Common use of Appointment of the Service Provider Clause in Contracts

Appointment of the Service Provider. i. Subject to the terms and conditions contained in this Agreement, PNBHFL hereby appoints Service Provider on non-exclusive basis to market the Financial Products of PNBHFL to the Potential Customers in the Designated Territory and/or to perform the functions, duties and operations specified in this Agreement. PNBHFL shall be free to appoint any other person(s) in the Designated Territory to perform similar or other functions as specified by PNBHFL at its sole discretion. ii. For rendering the services and/or perform the functions, duties and operations specified in this Agreement including the Scope of Services of this Agreement, the Service Provider shall be paid commission, at the rate specified in Schedule I attached hereto, after disbursement of the loan/facility to the Potential Customer or as agreed between the Parties (“Commission”). The Commission shall be disbursement linked. However, it is hereby clarified that the Service Provider shall not be entitled to any other benefit except Commission for providing the Services in terms of this Agreement and PNBHFL may, at any time, revise the Commission, at its sole discretion, payable to the Service Provider, without any prior notice or without assigning any reason to the Service Provider; iii. Payment of any fee/incentive accruing to the Service Provider for the Services provided shall be made to the Service Provider only by way of direct credit to the bank account of Service Provider. iv. It is agreed between the Parties that other than the Commission that is payable on the first disbursement, PNBHFL shall not be under any obligation to pay any further Commission on the subsequent disbursements of a given loan in the event the Service Provider is not able to provide any fresh leads for a continuous period of six months from the date of first disbursement of the last generated lead. v. It is hereby agreed between the Parties that no Commission shall be paid to Service Provider for any renewal of any loan/facility/ Financial Products, granted by PNBHFL to customer who/which was identified as Potential Customer by the Service Provider and had already been granted a loan/facility; vi. It is further clarified and hereby agreed by the Service Provider that PNBHFL has the right to reverse the commission/payout paid to the Service Provider for all or any loan/facility/ Financial Products pre-closed/foreclosed on or before 12 months from the date of the loan/facility availed by the customer who/which was identified as Potential Customer by the Service Provider.