Remuneration and fees Clause Samples
The 'Remuneration and fees' clause defines how and when payment will be made for services rendered or work performed under the agreement. It typically outlines the specific amounts to be paid, the schedule or milestones for payment, and any conditions or methods for invoicing and reimbursement of expenses. This clause ensures both parties have a clear understanding of financial obligations, reducing the risk of disputes over compensation and promoting transparency in the contractual relationship.
Remuneration and fees. In most cases we are paid by commission from the insurer but in some circumstances, we may charge you a fee instead of commission or a combination of both where we arrange policies with a low commission. Where we charge a fee, this will not be liable for insurance premium tax or value added tax (insurance is a VAT exempt industry). All fees will be advised verbally and/or will be included within the Statement of Price document before you incept your policy. We will also make the following administration charges per policy: See Appendix 1 Our commission and fee(s) are earned on placement of your insurance. If you make a change or cancel your policy mid-term (other than in the 14-day Cooling Off period) which results in a return premium, we will retain all fees and any commission to cover our administration and advisory services. Our fees will be clearly shown in any invoice we issue to you, and we will advise you of the amount of any charge before you become liable to paying it. We have arrangements with some insurers to receive additional payments reflecting the size and/or profitability of our account with them and/or in respect of work we undertake on their behalf, and we will advise you where this is the case.
Remuneration and fees. In most cases we are paid by commission from the insurer but in some circumstances, we may charge you a fee instead of commission or a combination of both. Where we charge a fee, this will not be liable for insurance premium tax or value added tax (insurance is a VAT exempt industry). There may be occasions when an additional fee is sought, for example upon acquisition of another company, any changes to the risk that require significant further advice and placement of additional coverage, the provision of additional risk management services or substantial involvement in any large, difficult or complex claims. We will also make individual client administration charges per policy: See Appendix 1 Our commission and fee(s) are earned on placement of your insurance. If you make a change or cancel your policy mid-term which results in a return premium, we will retain all fees and any commission to cover our administration and advisory services. We will advise you of the amount of any charge before you become liable to paying it. In addition to your fee and/or commission some insurers may make additional payments to us reflecting the size and/or profitability of our account with them and/or in respect of work we undertake on their behalf. You are entitled, at any time, to request information regarding any commission which we may have received as a result of placing your insurance business.
Remuneration and fees. In most cases we are paid by commission from the insurer but in some circumstances, we may charge you a fee instead of commission or a combination of both. Where we charge a fee, this will not be liable for insurance premium tax or value added tax (insurance is a VAT exempt industry). There may be occasions when an additional fee is sought, for example upon acquisition of another company, any changes to the risk that require significant further advice and placement of additional coverage, the provision of additional risk management services or substantial involvement in any large, difficult or complex claims. We will also make individual client administration charges per policy: New Business £50 Renewal/ Replacement £50 Mid-term Adjustment - per occurrence £25 Cancellation (including during the 14-day Cooling Off period) £25 Our commission and fee(s) are earned on placement of your insurance. If you make a change or cancel your policy mid-term which results in a return premium, we will retain all fees and any commission to cover our administration and advisory services. We will advise you of the amount of any charge before you become liable to paying it. In addition to your fee and/or commission some insurers may make additional payments to us reflecting the size and/or profitability of our account with them and/or in respect of work we undertake on their behalf. You are entitled, at any time, to request information regarding any commission which we may have received as a result of placing your insurance business
Remuneration and fees. In most cases we are paid a commission by the insurer but, in some circumstances, we may charge you a broking fee for our services instead of earning commission, or a combination of both if the commission is insufficient to cover our costs. We will tell you how we will be remunerated for each policy we place for you before we arrange cover. There may be occasions when we need to charge an additional broking fee, for example changes to the risk that require significant further advice and placement of additional coverage, the provision of additional risk management services or substantial involvement in any large, difficult, or complex claims. We will agree the amount of any additional fee with you before you become liable to paying it. We will also make individual client administration charges per policy: New Business £30 Renewal/ Replacement £30 Mid-term Adjustment - per occurrence £30 Cancellation (including during the 14-day Cooling Off period) £50 If you make a change or cancel your policy mid-term which results in a return premium, we will retain all fees and any commission to cover our administration and advisory services. Where we charge a fee, this will not be liable for insurance premium tax or value added tax (insurance is a VAT exempt supply). Our commission and fee(s) are earned on placement of Your insurance. All fees will be clearly shown in any invoice we issue to you, and we will advise you of the amount of any charge before you become liable to paying it. We have arrangements with some insurers and with Close Brothers Premium Finance (“CBPF”) to receive additional payments reflecting the size and/or profitability of our account with them and/or in respect of work we undertake on their behalf. Where we arrange premium finance on your behalf, we do not charge you a fee for introducing you to the finance provider, but we will receive a commission from them, for our assistance in putting this financing in place. The amount of this commission is determined by us. It is calculated as a percentage of the amount of premium you have financed under the credit agreement. For new premium finance agreements and agreements which require significant changes (other than the amount of premium funding) the amount of our earnings will be disclosed to you by CBPF prior to you signing your credit agreement. Please note that if you do not consent to the commission, you will be unable to use this finance facility. For renewing finance agreements, the amount of ou...
Remuneration and fees. In most cases we are paid a commission from the insurer, however in some cases we may charge you a fee instead, or a combination of both. If we charge a fee instead of commission or a fee and commission, we will confirm this to you in writing at the time of incepting or renewing your policy. Where we charge you a fee this is not liable for insurance premium tax or value added tax (insurance is a VAT exempt industry). There may be occasions when we need to charge an additional fee, for example any changes to the risk that require significant further advice, arrangement of additional cover or substantial assistance provided in any large or complex claims. We will provide you with information on the nature and amount of the fees we charge before placing, or renewing, your policy, and will also on request provide details of the commission we earn for that placement or renewal. We may also charge you an administration fee for making a change to, or for cancelling, your insurance policy. The amount of such fee will be confirmed in writing to you prior to the change to your policy being made or cancellation of your policy. Where the amount of the refunded premium is less than £10 (per policy) we will retain such amount, but where a mid-term adjustment or cancellation charge is made, we will set it off against such charge. This paragraph does not otherwise affect any cancellation/refund rights which you may have. In addition to your fee and/or insurer commission some insurers may make additional payments to us reflecting the size and/or profitability of our account with them and/or in respect of work we undertake on their behalf. You are entitled, at any time, to request information regarding any commission which we may have received when placing your insurance business.
Remuneration and fees. In most cases we are paid by commission from the insurer but in some circumstances, we may charge you a fee instead of commission or a combination of both where we arrange policies with a low or no commission. Where we charge a fee, this will not be liable for insurance premium tax or value added tax (insurance is a VAT exempt industry). All fees will be advised verbally and will be included within the Statement of Price document before you incept your policy and become liable to pay them. We will also make the following administration charges per policy: Mid-term Adjustment £35.00 per occurrence Cancellation (including during the 14-day Cooling Off period) £25.00 Our commission and fee(s) are earned on placement of your insurance. If you make a change or cancel your policy mid-term (other than in the 14-day Cooling Off period), which results in a return premium, we will retain all fees and any commission to cover our administration and advisory services. Due to administration constraints the minimum refund will be £10.00 on any balance due. Our fees will be clearly shown in the Statement of Price we issue to you, and we will advise you of the amount of any charge before you become liable to pay it. We may have arrangements with some insurers to receive additional payments reflecting the size and/or profitability of our account with them and/or in respect of work we undertake on their behalf, and we will disclose this if requested.
Remuneration and fees. 16.1 The Company will pay Service Provider in accordance with the provisions of the Schedules. Within thirty (30) days of receipt of an invoice from Service Provider, Company shall pay Service Provider semi-annually in arrears. Such invoices shall be provided at the end of the second and fourth quarters of each calendar year, if applicable.
16.2 Unless otherwise provided in the relevant Schedule, at the end of each annual period commencing as of January 1, 2006, Service Provider will perform a review of the fees being charged to the Company and if Service Provider determines, based on a transfer pricing or similar study, that the fees should be different, then the parties will negotiate in good faith to change the fees to a rate consistent with such study.
Remuneration and fees. (A) Remuneration Para B Fees
Remuneration and fees. 6.1 In consideration of the services provided by the Manager under this Agreement the relevant Subsidiary, failing which the Company, agrees to pay to the Manager fees calculated from the Effective Date as follows (the “Management Fees”):
6.1.1 US$20,000 per Owned Ship per month calculated on a daily basis
(a) from the date:
(i) of delivery to the relevant Subsidiary under the relevant sale contract; or
(ii) in the case of Ordinary Newbuildings, of delivery to the relevant Subsidiary under the relevant shipbuilding contract; or
(iii) in the case of Specialised Newbuildings, of signing of the relevant shipbuilding contract; or
(iv) where the acquisition is structured as an acquisition of shares, on which the Company acquires the shares in a company which owns a ship;
(b) to the date upon which:
(i) the relevant Subsidiary ceases to own or operate the Ship; or
(ii) the Company ceases to own the shares in the relevant Subsidiary. For these purposes, the number of Ships under management shall not affect the monthly management fee.
6.1.2 US$15,000 per Operated Ship per month calculated on a daily basis
(a) from the date:
(i) of delivery of a ship to the relevant Subsidiary under the relevant charter; or
(ii) in the case of Ordinary Newbuildings, on which the Company or the relevant Subsidiary enters into a shipbuilding contract for the construction of a ship; or
(iii) where the acquisition is structured as an acquisition of shares, on which the Company acquires the shares in a company which owns a ship under construction;
(b) to the date upon which:
(i) the relevant Subsidiary ceases to charter the ship; or
(ii) in the case of Ordinary Newbuildings, the ship is delivered under the shipbuilding contract; or
(iii) the Company ceases to own the shares in the relevant Subsidiary having a ship under construction; or For these purposes, the number of ships under management or the type of charter shall not affect the monthly management fee.
6.1.3 Such amounts as are necessary to reimburse the Manager for all out of pocket costs and expenses, to include travelling, auditing, legal assistance and all extraordinary expenses in connection with technical and/or operational assistance and other unexpected expenses, incurred in connection with the provision of the Management Services, whether by the Sub-Managers or the Manager.
6.2 The Management Fees referred to in Clause 6.1.1 shall be reduced to US$15,000 per month in the case of Specialised Ships; and in those cases the ...
Remuneration and fees. 50
7.1. As remuneration for its services hereunder Operator shall be entitled to the following fees, at the time and in the manner hereafter provided: