This Agency Agreement (“Agreement”) dated on this day of , 20 (the “Effective Date”) is made between and (the “Principal Buyer”) and (the “Agent or Agency”) AK & Associates DBA Diamond Realty Brokers, for the purpose of setting forth the exclusive terms and conditions by which the Buyer desires to appoint the Agent to be its representative to perform the Services defined in this Agreement on behalf of the Principal.
WHEREBY the Principal is involved in the business of Real Estate Services.
Buyer agrees to work with Agent as a customer. Broker will perform ministerial tasks on behalf of the buyer. The term customer shall have the same meaning that they have in the Brokerage Relationships in Real Estate Transactions Act. Broker shall have the right to share in the commissions being paid by the listing broker on any property purchased by the buyer.
In consideration of the mutual obligations specified in this Agreement, the parties, intending to be legally bound hereby, agree to the following:
Scope of Services. The Principal retains the above-named Agent, and the Agent agrees to perform for the Principal, the services set forth in Exhibit A to this Agreement (the “Services”). Any Service outside of the scope as defined in Exhibit A to this Agreement will require a new Agreement for other services agreed to by the Parties.
The Principal appoints the Agent as the Principal’s Agent to perform the Services detailed in this agreement on behalf of the Principal.
Agent’s Authority. The Agent’s authority to bind the Principal is limited to the Services detailed in this Agreement. The Agent is not authorized to bind the Principal in any way whatsoever beyond the scope of the Services defined herein.
Compensation. In exchange for the full, prompt, and satisfactory performance of all Services to be rendered to the Principal (as determined by the Principal), the Principal shall provide the Agency compensation as follows:
1% Retainer Fee (not to exceed $3000) refundable at closing if buyer closes on a property. Otherwise retainer is non refundable.
Relationship of the Parties. Nothing in this Agency Agreement shall constitute to create an employer-employee relationship between the Principal and the Agent.
Term and Termination. This Agency Agreement shall be effective on the date hereof and shall continue for a period of ([month[s]/year[s]) or until the expressly agree upon date of the completion of the Services, unless it is earlier terminated in accordance with the terms of this Agreement (the “Term”). Either Party may terminate this agreement at any given time upon written notice to the other party.
If either Party subject to his agreement fails to follow through with their obligations under this Agreement, the non-breaching Party can terminate this Agreement by providing a 1 day written notice to the breaching Party.
The Principal understands that the Agent may terminate this Agreement at any time if the Principal fails to pay for the Services provided under this Agreement or if the Principal breaches any other material provision listed in this Agency Agreement in the manner as defined above.
Confidentiality. Throughout the duration of this Agreement, it may be necessary for the Agent to have access to the Principal’s confidential and protected information for the sole purpose of performing the Services subject to this Agreement.
The Agent is not permitted to share or disclose such confidential information whatsoever, unless mandated by law, without written permission from the Principal. The Agent’s obligation of confidentiality will survive the termination of this Agency Agreement and stay in place indefinitely.
Warranties and Representations. The Parties to this Agreement fully represent that they are authorized to enter into this Agency Agreement. The obligations and performance of either the Principal or Agent shall not infringe upon or violate the rights of any third party or violate any other agreement between the Principal or Agent, any other individual, business entity, or formal organization, or interfere with any law and or governmental regulation.
Indemnification and Release. The Parties both agree to agree to take all necessary precautions to prevent injury to any persons or damage to property during the term of this Agreement, and shall indemnify, defend and hold harmless the other Party, its officers, directors, shareholders, employees, representatives and/or agents from any claim, liability, loss, cost, damage, judgment, settlement or expense (including attorney’s fees) resulting from or arising in any way out of injury (including death) to any person or damage to property arising in any way out of any act, error, omission or negligence on the other Party and the other Party’s employees in the performance or failure to fulfill any Services or obligations under this Agreement. This obligation survives the termination of this contract.
Dispute Resolution Parties to this Agreement shall first attempt to settle any dispute through good-faith negotiation. If the dispute cannot be settled between the parties via negotiation, either party may initiate mediation or binding arbitration in the State of Georgia.
If the parties do not wish to mediate or arbitrate the dispute and litigation is necessary, this Agreement will be interpreted based on the laws of the State of Georgia
without regard to the conflict of law provisions of such state. The Parties agree the dispute will be resolved in a court of competent jurisdiction in the State of Georgia.
The prevailing Party to the dispute will be able to recover its attorney’s fees and other reasonable costs for a dispute resolved by litigation or binding arbitration.
Governing Law. The laws of the State of Georgia shall govern as to the interpretation, validity, and effect of this Agreement.
Legal Fees. Should a dispute between the named Parties arise lead to legal action, the prevailing Party shall be entitled to any reasonable legal fees, including, but not limited to attorneys’ fees.
Severability. In the event any part or provision of this Agency Agreement is deemed unenforceable or invalid, in part or in whole, that part shall be severed from the remainder of the Agency Agreement, and all other parts or provisions shall continue in full force and effect as valid and enforceable.
Waiver. No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set out in writing and signed by the Party so waiving. No waiver by any Party shall operate or be construed as a waiver in respect of any failure, breach, or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power, or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege.
No Assignment. This Agreement shall inure to and be binding upon the undersigned and their respective heirs, representatives, successors and permitted assigns. This Agreement may not be assigned by either Party without the prior written consent of the other Party.
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same Agreement. A signed copy of this Agreement delivered by facsimile, email, or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.
Electronic Signatures. This Agreement and related documents entered into in connection with this Agreement are signed when a party’s signature is delivered electronically, and these signatures must be treated in all respects as having the same force and effect as original signatures.
Captions for Convenience. All captions herein are for convenience or reference only and do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof.
Entire Agreement. This Agreement constitutes the sole and entire Agreement of the Parties regarding the subject matter contained herein and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, regarding such subject matter. This Agreement may only be amended, modified, or supplemented by an agreement in writing signed by each Party hereto.
IN WITNESS WHEREOF, the Principal and Agent have executed this Agency Agreement on the day and year first above written.
Principal Buyer's Signature
Buyer's Printed Name & Company Name
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Signed by Angel Knight
Signed On: March 31, 2020
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Document Name: Commercial Agreement
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