It is important that both the principal and or agent/distributor have clear written commercial terms agreed so that both parties know what to expect from the deal. Having no agreement in place and relying on oral terms can prove costly in terms of lost sales, commission and possible legal action. EU regulation imposes the Agency Directive where no agreement is in place. Paying commissions implies an agency relationship.
The Chamber offers a range of gentlemen’s or formal agreements for agents and distributors through to non-disclosure agreements etc.