Contractor and Xxx Sample Clauses

Contractor and Xxx. Associates agree that all insurance business including accounts, commissions and rights concerning contracts of insurance secured, solicited and/or otherwise handled by Contractor are owned 50% by Xxx & Associates and 50% by the Controlling Contractor on an account once the Controlling Contractor has qualified as BDD. Taking policies written through Xxx & Associates and renewing or rewriting them through a different agency or directly through an insurance company apart from Xxx & Associates will be viewed as the Contractor’s desire to terminate this Agreement. In the event of termination of this Agreement by either party, Xxx & Associates shall retain first right of refusal for the purchase of the Contractor’s 50% ownership in policies produced by the Contractor. Xxx & Associates may exercise the right to purchase the Contractor’s 50% ownership by paying the Contractor 25% of the Agency Income on the accounts for as long as the accounts remain with Xxx & Associates. No ownership of accounts is afforded to Contractor until he or she has qualified as BDD. Ownership of an account extends only to the 50% for the Controlling Contractor and 50% to Xxx & Associates. Any controlled accounts that are abandoned, either voluntarily or involuntarily, by a Contractor who has not qualified as BDD, become the controlled accounts of the contractor immediately managing the controlled accounts.
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