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Finders fees involve compensation for referring work to others through a legal agreement that stipulates payment as a percentage of the referred party's billable fees. To set up a finders fee agreement, begin by discussing the opportunity with the vendor you wish to work with, expressing your intent to forward business they wouldn't have otherwise found. If they agree, collaborate with a lawyer or use downloadable contracts to establish the agreement's terms, including the payment percentage (typically 10-20%), the frequency of payments (monthly, quarterly, or yearly), and the duration of the agreement. If the vendor declines, seek another willing participant.
