This form is a Salesperson Percentage Contract. The form provides that the salesperson will diligently pursue and use his/her best efforts to promote the interest of the employer and to obtain sales for the employer.
District of Columbia Salesperson Contract - Percentage Contract - Asset Purchase Transaction
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Multi-State
Control #:
US-00623
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Word;
Rich Text
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FAQ
Contract Rate This is the daily rate of interest payable by the defaulting party in the event of breach of contract or default. It usually refers to the Law Society Interest Rate but can also refer to a rate which is a percentage (such as 4%) above the base rate of a particular high street bank.
Purchased Assets and Excluded Assets This can manifest in the agreement in one of two ways - the agreement can list only the assets that the buyer will choose to purchase, or an agreement can state that the buyer will purchase all the assets of the business, excluding certain listed assets.
While buyer's counsel typically prepares the first draft of an asset purchase agreement, there may be circumstances (such as an auction) when seller's counsel prepares the first draft.
A floating interest rate reference rate used by a lender in a loan agreement. In general terms, the base rate is the rate per annum equal to the greatest of: The prime rate (the variable annual rate of interest so designated from time to time by that lender in the US as its "prime rate");
Definition: The contract rate; also called the coupon rate, stated rate, or nominal rate; is the interest percentage listed on the face of a note or bond. In other words, this is the interest rate that will be paid on the principle balance for the life of the note or bond.
A PID is a Public Improvement District. This basically means an entity that has been created by the city or county to levy a special tax for specific improvements to a specific neighborhood.
A PID is a nine-digit number that uniquely identifies a parcel in the land title registry of BC. It enables lawyers, notaries, realtors, and other stakeholders to get extensive information about the property.
Under the contract standard conditions of sale the seller is entitled to compensation amounting to 10% of the sale price of the property in the event that the buyer reneges on the contract following exchange, and this sum should be paid to the seller's solicitor on exchange by way of a deposit.
In real estate, the acronym PID stands for a Public Improvement District. Properties can come together to petition a city to create a PID, a Public Improvement District. When a PID is created, a city can provide additional services to the district including police services, street cleaning, and promotion.
Law Society Property Section Convention 2022 The Law Society interest rate is the 'contract rate' referred to in the Standard Conditions of Sale. It was first published in 1990. The interest rate is 4% above Barclays Bank base rate, which is currently 0.75%.