Draft Common Frame of Reference:IV. E. — 3:312 Amount of indemnity

Draft Common Frame of Reference

IV. E. — 3:312 Amount of indemnity

Geldend

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(1)

The commercial agent is entitled to an indemnity for goodwill on the basis of IV. E. — 2:305 (Indemnity for goodwill) amounting to:

(a)

the average commission on contracts with new clients and on the increased volume of business with existing clients calculated for the last 12 months, multiplied by:

(b)

the number of years the principal is likely to continue to derive benefits from these contracts in the future.

(2)

The resulting indemnity must be amended to take account of:

(a)

the probable attrition of clients, based on the average rate of migration in the commercial agent's territory; and

(b)

the discount required for early payment, based on average interest rates.

(3)

In any case, the indemnity must not exceed one year's remuneration, calculated from the commercial agent's average annual remuneration over the preceding five years or, if the contractual relationship has been in existence for less than five years, from the average during the period in question.

(4)

The parties may not, to the detriment of the commercial agent, exclude the application of this Article or derogate from or vary its effects.

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