BROKERAGE SERVICES AGREEMENT

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Agreements
February 28, 2024

BROKERAGE SERVICES AGREEMENT

THIS AGREEMENT is hereby entered into on this ………………day of …….……………. Two Thousand and ……………………………

BETWEEN

1.[insert bank name], a banking institution registered under the laws of Kenya hereinafter referred to as (“the Bank”)

AND

  1. Yool Company, a broker registered under the laws of Kenya, operating in Kenya hereinafter referred to as (“Yool Company”)

WHEREAS, Yool Company is facilitating a Diesel deal trade between [insert bank name] and [insert end customer name]; and

WHEREAS, the parties desire to enter into an agreement to set out the terms and conditions for the facilitation of the Diesel trade deal.

NOW THEREFORE, in consideration of the premises and mutual covenants and agreements contained herein, the parties agree as follows:

  1. BROKERAGE SERVICES:

Yool company will act as the exclusive broker for the Diesel trade deal between [insert bank name] and [insert end customer name]. The bank will not have any direct dealings with the said customer after this deal for the same product (Oil and Gas), and any subsequent trade dealing should be formed with the same conditions where Yool company stays as the middle broker.

  1. TERMS OF TRANSACTION:
  2. a) Yool Company will sell Diesel to the Buyer at [insert price] per ton.
  3. b) The Buyer will pay [insert price] per ton to the Bank.
  4. c) The Bank will release the funds to Yool Company upon confirmation of delivery of the Diesel to the Buyer.
  5. BROKER’S COMMISSION:

Yool Company will be paid a commission of $25 for each ton of products sold in every shipment to the end customer, while the commission for the Buyer’s broker will be $10 per ton for the total amount sold to the end customer in each shipment

  1. PAYMENT OF BROKER’S COMMISSION:

The bank will pay the two brokers’ commission directly to their respective bank accounts at the same time the Bank releases the seller’s money of the shipment.

  1. TERM:

This Agreement shall remain in effect for a duration of 12 months, or until all obligations of the parties have been fulfilled.

  1. CONFIDENTIALITY:

The bank agrees to keep the identity of the brokers confidential and will not reveal their identity to the end customer or the seller. The bank will deal with the brokers as the sole trading partner of each side.

  1. DISPUTE RESOLUTION CLAUSE:

Any dispute or claim arising out of or in connection with this contract, or the breach, termination, or invalidity thereof, shall be settled through mediation. If the dispute cannot be resolved through mediation, the parties agree to submit the dispute to binding arbitration. If the dispute cannot be resolved through arbitration, then the parties may resort to litigation in the local courts of Kenya.

  1. TERMINATION:

This agreement may only be terminated by mutual agreement of both parties. No party shall have the right to terminate this agreement unilaterally. If either party wishes to terminate this agreement, they must first provide written notice to the other party of their desire to terminate. Following such notice, the parties shall meet to discuss the reasons for termination and to attempt to resolve any issues that may have arisen.

If the parties are unable to resolve their differences, then termination may be agreed upon in writing and signed by both parties. If a termination agreement is reached, the parties shall take all necessary steps to wind up the affairs of the agreement in an orderly and timely manner.

In the event that either party breaches this agreement, the non-breaching party shall have the right to seek all available remedies under applicable law. However, such remedies shall not include the right to terminate this agreement unilaterally.

  1. GOVERNING LAW AND JURISDICTION:

This Agreement shall be governed by and construed in accordance with the laws of Kenya. Any disputes arising out of this Agreement shall be settled in the local courts of Kenya.

  1. ENTIRE AGREEMENT:

This Agreement constitutes the entire understanding between the parties and supersedes all prior negotiations, discussions, and agreements between them.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first above written.

SIGNED by the parties:                                                     )

……………………………                                                            )______________________

(BANK NAMES – THE BANK)                                                  Signature

 

AND

 

……………………………                                                          )________________________

(YOOL COMPANY- YOOL COMPANY)                                   Signature

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