COLDWELL BANKER PRIME PROPERTIES
SALARIED AGENT AGREEMENT
Coldwell Banker Prime Properties, Inc., a New York based corporation hereinafter called CBPP, and ______, herein after called Salaried Agent, in consideration of the mutual promises and undertakings made by each party and other good and valuable consideration, hereby agree to the following terms and conditions:
1. PURPOSE: Salaried Agent agrees to furnish services as described by CBPP and CBPP agrees to pay compensation therefore as described below during the term of this agreement.
2. JOB DESCRIPTION: The following are the duties and responsibilities of the Salaried Agent:
Complete Drive-by BPO’s
Complete Inventory BPO’s
Weekly occupancy checks
Weekly vacancy checks
Monthly status reports
Ads - Buyer’s Guide, etc.
Ordering sign installation
MLS input
Fact sheets
3. COMPENSATION: Salaried Agent shall receive an annual salary of $25,000 (Twenty-five thousand dollars) commencing ______. Additionally, Salaried Agent shall receive $50 for each closed unit.
$25,000 – Base
1,750 – 35 @ $50
$26,750
In addition to the $50 per closed unit, the following is additional compensation per closed unit:
If the BPO Variance is: Bonus
Less than 1% $ 400
Between 1.1% - 2% 300
Between 2.1% - 3% 200
Between 3.1% - 4% 100
More than 4.1% 0
Example:
35 @ $400 = $14,000 + $21,750 = $34,750
35 @ $200 = $ 7,000 + $21,750 = $28,750
35 @ $100 = $ 3,500 + $21,750 = $25,250
For every day that a BPO or monthly status report is late, $10 will be deducted
from that closing.
Salaried Agent is recognized as a full-time employee of CBPP and entitled to company benefits.
4. EXPENSES: In addition to the above compensation, CBPP will pay for:
License Renewal$ 50
Continuing Education$ 250
Business Cards$ 25
MLS Dues$ 500
Cell phone $50/month$ 600
5. PERSONAL BUSINESS: The agent can treat it as an “In-House” referral and take the 25% referral fee. Or, they can keep their personal business at a 60/40 split with a 25% referral fee going to Corporate Relocation Services.
6. NEW LEADS: If the agent brings in a new account, it will be treated in exactly the same manner as a corporate account.
7. NON-COMPETE CLAUSE: Salaried Agent covenants and agrees that for a period of two (2) years after the termination of this contract, he/she will not compete against CBPP in Albany, Columbia, Fulton, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Schoharie, Warren, or Washington counties in the third-party business, both Corporate and REO. Salaried Agent agrees that prohibited competition under this clause by the Salaried Agent or the company for which he/she works shall consist of soliciting any, or belonging to any, of the relocation/REO networks that CBPP has belonged to for the previous two years.
8. TERM: The term of this agreement shall be from ______to ______. This agreement shall be automatically extended for additional one-year terms unless either party gives written notice sixty (60) days prior to the end of the term. Salaried Agent shall have the right to terminate this agreement at any time by giving thirty (30) days written notice. If Salaried Agent gives written notice, CBPP shall have the option of effectuating the termination immediately upon receiving said notice or in the interim.
CBPP shall have the right to terminate this agreement with a thirty (30) day written notice. In the event CBPP gives notice of termination without cause, or discontinues the Salaried Agent position, the Salaried Agent is entitled to two (2) weeks base salary as severance pay. CBPP shall also have the right to terminate this agreement at any time without severance pay if Salaried Agent loses his/her real estate license, has his/her real estate license suspended, or if Salaried Agent is guilty of any act of dishonesty in performing his/her responsibilities, or if Salaried Agent commits an act involving moral turpitude such as to bring discredit and bad repute upon himself/herself and/or CBPP. What constitutes an act of moral turpitude sufficient to warrant termination shall be a matter within the sole discretion of CBPP, but shall without question, include being charged with a crime. In the event of termination for any reason, Salaried Agent shall be entitled to all earned commissions, including commissions due on pending sales which have not closed at the time of termination.
9. ENFORCEMENT OF THIS AGREEMENT: Should it become necessary for either party to enforce any or all parts of this agreement, the prevailing party shall be entitled to reimbursement of any and all legal fees.
IN WITNESS WHEREOF, the parties have duly executed this agreement under the terms and conditions stated above.
COLDWELL BANKER PRIME PROPERTIES, INC.
______
Vice President, Corporate Relocation Services Date
______
Salaried Agent Date