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Sample Partial Preview
Company Name
Reseller / Residual Agreement
This Agreement is entered into as of
____________, by and between __________________("Reseller"), residing
at __________________________
and COMPANY NAME, a _____________
Corporation, with a principal place of business
located at________________________________
WHEREAS
COMPANY NAME is in the business of
_______________________________________________________________________________________
WHEREAS
COMPANY NAME engages the Reseller, to market COMPANY NAME’s
______________________________________________________________________________________
1.
COSTS/COMPENSATION/PROCEDURES
1.1
COMPANY NAME will provide the Reseller with
_________________________________. If the Resellers client opens a merchant
account with COMPANY NAME the cost of the software license is $125.00. The
Reseller will also receive residuals on merchant accounts that the Reseller has
brought to (COMPANY NAME). The residual payment will be a 80% – 20% split based
on (COMPANY NAME)’s net profit from the merchant’s credit card transaction
activity. 80% for (COMPANY NAME) and 20% for Reseller. The Reseller will
continue to receive residual as long as the merchant has their account with
(COMPANY NAME) and the Reseller is in good standing with (COMPANY NAME).
1.2.
Residuals shall be paid by (COMPANY NAME)
to Reseller within one and one half
(1 ½) months after the commissions are earned. Residuals need to total $60 or
more before (COMPANY NAME) will send Reseller their residual payment. At the
time of each payment, or monthly, (COMPANY NAME) will deliver to Reseller a
statement detailing the computation used by (COMPANY NAME) in arriving at the
compensation. Reseller will promptly examine all such statements, and will
notify (COMPANY NAME) in writing within 2 months of any error. Unless (COMPANY
NAME) is notified of an error within 2 months, (COMPANY NAME) shall have no
liability to adjust the amount of compensation owed. Commission checks are sent
out around the 25th of each month.
1.3.
(COMPANY NAME) shall maintain true and complete books of accounting containing
an accurate record of all that is necessary for the proper computation of
royalties. The Reseller shall have the right, through an independent
public accountant appointed by the Reseller and reasonably acceptable to
(COMPANY NAME), to examine such books at reasonable times, but not more than
twice per calendar year, for the purposes of verifying the amount of royalties
due the Reseller. The Reseller shall
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