REIQ Best Practice Guidelines v03.23 - Flipbook - Page 75
i.
what amount of commission the
Member Business Broker is entitled to;
(a) Member Business Brokers may arrange a stock
take of a business on behalf of the Client, if
instructed by the Client.
ii.
(b) Member Business Brokers must ensure they
have disclosed any rebates, discounts or other
benefits they receive from referring the Client
to such services in Part 8 of the PO Form 6.
how the Member Business Broker
proposes to take the commission (if
they hold a deposit or if an invoice
shall be issued);
iii.
confirming the grounds under which
the Member Business Broker is entitled
to the commission and authorised to
take the commission (as set out in the
PO Form 6); and
iv.
giving the Client reasonable time to
provide their response before the
Member Business Broker will take
further steps to take their commission.
19. STOCKTAKES
20. ENTITLEMENT TO COMMISSION
(a) Member Business Brokers are entitled to their
commission as stated in the PO Form 6 if they
have used the REIQ Schedule Essential Terms
and are the effective cause of sale of the
Business, and:
i.
a contract for sale is completed; or
ii.
if the Client defaults under the contract
for sale and it is terminated by reason
of that default; or
iii.
if the contract of sale is not completed
and the whole or part of the deposit is
forfeited; or
iv.
the contract of sale is terminated by
mutual agreement between the Client
and buyer.
(c) If the Member Business Broker does not
receive a response from the Client by the
stated time or if the Client does not provide a
valid reason for their dispute in the Member
Business Broker’s opinion, the Member
Business Broker should seek legal
advice about what further action they
can take.
(d) If there is a dispute as to whether the Member
Business Broker was the effective cause of sale,
the Member Business Broker should contact
the REIQ for practice advice or obtain
independent legal advice.
(b) If a Client disputes a Member Business
Broker’s entitlement to their commission, the
Member Business Broker should send a notice
to the Client within 5 business days, stating:
REIQ BEST PRACTICE GUIDELINES
V08.23
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