Factoring Broker Agreement Terms and Conditions

This Broker Agreement (“Agreement”) is made by and between Summar Financial, LLC whose business address is 2299 SW 27 AVE., Miami FL 33145 (“Factor”), and Broker.

1. Term: This Agreement will become effective on the date of the first referral´s submission and will continue in effect until terminated as provided hereinafter.

2. Services: Broker agrees to solicit new prospective commercial clients for Factor, and to provide completed initial document packages for Factor’s evaluation and possible acceptance in accordance with Factor’s instructions to Broker and the terms and provisions of this Agreement.

3. Relationship: The parties agree that the relationship of Broker to Factor shall be that of an independent contractor. All parties recognize that this Agreement is non-exclusive and in keeping with an ‘arm’s length’ relationship.  Without Factor’s prior written consent, Broker shall have no authority to bind Factor in any manner whatsoever. Broker, its employees, Broker’s agents, and their employees shall not be considered employees of Factor in any way, or for any purpose.

4. Compensation: Factor will pay to Broker referral fees for any and all referred prospects who ultimately utilize Factor’s services, and subject to ALL of the following conditions: (I) Referred prospect has not previously been contacted by a Summar Financial staff member or by another broker or referral party or previously factored with Summar Financial; (II) Summar Financial and such referred prospect both execute a factoring agreement (“Factoring Agreement”); (III) Summar Financial purchases accounts from such party referred by Broker (“Client”) (purchase shall be evidenced by issuance of payment by Summar Financial to or on behalf of the Client for said accounts). The following commission methodology will apply:

• Factor will remit to Broker a commission equaling 10.00% of the gross charges (excluding late charges) retained by Factor as earned fees throughout its relationship with any Client referred by Broker.
• Such commission shall not be deemed earned by Broker until Factor’s fees are actually received and cleared from the referred Client. Factor will provide to Broker a monthly accounting and fee check within 10 days of the conclusion of each month. Such payment will include Broker’s commission for each Factor/Client transaction successfully concluded during the preceding month.

5. Termination: Notwithstanding anything herein to the contrary, either party may terminate this Agreement at any time by providing thirty (30) days prior written notice to the other party; however, Factor’s obligation to pay broker as indicated in Section 4 above shall continue.

6. Florida law/venue: This Agreement was negotiated and entered into in the State of Florida and shall be governed in all respects by the laws of Florida, without giving effect to the principles of conflict of laws. Jurisdiction for any legal actions between the parties arising under this Agreement shall reside exclusively with the state and federal courts of the State of Florida, Venue for any such actions shall lie in the City and County of Miami.