Compensation Agreement
What is this form?
The Compensation Agreement is a legal document that outlines the payment terms between First American Insurance Portfolios, Inc. (the Fund) and U.S. Bank National Association (the Custodian) for services rendered under a Custodian Agreement. This form specifically details the compensation structure related to various series of funds and ensures clear communication on financial obligations. Unlike general compensation agreements, this one is tailored for financial institutions and investment funds, making it essential for maintaining regulatory compliance and operational clarity.
What’s included in this form
- Identification of the parties involved: Includes the Fund and the Custodian.
- Compensation terms: Specifies the monthly payment rate as a percentage of average daily net assets.
- Supersession clause: Indicates that this agreement replaces any prior compensation agreements.
- Execution: Contains signature lines for authorized representatives of both parties.
When this form is needed
This Compensation Agreement should be used when establishing or modifying the compensation terms between an investment fund and its custodian. It is relevant in situations where investment funds require custodial services and need to formalize payment arrangements to ensure regulatory compliance and clear financial reporting.
Who should use this form
- Investment fund managers looking to set compensation terms with custodians.
- Custodial service providers seeking to establish formal payment agreements.
- Legal professionals drafting or reviewing compensation agreements for investment funds.
- Financial institutions involved in custodial agreements and management of fund assets.
Completing this form step by step
- Identify the parties: Clearly state the names and addresses of First American Insurance Portfolios, Inc. and U.S. Bank National Association.
- Specify the compensation terms: Detail the percentage rate for compensation based on the series average daily net assets.
- Review the supersession clause: Ensure clarity that this agreement replaces any prior compensation agreements.
- Gather signatures: Obtain signatures from authorized representatives of both the Fund and the Custodian.
- Keep copies: Ensure that both parties retain a duplicate of the signed agreement for their records.
Notarization requirements for this form
This form does not typically require notarization unless specified by local law. However, it is advisable to verify any specific state requirements to ensure the legal validity of the agreement.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to properly identify both parties or their roles.
- Omitting the agreed-upon percentage rate of compensation.
- Not including a date or execution clause.
- Providing incorrect information about prior agreements.
Benefits of using this form online
- Convenience of downloading and editing templates at any time.
- Access to forms drafted by licensed attorneys, ensuring legal compliance.
- Reduced paperwork with digital storage options.
- Faster completion times compared to traditional paper forms.
- The Compensation Agreement is enforceable as per the terms agreed upon, as long as it complies with applicable laws.
- Parties should retain a copy of the agreement for their records to establish clear terms and conditions.
- In the event of a dispute, this document serves as a crucial piece of evidence of the agreed compensation terms.
Quick recap
- The Compensation Agreement formalizes financial arrangements between mutual funds and custodians.
- It is essential to fill out the agreement accurately to avoid legal complications.
- Regular updates are crucial whenever changes occur in fund management or compensation structures.
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FAQ
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