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Finders fees are payments received for connecting clients with vendors for project work, established through a legal agreement that specifies a percentage of the vendor's billable fees. To set up a finders fee agreement, start with a conversation with the vendor about forwarding business they would not otherwise acquire. If they agree, collaborate with a lawyer or use downloadable contracts to define the terms, including the payment percentage, typically between 10% and 20%, the payment frequency (monthly, quarterly, or yearly), and the duration of the agreement. If the vendor declines, seek another willing partner.
