Common use of Commission Statements Clause in Contracts

Commission Statements. MGA shall issue commission statements to the AGENCY or AGENT by the 15th of each calendar month detailing the AGENCY's or AGENT's policy and commission activity for each line of CARRIERS BUSINESS for all policies issued during the previous calendar month where commissions are payable. The statements shall include identification of the policies issued or renewed, commissions earned, and the amount due the AGENCY or AGENT (or amounts due MGA or otherwise withheld by MGA). AGENCY's or AGENT’s failure to pay any amount due MGA pursuant to such commission statements may result in immediate termination of this AGREEMENT by MGA. MGA will also have the right to offset any such amounts owed by AGENCY or AGENT against future amounts owed by MGA.

Commission Statements. MGA shall issue commission statements to the AGENCY or AGENT by the 15th of each calendar month detailing the AGENCY's or AGENT's policy and commission activity for each line of CARRIERS BUSINESS for all policies issued during the previous calendar month where commissions are payable. The statements shall include identification of the policies issued or renewed, commissions earned, and the amount due the AGENCY or AGENT (or amounts due MGA or otherwise withheld by MGA). AGENCY's or AGENT’s failure to pay any amount due MGA pursuant to such commission statements may result in immediate termination of this AGREEMENT by MGA. MGA will also have the right to offset any such amounts owed by AGENCY or AGENT against future amounts owed by MGA.