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Overview of brokerage contract for web based business.

Customer Question

Attachment: 2013-10-11_020226_representation_and_engagement_agreement_-_realviews4u_2.pdf


I am selling my web based business through the use of a broker. The broker has presented me with a small (2) page representation agreement which I would like to have looked over for me. If you can give a brief overview of what all it will entail for me such as my rights in this agreement etc. 

Submitted: 1 year ago.
Category: Business Law
Expert:  Thelawman2 replied 1 year ago.

Thelawman2 :

Thank you for your question, let me review

Thelawman2 :

First, the broker would not be able to disclose the purchase price paid for your web-based business (but this does not mean that the other party purchasing your website couldn't disclose it)

Thelawman2 :

The broker will have 90 days to initiate a sale and this is an exclusive agreement. So even if you find someone else to sell the website, you would still need to pay the broker. And if the broker finds someone, this 90 days is extended until the sale is actually complete

Thelawman2 :

You can reject any offer that you do not like though.

Thelawman2 :

The broker will be paid 15% commission

Thelawman2 :

If you were going to bring a lawsuit against the Broker, you could only do so in an English court. However, if the Broker wanted to sue you for some reason, he could bring it in any court (court would still need to have jurisdiction over you)

Thelawman2 :

And finally, each of you will be responsible for your own expenses

Customer:

Thank you for the response. My other question is if the broker was to sue me would it be my court of law? I was unsure if this means all disputes would have to be dealt with in the English courts.

Customer:

And lastly, I just want to make sure that the only commission/fee's listed in this agreement is the 15% commission. (Was unsure about the "expenses" part.)

Thelawman2 :

The only commission is the 15%. The expenses part means you wouldn't be responsible for his expenses and he wouldn't be responsible for yours. And if he sues you, it can be brought in any court that he wants, as long as the court is able to hear the case based on the types of cases and the people the court has jurisdiction over

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Customer: replied 1 year ago.

Quick Questions for you regarding this agreement. Sorry for such a late response but is there anything in this agreement that would force me into selling? Or do I retain my right to decline any offer? Thanks again.

Expert:  Thelawman2 replied 1 year ago.
You have total control over whether you want to accept or reject an offer based on provision 3.5.

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