DUTIES, OBLIGATIONS AND LIMITATIONS OF AUTHORIZED SELLING FIRM Sample Clauses
This clause defines the specific responsibilities, permitted actions, and restrictions placed on the authorized selling firm within the context of the agreement. It typically outlines what the selling firm is required to do, such as adhering to sales procedures, maintaining compliance with relevant laws, and representing products accurately, while also specifying actions they are not allowed to take, like making unauthorized commitments or misrepresenting the company. By clearly delineating these duties and limitations, the clause helps prevent misunderstandings, ensures compliance, and protects both parties from potential liability or unauthorized actions.
DUTIES, OBLIGATIONS AND LIMITATIONS OF AUTHORIZED SELLING FIRM. Beginning on the Effective Date, Authorized Selling Firm will faithfully perform all of Authorized Selling Firm's duties within the scope of the agency relationship created under this Agreement to the best of Authorized Selling Firm's knowledge, skill, and judgment. As Authorized Selling Firm, Agency and Broker-Dealer shall be jointly and severally responsible and liable to RiverSource for the faithful performance of all obligations and duties except those that this Agreement specifically identifies as duties of Broker-Dealer. Authorized Selling Firm's duties shall include, but not be limited to the following:
DUTIES, OBLIGATIONS AND LIMITATIONS OF AUTHORIZED SELLING FIRM. Authorized Selling Firm will perform all of Authorized Selling Firm's duties within the scope of the agency relationship created under this Agreement. Authorized Selling Firm's duties shall include, but not be limited to, the following:
4.1 Authorized Selling Firm will be responsible for managing and supervising Producers, including licensed assistants, in selling Company Products;
4.2 Authorized Selling Firm may recruit additional Producers to sell under the supervision of Authorized Selling Firm and to perform telephone transactions for any Contract owner prior to being appropriately registered with the NASD as a representative of the Broker-Dealer;
4.4 Agency shall be responsible for the preparation and submission of licensing forms and the assurance that all Producers recruited by Authorized Selling Firm are appropriately licensed as insurance agent in the state(s) where such Producers will solicit and sell Products. Broker-Dealer shall be responsible for the preparation and submission to the NASD of representative registration forms and the assurance that all Producers and licensed assistants are and remain registered as representatives of Broker-Dealer with the NASD. Authorized Selling Firm shall be responsible for investigating the character, work experience and background of any proposed Producer, in accordance with applicable rules and regulations, and upon request will provide Company with copies of such investigations. Authorized Selling Firm shall recommend Producers for appointment with Company, but Company shall retain sole authority to make appointments and may, at its discretion, refuse to permit any Producer to solicit contracts for the sale of the Products; provided that Company will notify Authorized Selling Firm of any such refusal in a timely manner. Company shall be responsible for the preparation and submission of appointment forms and the payment of appointment fees in those states that require the Company to appoint Producers;