Common use of Commissions Upon Termination Clause in Contracts

Commissions Upon Termination. Upon termination, Salesperson’s share of commissions on any transactions where a sales contract exists but the transaction has not closed, shall, after the closing of such transaction, be paid to Salesperson in accord with the Salesperson Commission Schedule in effect at the time of termination. There shall be deducted from such share, how- ever, a servicing charge of $ or % of the amount of the listing and/or sales commission, whichever is higher. No commission other than for those properties on which an agreement has been signed and accepted in writing by the buyer and seller on or before termination shall be deemed earned by Salesperson, unless otherwise agreed in writing. Likewise, no commission resulting from the listing for rent, or the rental of property shall be paid to Salesperson following termination with the exception of commissions arising from leases fully executed prior to termination and to the extent that lease payments are received prior to termination. Salesperson shall not, however, share in the commissions payable in the future and based upon the lease options or lease payments not yet due and payable.

Commissions Upon Termination. Upon termination, Salesperson’s share of commissions on any transactions where a sales contract exists but the transaction has not closed, shall, after the closing of such transaction, be paid to Salesperson in accord with the Salesperson Commission Schedule in effect at the time of termination. There shall be deducted from such share, how- everhowever, a servicing charge of $ or % of the amount of the listing and/or sales commission, whichever is higher. No commission other than for those properties on which an agreement has been signed and accepted in writing by the buyer and seller on or before termination shall be deemed earned by Salesperson, unless otherwise oth- erwise agreed in writing. Likewise, no commission resulting from the listing for rent, or the rental of property shall be paid to Salesperson following termination with the exception of commissions arising from leases fully executed prior to termination and to the extent that lease payments are received prior to termination. Salesperson shall not, however, share in the commissions payable in the future and based upon the lease options or lease payments not yet due and payable.