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Finders fees are payments made for referring work to others, typically based on a percentage of their billable fees for the project. To set up a finders fee agreement, initiate a conversation with the vendor and propose forwarding them business that you do not handle. If the vendor agrees, collaborate with a lawyer or use downloadable contracts to formalize the agreement. The contract should specify the fee percentage (usually between 10-20%), payment frequency (monthly, quarterly, or yearly), and the duration of the agreement. If the vendor declines, seek someone else willing to engage in such an arrangement.
