for ensuring all persons engaged by the Agent to perform functions in respect of this Agreement hold, where required, appropriate licenses and comply with relevant legislation and regulations.

 

01 Sep 2016 v2.3

Additions / Changes:

 

Item M

CAPITAL GAINS WITHHOLDING PAYMENT (To be completed by the Vendor)

Note: For businesses with a market value of, at or more than, $2,000,000 a Buyer must withhold 10% of the purchase price and pay such monies to the Australian Taxation Office (ATO) on or before settlement, unless the Vendor has obtained a Clearance Certificate from the ATO (Taxation Administration Act 1953 (Cth) – Subdivision 14-D). If this Business is likely to sell for $2,000,000 or more and the Vendor is an Australian Resident it would be advisable for the Vendor to obtain a Clearance Certificate from the ATO to prevent purchase monies being withheld.

 

Has the Vendor received from the ATO a:

Clearance Certificate:          __ Yes   __ Have Applied  on:  …… / …… / …….  __ N/A

 

Clause 1.1

In this Agreement (which includes the Item Schedules) the following terms mean:

(1)

Act: the Property, Stock and Business Agents Act 2002 and Regulations thereto as amended from time to time.

(2)

Agreement: this Agency Agreement, consisting of the attached:

(a)

the Item Schedule – Sales Inspection Report; and

(b)

the Item Schedule – Open Selling Agency Agreement; and

(c)

the Terms of Agreement.; and

(d)

any additional annexures, schedules or documents that may be attached.

(3)

Assets: the assets of the Business agreed to be sold or assigned as listed in Item (4.2).  This may include Plant and Equipment that is wholly owned, leased or rented by the Vendor.

(4)

Assignment or Subletting Fee: monies paid to the Agent as detailed in Item (D), for the assignment or subletting of the Premises (if leasehold) to the purchaser subject to the terms of any current Lease.

(5)

Business: the said Business detailed in Item (4.1) together with all Assets as listed in Item (4.2).

(6)

GST: where used in this Agreement, has the meaning used in A New Tax System (Goods & Services Tax) Act 1999 and “GST” includes any applicable rulings issued by the Commissioner of Taxation.

(7)

Item:  an Item in the attached Item Schedules forming part of this Agreement.

(8)

New Lease Negotiations Fee: monies paid to the Agent as detailed in Item (D), for the negotiation of a new lease of the Premises where an existing lease of the Premises is not or unable to be assigned to the Purchaser.  

(9)

Plant and Equipment: the plant and equipment, machinery, motor vehicles, furniture, fixtures, fittings and such other items owned by the Seller forming part of the Assets.

(10)

Premises: the land and building as per Item (4.1) used for carrying on the Business.

(11)

Stock: all merchantable stock at the landed value including stock to be used or sold in connection with carrying on the Business.

 

Clause 5.6

Where a product, fixture or fitting provided with the Business has a warning label or safety instructions attached the Vendor is not to deface, damage or remove such label.

 

Clause 7.8

In accordance with Section 55 of the Act, there will be no entitlement to commission or expenses for services performed unless a copy of this Agreement is served on the Vendor not more than 48 hours after being signed by the Vendor.

 

Clause 16

Safety

Where a product, fixture or fitting provided with the Business has a warning label or safety instructions attached the Vendor is not to deface, damage or remove such label.

 

13 Jul 2015 v2.2

Additions / Changes:

 

Item A

This Agreement commences on. ………………………………………………........................................

and concludes when the Business is sold or this Agreement is terminated by notice in writing by either party. Such termination will be without prejudice to either party’s existing rights, duties or obligations.

 

11 Jun 2015 v2.1

Copyright statement updated.

 

01 Mar 2015 v2.0

Additions / Changes:


Item 5.1

Estimated Selling Price range (or range): …..........…….… to ...…..........…….… plus Stock


Item A

TERM OF AGREEMENT (AGENCY PERIOD)

This Agreement (Agency Period) commences on. ……………………………………… and concludes when the Business is sold or by notice in writing by either party. Such termination will be without prejudice to either party’s existing rights, duties or obligations.


 

COMMISSION   Note: Prices for goods & services are GST inclusive. See Clause 7.6

(1)

Subject to this Agreement the Agent shall be entitled to a Commission determined as follows: ………………………………………………………………………………………..……………(incl. GST)

(2)

Based on the Agent’s estimated selling price (Item 5.1) the Commission (Item B(1)) in dollars would be: ………………………………………………………………………………………..………(incl. GST)

(Where a range of value is entered into Item 5.1 the estimated selling price is based on the maximum value in that range)

(Note: the Commission will vary based on the actual Sale Price of the Business)

Subject to this Agreement, on the sale of the whole or part of the Business (at the Price listed in Item 6.1) the Agent shall be entitled to Commission:

(a) based on the Agent’s maximum estimated selling price (Item 5.1)  the Commission for the sale of the Business would be $ ..…………………….(incl. GST)   (Note: this amount will vary based on the actual Sale Price of the Business)

(b) calculated as follows: …………...……………………….……………….……………… (incl. GST)

WARNING: Have you signed an agency agreement for the sale of this property with another agent? If you have you may have to pay 2 commissions (if this agreement or the other agreement you have signed is a sole or exclusive agency agreement).


Item J

VENDOR’S BANK DETAILS (if required)

Vendor’s Details  

Bank: …………………………………………Branch:………………..……BSB No.: …………….........……….

Account Name: ………………………………………………………… Account No.: ……………………………


Item L Note

The Special Conditions to this Agreement are where inserted at the direction of under instruction from the Vendor a party to this Agreement and where not prepared by that party, were prepared by the Vendor or an Australian Legal Practitioner instructed by the Vendor and not by the Agent. No warranty is given by the Agent with respect to such clauses. Legal advice should be sought.


Item M

SIGNATURES

Signature of Vendor                    Date:                        Signature of Vendor                     Date:

…………………………………      ……/……/……          …………………………………        ……/……/……

 

Signature of Agent                      Date:

…………………………………     ……/……/……

The Vendor acknowledges having received a copy of this Agreement together with a copy of the Sales Inspection Report.


Clause 1.1(1)

Act: the Property, Stock and Business Agents Act 2002 and Regulations thereto the Property, Stock and Business Agents Regulation 2014 as amended from time to time.


Clause 1.1(2)

Agreement: this Agency Agreement, consisting of the attached:

(a)

Item Schedule – Sales Inspection Report; and

(b)

Item Schedule – Open Selling Agency Agreement; and

(c)

Terms of Agreement.


Clause 7

Item:  an Item in the attached Item Schedules forming part of this Agreement.


Clause 4.9

Should the Agent act in conjunction with other agents to effect a sale, only one Commission Fee will be payable.


Clause 5.2

The Vendor will at the commencement and at all times during the currency of this Agreement keep the Agent advised of and disclose to the Agent in writing all relevant and material facts and changes thereto about in relation to the Business.


Clause 6

Indemnity

The Agent having complied with its obligations under this Agreement and not having been negligent, the Vendor indemnifies the Agent, its officers and employees from and against all actions, claims, demands, losses, costs, damages and expenses arising out of this Agreement in respect of:

(a)

authorised sales advertising and signage; or

(b)

the Vendor’s failure to comply with this Agreement; or

(c)

the Vendor’s failure to give the Agent prompt and appropriate authority or instruction, or sufficient funds to carry out an instruction or authority.; or

(d)

a warning label or safety instructions having been removed, damaged or defaced where a product or fitting has been supplied to the Business with such a label or instruction attached.


Clause 7.2

Should a binding contract be entered into but not completed due to:

(a)

any default by the Vendor; or

(b)

the Vendor, as Seller, releasing the purchaser (by mutual agreement or otherwise) from the Purchaser’s contractual obligations; or

(c)

the deposit forfeited to the Seller due to the Purchaser’s non performance

the Vendor agrees the Commission is payable to the Agent forthwith. Provided however, where Clause 7.2(c) applies, Commission will remain due but monies payable shall (subject to the Seller’s rights to claim damages for breach of contract) be limited to the receipted deposit monies.

WARNING: The term immediately above provides that a commission is payable under this agreement even if the sale of the business is not completed.


Clause 7.4

The Agent shall be entitled to Commission, Fees for services and reimbursement remuneration of for Expenses (including any taxes or deductions debited by financial institutions against the Agent’s account and attributable to the affairs of the Vendor) as set out in Items (B), (D) and (E) respectively, for the execution of services under this Agreement.


Clause 7.8

In accordance with Section 55 of the Act, there will be no entitlement to commission for services performed unless a copy of this Agreement is served on the Vendor not more than 48 hours after being signed by the Vendor.


Clause 8.2

The Agent’s estimated selling price range is applicable as at the date of this Agreement and is the Agent’s honest and fair opinion of the estimated value.


Clause 16

Safety

Where a product, fixture or fitting provided with the Business has a warning label or safety instructions attached the Vendor is not to deface, damage or remove such label.

 

03 Sep 2014 v1.9

Additions / Changes:

 

The word 'Principal' has been changed to 'Vendor' throughout the Agreement due to the release of the Property, Stock and Business Agents Regulations 2014.

 

Item J

__ Principal’s Vendor's Details   or     __ Seller’s Details (please tick one)

Bank: ………………………………………… Branch:…………………………… BSB No.: ……………………. Account Name: ………………………………………………………… Account No.: ……………………………

 

12 Mar 2014 v1.8

Additions / Changes:

 

Clause 15

Privacy Statement

15.1

The Agent collects and uses personal information provided by you as the Principal to provide the services required by you or on your behalf.

The Agent must comply with the provisions of the Australian Privacy Principles (Privacy Act 1988) and where required maintain a Privacy Policy.

15.2

The Privacy Policy outlines how the Agent collects and uses personal information provided by you as the Principal, or obtained by other means, to provide the services required by you or on your behalf.

15.3

You as the Principal agree the Agent may, subject to the Privacy Act 1988 (CTH) (where applicable), collect, use and disclose such personal information to:

(1)

potential buyers, to the extent required to prepare a contract for the sale of the Business; and/or

(2)

property data collection agencies; and/or

(3)

Owner’s Corporations & financial institutions; and/or

(4)

other third parties as may be required by the Agent for the purposes of marketing, sales promotion and administration relating to the use of the Agent’s products and services and complying with legislative and regulatory requirements.

15.4

Without provision of certain information the Agent may not be able to act effectively or at all on the Principal’s behalf.

15.5

The Principal has the right to access such personal information and may require correction or amendment of any inaccurate, incomplete, out of date or irrelevant information.

15.6

The Agent will provide (where applicable), on request, a copy of its Privacy Policy.

 

11 Sep 2012 v1.7

Additions / Changes:


Clause 11.4

Where the Business being offered for sale is or includes a workplace as defined under the Work Health and Safety Act Regulation 2011, and the Principal is the person with management or control of the workplace, the Principal confirms, unless otherwise disclosed in the Item Schedule hereto, that the Principal, to the extent required, has complied with the requirements of the current Code of Practice for the Management and Control of Asbestos in the Workplace.

Note: Section 428 of the Work Health & Safety Regulation 2011 requires a person with management or control of the workplace to ensure, so far as is reasonably practicable, that a copy of the Asbestos Register for the workplace is given to the person who is assuming management or control of the workplace.


Clause 15.2(2)

property data collection agencies; and/or

 

02 Jul 2012 v1.6

Additions / Changes:


Item K

The Owner is required to comply with the Code of Practice for Management and Control of Asbestos for the Premises:

__ No - Section 425(6) of the Work Health & Safety Regulation 2011 applies

__ Yes - Is there a current Asbestos Register and Management Plan for the Premises: _Yes _No

Note: Section 428 of the Work Health & Safety Regulation 2011 requires that a copy of the Asbestos Register be given to the person assuming management or control of the workplace.


Item K

ADDITIONAL INSTRUCTIONS


Item L

SPECIAL INSTRUCTIONS CONDITIONS


Item M

Signature of Principal             Date:                       Signature of Principal               Date:

 

…………………………………      ……/……/……           …………………………………        ……/……/……


Clause 11.4

Where the business Property being offered for sale is or includes a workplace under the Work Health and Safety Regulation 2011, and the Principal Owner is the person with management or control of the workplace Property, the Principal Owner confirms, unless otherwise disclosed in the Item Schedule hereto, that the Principal Owner, to the extent required, has complied with the requirements of the current Code of Practice for the Management and Control of Asbestos in the Workplace.

 

14 Mar 2012 v1.5

Additions / Changes:


Item 6.1

Price the Business is to be listed at: $………………………… including/excluding/plus GST plus Stock


Item 6.2

Deposit:  $.........................   including/excluding/plus GST


Item 6.3

Balance monies payable:  $....................... including/excluding/plus GST


Item B(a)

based on the Agent’s maximum estimated selling price (Item 5.1)  the Commission fee for the sale of the Business would be $ ..…………………….(incl. GST)   (Note: this amount will vary based on the actual Sale Price of the Business)


Clause 6

The Agent having complied with its obligations under this Agreement, the Principal indemnifies the Agent, its officers and employees from and against all actions, claims, demands, losses, costs, damages and expenses arising out of this Agreement in respect of:

 

01 Jan 2012 v1.4

Additions / Changes:


Item K

The Owner is required to comply with the Code of Practice for Management and Control of Asbestos for the Premises:

_ - No - Section 425(6) of the Work Health & Safety Regulation 2011 applies

_ - Yes - Is there a current Asbestos Register and Management Plan for the Premises: _ Yes _ No

Note: Section 428 of the Work Health & Safety Regulation 2011 requires that a copy of the Asbestos Register be given to the person assuming management or control of the workplace.


Clause 6

The Agent having complied with its obligations under this Agreement, the Principal indemnifies the Agent from and against all actions, claims, demands, losses, costs, damages and expenses arising out of this Agreement in respect of:


Clause 11.3

any hazardous goods must comply with the Work Occupational Health and Safety Regulations 2011 and containers must be appropriately labeled in accordance with the regulations.


Clause 11.4

Where the Property being offered for sale is a workplace under the Work Health and Safety Regulation 2011, and the Owner is the person with management or control of the Property, the Owner confirms, unless otherwise disclosed in the Item Schedule hereto, that the Owner, to the extent required, has complied with the requirements of the current Code of Practice for the Management and Control of Asbestos in the Workplace.

 

02 Aug 2011 v1.3

Additions / Changes:


Item 3

AGENT   *(Where the Agent trades as a corporation, include the corporation’s licence number)

Name: ...........................................................................................................................................

Address: …………………………………………………………………….....…  ACN: …………………………

……………………………………………………………………………………...  ABN: …………………………

Phone: ..(….)…………….. Fax: ..(…..)……….….…. Mobile: ………….……….. GST Registered: Yes/No

Email: ………………………………………….……..….. Licence Number/s*: ….………………….....……….  


Item K

Note

The Special Conditions are inserted under instruction from a party to this Agreement and where not prepared by that party, were prepared by an Australian Legal Practitioner and not the Agent. No warranty is given by the Agent. Legal advice should be sought.


Clause 7.6

Unless otherwise stated, all prices of goods and services under this Agreement include (where applicable) GST.


Clause 12

The parties agree and confirm this Agreement may be forwarded electronically if the recipient has provided an email address or facsimile number in the Item Schedule to this Agreement.


Clause 15

15.1

The Agent collects and uses personal information provided by obtained from you as the Principal to provide the services required by you or on your behalf.

15.2

You as the Principal agree the Agent may subject to the Privacy Act 1988 (CTH) (where applicable), collect, use and disclose such personal information to: in accordance with and subject to the Privacy Act 1988 (CTH) for (where applicable):


(1)

potential buyers; and/or


(2)

data collection agencies; and/or


(3)

Owner’s Corporations & financial institutions; and/or


(4)

other third parties as may be required by the Agent for the purposes of marketing, sales promotion and administration relating to the use of the Agent’s products and services and complying with legislative and regulatory requirements.


(4)

analysing, verifying and/or checking the Principal’s credit, payment and/or status in relation to provision of services.


(5)

allowing the credit reporting agency to create or maintain a credit information file containing information about you the Principal.

15.2

You as the Principal further agree and consent to the Agent obtaining from a credit report agency a Consumer Credit Report containing personal credit information about you the Principal for the purposes of the collection of overdue payments.  (Section 18k (1) (h) of the Privacy Act 1988 (CTH)).

15.3

Without provision of certain information the Agent may not be able to act effectively or at all on the Principal’s behalf.

15.4

The Principal has the right to access such personal information and may require correction or amendment of any inaccurate, incomplete, out of date or irrelevant information.

 

05 Aug 2009 v1.2

Additions / Changes:


Clause 7.1

The Principal acknowledges the Agent is entitled to Commission if during the Agency Period (Item A) the purchaser is effectively introduced by the Agent, by effectively introducing a prospective purchaser, is the effective cause of the Property being sold, regardless of whether the sale occurs after the termination of this Agreement.

 

03 Apr 2009 v1.1

Additions / Changes:


Clause 7.1(b)

a binding contract is entered into pursuant to Clauses 7.1(a) and not completed due to the default of the Principal.


Clause 7.2

Should a binding contract be entered into but not completed due to:

(a)

any default by the Principal; or

(b)

the Principal, as Seller, releasing the Purchaser (by mutual agreement or otherwise) from the Purchaser’s contractual obligations; or

(c)

the deposit forfeited to the Seller due to the Purchaser’s non performance

the Principal agrees the Commission is payable to the Agent forthwith. Provided however, where Clause 7.2(c) applies, Commission will remain due but monies payable shall (subject to the Seller’s rights to claim damages for breach of contract) be limited to the receipted deposit monies.