Methods of Payment for the Commission Fee (Brokerage Fee):
The Second Party (the Client) undertakes to pay the commission fee to the First Party (the Office or the Broker) upon receipt of the financing approval letter from the bank, financing institution, or any relevant authority. The approval letter shall not be delivered to the Client until all fees and dues owed to the First Party have been fully settled. Payment shall be made in cash, by Manager’s Cheque, or via bank transfer.
Obligations and Rights of the Parties:
- The Second Party is obligated to provide the First Party with all necessary documents required to complete the requested transaction, or any documents requested by the First Party, and must act with honesty and transparency by providing all relevant information and documentation.
- The First Party undertakes to exercise due diligence and to provide the Second Party with all necessary assistance, utilizing all its resources and expertise to deliver an optimal service. This includes obtaining the necessary approvals from banks and financial institutions for loans, financing, or credit facilities.
- The First Party agrees to meet with the Second Party to explain all available services offered by the company. The Second Party shall select the desired service(s) to be provided by the First Party.
- The Second Party is required to appear in person or via an officially notarized power of attorney representative to represent them before any entity, including banks and financing institutions, upon the request of the First Party.
- The First Party reserves the right to request, either formally or through periodic meetings—or via any agreed communication method such as email, mobile phone, or any other legal or agreed means—that the Second Party provide all documents and supporting materials related to the application being submitted to banks or financing bodies.
- The signature of the Second Party on this agreement shall be considered final approval and a binding commitment. The Second Party may not withdraw from the financing process or breach any of the contract’s terms. Otherwise, the full agreed-upon commission amount becomes immediately payable or a commission cheque shall be issued without delay.
- The Second Party commits to issuing a cheque to the First Party representing the brokerage commission fee at the time of signing the agreement. The details of the cheque are to be recorded at the end of the agreement.
4. Confidentiality:
Both parties agree to maintain the confidentiality of the information and transactions carried out in accordance with the terms of this agreement. No provision of this agreement—including financial obligations or any other matter—shall be disclosed without prior written consent from the other party. This confidentiality clause extends to all public announcements, advertisements, or disclosures by any means.
5. Correspondence and Notifications:
Both parties acknowledge the accuracy of the addresses listed at the beginning of this agreement and agree that all correspondence and notifications shall be sent to these addresses. Communications may be delivered via registered mail, fax, email, mobile phone, or any other legal means or personally with signed acknowledgment of receipt. If any party changes their contact details, they must inform the other party of the new information.
6. Term and Termination of the Agreement:
This agreement enters into force from the date it is signed by both parties and remains effective until the completion of the agreed transaction or service. Either party may terminate the agreement through written notice prior to the fulfillment of its intended purpose, provided that the Second Party pays all outstanding fees due to the First Party.
7. Disputes and Jurisdiction:
In the event of any legal disputes or disagreements between the parties regarding the interpretation, execution, termination, or cancellation of this agreement, the courts of the United Arab Emirates shall have exclusive jurisdiction to resolve such matters in accordance with applicable UAE laws.
8. General Provisions:
- Both parties acknowledge that they have read and understood all terms and conditions of this agreement and commit to fulfilling their respective obligations with diligence and in the best interest of both parties.
- No amendment, modification, cancellation, or deletion of any provision of this agreement shall be valid unless made in writing and signed by both parties.
- The Second Party shall not apply for another financing request from any bank or financing institution within the country during the term of this agreement unless the agreement is officially terminated. The Client shall not have any returned cheques or blocked accounts during this period. In the event of any breach, the First Party has the right to claim the full commission cheque immediately without further recourse to the Client.
- Neither party may assign or transfer any of their rights or obligations under this agreement to any third party—natural or legal—without prior written consent from the other party.