This form is a Finder's Fee Agreement. The offerer and the finder agree to certain terms in furtherance of the mutual purpose of solciting customers and marketing the enterprise operated by the offeror. The document provides that the finder is authorized to represent the offerer in locating, soliciting, and selling to potential customers of the offeror.
Rhode Island Finders Fee Agreement
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As another type of finder's fee example, if a project is worth $50,000 in revenue, a reasonable amount to pay in finder's fee percentages should be 5-10% of the first project.
A finder's fee isn't legally binding, so it is often simply a gift from one party to another. This is commonly seen in real estate deals. If someone is selling their home and their friend connects them with a potential buyer, the seller might give their friend a small portion of the sale when the deal is finalized.
Kickbacks and referral fees are essentially a hidden markup on the product or service. If they are not disclosed, they have the great potential of violating trust between the referrer and the individual being referred.
Whilst there is a requirement within the Act to disclose information to sellers there is no requirement to disclose the fact of a referral fee or the amount. The guidance indicates that under the application of the CPRs a failure to disclose a referral fee would be a misleading omission offence.
Follow these steps to compose a business Referral Fee Agreement:State the names of the parties - customer and finder.Describe the purpose of the contract.Term of the agreement.Finder's fee.Exclusivity clause.Confidentiality clause.Termination clause.Signatures of the parties and the actual date of signing.
The terms of finder's fees can vary greatly, with some citing 5% to 35% of the total value of the deal being used as a benchmark. It's a staple of Fundera's business model. In many cases, the finder's fee may simply be a gift from one party to another, as no legal obligation to pay a commission exists.
Finder's fees are usually determined by how much money the finder's efforts bring in for the company. But a legal issue arises when the finder is not properly licensed as a broker-dealer. In that case, the finder's fee agreement "is an illegal contract and is likely unenforceable," Johnson writes for Inside Counsel.
