This AGENCY AGREEMENT made between (Applying Agent) and PENNEK NIGERIA LIMITED, a body registered under Part A of the Companies and Allied Matters Act, Cap C20, Laws of the Federation of Nigeria, and having its registered Office address at Royal Office Building, 2nd Floor, KM 20 Lekki-Epe Expressway Ajah-Lekki peninsula, Lagos State (Principal) on the other Part HEREBY APPOINTS (Agent) in accordance with the terms of this Agreement :
A. The agency relationship in respect of the property shall be a single agency, and shall perform his duties in person and cannot appoint a sub-agent to do what he was pointed to do.
B. The Agent must have notified the management in writing and signed the agency agreement before commencing any negotiations and sale on behalf of the management.
C. The management does not authorize the agent to collect the money paid by the client into his personal account; all such monies must be deposited directly into the authorized accounts of the management.
D. The Agent must act with the Principal’s best interests in mind: the agent cannot act in a way that would harm the Management or the company’s property
E. The Agent must exercise reasonable care and skill and keep confidential any information obtained while performing agency duties.
F. The Agent must disclose all material facts relating to the business at hand.
A. The Agent shall be paid a total of 3% -5% of the proceeds from the sale of land, (such variance shall be dependent on if the Agent’s Client gets a discount) and 3% – 5% (such variance shall be dependent on if the Agent’s Client gets a discount) for the sale of any Buildings. With respect to Buildings the commission shall be paid on the result after deduction of statutory fees.
B. The above stated commission is subject to review upon an increase or decrease.
C. All cost incurred during the sale of the company’s Property by the Agent shall be borne by the agent. All such cost includes but are not limited to transportation for site visitation and call credits used for communication with the client.
D. The Agent shall conform to the advertised price of the company.
The Principal will not indemnify the agent or any third party for any loss or damage arising from the actions of the agent in course of any transaction on behalf of the Principal.
The Agent agreement will be terminated by the consent of both parties.