Common use of COMMISSIONS PAYABLE Clause in Contracts

COMMISSIONS PAYABLE. A. We will pay you commissions for insurance policies written under the terms of this Agreement based on the Commission Schedule in effect at the time such business is written for each Insurance Company and for each line of business written. The current rates are set forth in the Schedule of Commission attached to and forming a part of this Agreement. B. We reserve the right to unilaterally change the Commission Schedule at any time during the term of this Agreement. MBIA will notify Producer in writing of any such revisions. If we continue to offer renewals after termination of this Agreement, you will be paid in accordance with the commission structure in force at the time that each policy is renewed. C. We agree to pay you commissions on all direct billed business set forth in each respective Insurance Company’s statement within thirty (30) days of receipt by MBIA. Payment of this commission will be the Producer’s sole and full compensation. D. We may offset any commissions due you from us against any other balances owed by you to us. E. You agree to refund any unearned commissions to us at the same rate that the commissions were paid to you. F. On all policies not named in the Schedule of Commission attached hereto, MBIA shall determine the commission and, set up rules governing compensation to be paid.

COMMISSIONS PAYABLE. A. We will pay you commissions for insurance policies written under the terms of this Agreement based on the Commission Schedule in effect at the time such business is written for each Insurance Company and for each line of business written. The current rates are set forth in the Schedule of Commission attached to and forming a part of this Agreement. B. We reserve the right to unilaterally change the Commission Schedule at any time during the term of this Agreement. MBIA IMSG will notify Producer in writing of any such revisions. If we continue to offer renewals after termination of this Agreement, you will be paid in accordance with the commission structure in force at the time that each policy is renewed. C. We agree to pay you commissions on all direct billed business set forth in each respective Insurance Company’s statement within thirty (30) days of receipt by MBIAIMSG. Payment of this commission will be the Producer’s sole and full compensation. D. We may offset any commissions due you from us against any other balances owed by you to us. E. You agree to refund any unearned commissions to us at the same rate that the commissions were paid to you. F. On all policies not named in the Schedule of Commission attached hereto, MBIA IMSG shall determine the commission and, set up rules governing compensation to be paid.