The Committee remains strongly committed to the inclusion of an arbitration clause in all agency contracts. The inclusion of an arbitration clause is that it provides a fair and objective means of settling disputes arising from the treaty. In short, it makes other data protection measures useful and makes the Treaty work. It also encourages good faith efforts to resolve disputes in order to avoid arbitration and possible disputes. The following determination is recommended. The company should also take responsibility for informing policyholders of the intention not to renew the policy after the agent`s termination. However, the content of this letter is very important for the agent`s future relationship with his policyholders. Poorly worded communication can create confusion and mistrust. We recommend that the company and the representative agree on the text of the communication to be used, subject to legal requirements. mutual agreement on performance targets and concrete deadlines to achieve them; any infringement of intellectual property by the agent on the basis of software provided by the company; And as sales, mergers and acquisitions are more and more daily in the world of the independent agent, the agent has more problems.
The written rehabilitation plan would not be included in the agency contract, as it would vary depending on the circumstances. However, all reorganization agreements should include the following: while many agreements allow the company to terminate the contract for one reason or another, the Panel is of the view that the company should agree not to terminate the agent due to the volume of activity or the mix of the transaction, unless the company has previously informed the agent of its requirements in writing. The company should also give the agent sufficient time to meet these requirements and should agree not to terminate the agent if its underwriting transactions prevent the agent from meeting the requirements. Provision (B) is extremely important because it ensures that the agency`s name is prominently displayed on all communications from the company to the insured. In the absence of such protection, the agent`s relationship with the insured could be seriously compromised. Provision (a) recognizes that the contract is an agreement between two contracting parties and that, before modifying the terms of the agreement, each will negotiate in good faith with the other and agree on the modifications to be made. This provision clearly shows what was implicit – the duty of good faith that was imposed on each party to negotiate with the other on an individual basis. It is an important principle that the agent should ensure that it is written into his contract. The company exempts the agent from any liability, including attorneys` and investigation fees and defence incidents arising out of or related to: Companies uniformly request notification of the agent`s intention to sell, assign or transfer its agency, and the Committee recommends that notification be made where reasonably possible.
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