* Independent Contractor Agreement
INDEPENDENT CONTRACTOR AGREEMENT PREMIER BROKERS INTERNATIONAL, INC. ("Broker") and ___________________________________________________ (Print Contractor Name) “Contractor or Agent”, who will do business as a: ______ Sales Associate _______ Broker-Sales Associate, hereby agree as follows: 1. Independent Contractor Status - Contractor agrees to work for Broker as an Independent Contractor, and not as an employee, however, Contractor understands that Broker is legally accountable for the activities of the Contractor. All costs and obligations incurred by Contractor in conducting his/her independent business shall be paid solely by Contractor, who will hold Broker harmless from any and all costs and obligations. Contractor will act independently as to the management of his/her time and efforts, and will be responsible for timely payment of all of their own expenses, such as industry association dues, licensing renewals, pagers, cellular telephones, etc., as they are incurred. Contractor understands and agrees that, because Contractor is an Independent Contractor and not an employee of Broker. Broker will not withhold any Federal or State Income Tax, Social Security (FICA) or Unemployment (FUTA) taxes from Contractor's commissions paid. Contractor is personally responsible for paying any and all Federal and State Income. Social Security and other taxes, and for maintaining all expense records as required by law, and represents to Broker that all such amounts will be withheld and paid when due. Contractor shall indemnify and hold Broker harmless from any liability or costs thereof. Contractor further understands and acknowledges that Broker provides no Workman's Compensation coverage. Contractor hereby specifically waives such coverage and represents to Broker that he/she understands that, if Contractor desires such coverage, Contractor must personally obtain such coverage directly from the State of Florida or an insurance carrier of Contractor's choice, at Contractor's sole expense. 2. License & Realtor Status - Contractor is and shall remain licensed and in good standing with the Florida Department of Professional and Business Regulation, throughout the term hereof. If not currently a Realtor®, Contractor will, within 10 days of the date of this contract, become a member of an approved Association of REALTORS® and will adhere to the REALTOR® Code of Ethics and the Multiple Listing Service Rules and By-Laws. Contractor will always conduct him/herself in full compliance with the Statutes of Florida and the Rules and Regulations of the Florida Real Estate Commission and in a way, which reflects the high standards of the Broker. Commissions and Fees - As commissions are earned through the efforts of Contractor of any and all such commissions will be promptly paid to Contractor by Broker, less any amount owed to Broker at closing, with receipt and processing of all required paperwork by Agent. Agent is expected to complete all aspects of the transaction without assistance of the Broker. Should the Broker be engaged by the Agent to assist the Agent in any transaction, Broker shall be entitled to an additional commission. Any Agent found to lack fundamental experience/skills will be subject to additional fees should Broker(s) get involved at any level during a Transaction. The minimum charge will be double the Transaction fee and may go up to 50% of commission based on the level of assistance by Broker required by the Agent. An Agent may be relieved of their transactions for cause, may forfeit their commission to the brokerage and may be immediately terminated. Broker will immediately advise Agent should any circumstances arise where Broker involvement is required. 3. Payment of any and all commissions is subject to Broker receiving complete sales file, final walk through form is due within 48 hours of closing and is not required to be paid at closing. Any commission not paid at closing will be made within 48 hours after complete file submission and successful closing by agent. Payment subject to clearance of checks. (All fees due the Broker must be included on the transaction’s Closing Statement and paid through the close of escrow unless waived in writing by the Broker.) 4. Transaction Defined - For purposes of this Agreement, the term "transaction" shall be defined as the closing and disbursement of funds following the sale of real estate, or the execution by all parties of a lease, where a commission is paid to Broker as a result of the efforts of Contractor/Agent. Contractor/Agent with both sides of a transaction will pay a transaction fee for each side in accordance with the program choice outlined below. Contractor agrees that Broker has the right to hold and/or apply any commissions owed to Contractor, as may be necessary to pay for or secure any obligations of Contractor hereunder. (Page 1 of 4) Broker Initials ( ) Agent Initials ( ) In consideration of the foregoing, Contractor will pay Broker as follows: • $299 Transaction fee (per side) on all residential sales up to $2.5 million*. Premier Brokers International, Inc. charges its Buyers and Sellers at closing for regulatory compliance and document storage fees. Florida Statute 475.5015 requires real estate brokerages in Florida to store documents for a minimum of 5 years. Should Buyer and/or Seller refuse or are unable to pay the fee, Agent shall pay the fee to Broker at Closing, which is in addition to the $299 Transaction Fee (per side). The current fee is $395 and is subject to change. Agent shall comply with any future fee increases. • Transaction fee on all rentals shall be 10% commission to Broker with minimum fee of $50. • All “Out-bound” referrals by Agent, Retained Deposits from listing agreements or purchase contracts and Advanced Commissions/Compensation will be split 90% to Contractor/Agent and 10% to Broker. Any commissions paid to Agent by Broker must be deposited within 48 hours of receipt. Any un-deposited or unclaimed commissions are subject to the following Administrative fees; 20% after 30 days, 50% after 60 days, 100% after 90 days. Broker shall be entitled to 50% of any disputed commission where Broker involvement is required to retrieve the commission from another party. Broker shall charge $300 per hour for re-imbursement of any legal fees incurred to collect disputed commissions. *CONTRACTOR/AGENT SHALL PAY AN ADDITIONAL TRANSACTION FEE OF $1,000 PER MILLION TO BROKER FOR ALL SALES OVER $2.5 MILLION. AGENT SHALL PAY ANNUALLY FOR THE LEGAL DEFENSE FEE WHICH IS SUBJECT TO CHANGE EACH YEAR, IS NOT PRORATED BASED ON DATE OF HIRE AND IS DUE EACH JUNE 1st. COMMERCIAL Sales Commissions: Contractor/Agent may engage in Commercial Transactions ONLY if they have the experience necessary to complete the transaction. Contractor/Agent will pay Broker 10% of the total commission earned by Agent at closing plus any other incurred expenses by Broker including, but not limited to, Attorney fees. Commercial sales include commercial land sales, sale of businesses, residential properties of 5 units or more and any other non-residential sales. 5. Occupational License Fee - If required for Real Estate Broker to obtain an Occupational License for the office, Agents may be required to obtain occupational License for themselves as well. Agents will submit all necessary documents and pay all required fees for their Occupational License to the Municipality on a timely basis. 6. Obligation - Contractor acknowledges that MLS, Local Board and State fees are a legal obligation and agrees to make timely payments as agreed to. 7. Errors & Omissions and other Insurance - The Errors and Omissions Insurance carrier and other insurance providers shall be chosen at Broker's discretion. Contractor understands that they are responsible for payment of deductibles, (subject to change without notice), immediately upon request by Broker, for any claim made or settled. Should a claim against any policy held by Broker/Company be denied for any reason, Contractor shall be solely liable for any and all monies due and payable that may arise from any claim against the Contractor, including but not limited to awards, judgements, attorneys fees, court/arbitration expenses etc. Agent is solely responsible to immediately pay upon demand by Broker any portion of policy deductibles not covered by the Legal Defense Fee. Each Agent should secure their own E&O Policy to protect their actions that do not pertain to Broker’s involvement. Contractor shall immediately notify Broker of any circumstances likely to give rise to any kind of claim or complaint against Contractor and/or Broker. In the event of a claim, lawsuit, license complaint or Arbitration demand which is not wholly covered by insurance, Broker may withhold from above mentioned Contractor's pending commissions payable, an amount adequate to satisfy any amounts not covered by insurance and/or deductibles, which Broker shall use to pay expenses for said claim and/or place in its Claims and Disputes Retention Account, pending settlement or other disposition of the matter. Broker may, in Broker's sole discretion, apply such sums as necessary to settle or to satisfy any such claim or award, and Contractor agrees to cooperate fully in this regard. Contractor understands that, from time to time, the Broker may deem it necessary to obtain legal consultation concerning one of Contractors transactions, Contractor agrees to reimburse and indemnity Broker for any Attorney's fees reasonably incurred by Broker to obtain legal advice concerning such transactions(s). (Page 2 of 4) Broker Initials ( ) Agent Initials ( ) 8. Hold Harmless - As a material provision of this agreement, Contractor agrees that, for all actions that Contractor does during his/her contractual relationship with Broker, Contractor will forever indemnify and hold harmless Broker, their heirs, successors, spouses and assigns, from any and all claims, complaints, causes of action, Realtor® arbitration demands, damages and liabilities of every kind whatsoever, whether known or unknown, including without limitation of any action, omission, negligence or any other basis of liability or complaint, in any forum, brought by any third party against PREMIER BROKERS INTERNATIONAL, INC.. No action or complaint arising out of a real estate transaction or compensation in which Broker was involved may be brought by Contractor before anybody, against Broker or any third party, without prior written consent of the Broker. If the Broker initiates any litigation or arbitration action on behalf of the Contractor or if the Broker must defend any action of the Contractor in litigation or arbitration, Contractor will pay all related fees, including but not limited to, filing fees, court costs and legal fees. 9. Responsibility - Broker will not be liable to Associate for any expenses incurred by Associate nor for any of Associate’s acts. Associate will have no authority to bind Broker by any promise or representation, oral or otherwise, unless specifically authorized in writing in a particular transaction. Suits, whether for fees or otherwise, against clients, customers and others in the real estate business will be maintained only in Broker’s name. Associate is responsible for providing all tools necessary to perform the duties outlined. Associate will also be responsible for providing Associate’s own automobile and is responsible for transportation expenses including insurance in the minimum coverage amount of; $100,000/$300,000 for personal injury protection liability and insurance in the minimum coverage amount of $100,000/$300,000 for bodily injury liability and insurance in the minimum coverage amount of $50,000 for Property Damage liability and other expenses incidental to performing Associate’s duties without receiving any Re-imbursement from Broker. Broker will be named as an additional insured in all such policies. 10. Indemnification. Associate will indemnify and hold Broker, its officers, directors and employees harmless from all claims, demands, suits, costs and expenses, including reasonable attorneys’ fees at all levels, of whatever nature and description to the extent based on Associate’s representations; acts; omissions; negligence; willful misconduct; or violation of laws, rules, regulations, codes of ethics, this Agreement or office policy manual. 11. Protection of Contractor's Listings and Contracts: In the event that Contractor terminates his/her contractual relationship with Broker for any reason any and all listings obtained through the efforts of Contractor during the term of this Agreement shall be transferred to Contractor or to Contractor's new employing broker, on Contractor's behalf without penalty. All Pending and Contingent contracts must be closed with PREMIER BROKERS INTERNATIONAL, INC.. Commissions earned and paid on all sales contracts completed prior to the Contractor's termination will be disbursed to the Contractor in compliance with the commission plan in effect at the time the contract was executed. Any contract that needs to be completed by Broker will be at a minimum 50/50 commission split. However, Contractor specifically agrees to continue to complete all work and fully cooperate with Broker as necessary to resolve any transactions, claims or disputes which are pending at the time, or which arise after Contractor's contractual relationship with Broker terminates and Contractor shall indemnity and hold Broker harmless from all such matters. Any such transfer of listings and/or disbursement of commissions are conditioned on the Contractor having any and all dues, fees and expenses owing to Broker paid in full. 12. Termination Of Agreement - This Agreement may be terminated immediately by Broker for cause, or upon three-calendar day’s written notice by Broker or Contractor. Contractor agrees that a violation of any of Contractor's obligations hereunder shall constitute cause for immediate termination of this Agreement. In the event this Agreement is terminated by Broker for cause, Contractor agrees that any ongoing obligations of Contractor hereunder shall survive the termination of this Agreement. 13. Mediation Of Disputes - In the event of a dispute involving two or more contractors, all of whom are licensed with PREMIER BROKERS INTERNATIONAL, INC., Contractor authorizes the Designated Broker for PREMIER BROKERS INTERNATIONAL, INC., sole and absolute discretion in resolving said dispute. Contractor agrees to abide by the decision of the Designated Broker. Contractor also agrees to hold harmless and indemnify PREMIER BROKERS INTERNATIONAL, INC.. and its Designated Broker against any claim, action or lawsuit of any kind and from any loss, judgment, or expense, including, but not limited to, attorneys' fees arising from or relating in any way to the resolution of said dispute. (Page 3 of 4) Broker Initials ( ) Agent Initials ( ) 14. Operating as a P.A. (Optional) – ______ Contractor will do business as a P.A. having a legal name of ________________________________________________ which is a legal entity formed in the State of ____________________________________________________________________ having an address at ________________________________________________________________________________________ under Federal Tax ID _______________________________________________________________________________________ Contractor represents that they have the authority to bind the corporation and its partners, if any, to the terms and conditions of this Agreement and that the P.A. has or will have E&O and other insurance policies needed to conduct business as a P.A., as Premier’s policies may not cover the P.A. and it’s members/shareholders. 15. Contractor will, for any reason, not take any legal action against Broker in any court. Contractor and Broker shall enter into Arbitration for any and all disputes between Broker and Contractor. The undersigned agree to the terms and conditions set forth above and acknowledge receipt of a copy hereof. Broker: PREMIER BROKERS INTERNATIONAL, INC.. ______________________________________________ _______________ Brokers Signature Date Contractor/Agent: _________________________________________________________ Print Name _____________________________________________ _______________ Contractor/Agent Signature Date Social Security #: ______________________________________________________ Real Estate License #: __________________________________________________________________ (Page 4 of 4) Exp Date: ___________
