Agent Agreement

An Agent Agreement is a formal legal document that sets forth the terms and conditions of the relationship between a payment processing company (the Principal) and a sales agent.

This contract spells out the roles and responsibilities of each party, compensation arrangements, confidentiality obligations, dispute resolution procedures, and the conditions under which the agreement may be terminated.

The Agent Agreement is vital to the smooth operation of the relationship between the payment processing company and the agent. It defines:

  1. how the agent will sell and promote the company’s services
  2. how and when the agent will be paid
  3. how conflicts or issues will be resolved

The agreement also typically includes provisions protecting the payment processor’s proprietary information and prohibiting the agent from representing competing businesses.

Such agreements should be carefully reviewed and negotiated to ensure they are fair and equitable for both parties. Each party should fully understand their obligations under the agreement and the consequences of any breach of the agreement.

In most cases, it’s advisable for both parties to seek legal advice before entering into an Agent Agreement.