Common use of COMMISSION TERMS Clause in Contracts

COMMISSION TERMS. 6.1 Commission shall become due when You receive the premium from Your Client. Where Commission is payable to You, such will be done in monthly arrears provided that the sum due in any given month exceeds £20, with lesser sums accruing for payment in subsequent months. 6.2 Citybond reserves the right to change Your pre-agreed Commission structure subject to thirty (30) days’ prior written notice. 6.3 Where Citybond agree or are required to return any part of the premium to Your Client, You will immediately repay the equivalent proportion of Commission to Your Client. 6.4 Unless otherwise agreed in writing, Citybond reserves the right to offset any monies due from You against any Commission or other payment due from Citybond to You on any account whatsoever. 6.5 In the normal course of business, it may be necessary for Citybond to place certain risks on an ad hoc or individual basis with Insurers. If such occasions should arise, You will be advised of the terms and Commission levels at quotation stage and prior to inception of cover.