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This Irrevocable Master Fee Protection Agreement covers the initial Contract and shall include any renewals, extensions, rollovers, additions or any new or transfer Contract any how originated from this transaction because of the above Intermediaries or changing codes of the initial Contract entered into between the
Irrevocable fee protection agreement - Wikipedia.
The Master Fee Protection Agreement diligently drawn by us helps protect the interests of the Intermediary in a transaction like that and defines the relationship, terms and conditions for its continuance thus objectively satisfying the purpose and reasons, for the parties concerned.
One of them is called I.C.C. 400/500/600. These documents are circulating without ICCs consent and without relation to any ICC work or mission, and have been the subject of ICC warnings during the past years. You should not rely on such documents for your business or personal activities.
The purpose of the IMFPA is to establish a clear and legally-binding agreement between the parties involved in the transaction. It outlines the percentage of the fee or commission that each party is entitled to receive, as well as any other terms and conditions that need to be met in order to receive payment.
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The IMFPA (Irrevocable Master Fee Protection Agreement) is a type of contract used in international trade to protect the fee (commission) of the intermediary (broker) who mediates in transactions, mainly for the purchase of commodities or merchandise negotiated in bulk such as food, raw materials, minerals, etc.
It basically means that both parties must commit something of value to the agreement. This can consist of giving money, such as a deposit, or of making a promise to pay money or to perform a certain act. In most situations, the promises and obligations of the two parties are sufficient consideration.
Enter the Non-Circumvention, Non-Disclosure Agreement (NCNDA) and the Irrevocable Master Fee Protection Agreement (IMFPA)two essential tools that can make all the difference in your brokerage business.