We may amend this Agreement from time to time as the need arises, to account for developments under the laws, or any other reasonable cause. Any amendment will only become effective upon your notification by email or by posting on our platform.
TO BE PROVIDED TO BROKERSPACES
Broker agrees to provide the following to Brokerspaces:
· Scanned copy of PRC ID
· Scanned copy of Valid ID
DUTIES AND OBLIGATIONS OF THE PARTIES
Brokers may only post listings and requirements in which he is DIRECT only.
· Brokers agree to update listings by way of removing listings that are already sold and/ or no longer available.
· Listings must be at their Gross price.
· Brokers shall be responsible for uploading and updating their own listings and requirements in the Brokerspaces platform.
· Only direct listings can be uploaded. This also includes requirements which must be direct requirements from buyers.
· The listing submitted must have an Authority to Sell and the basic documents namely, photocopies of TCT, Tax declaration and vicinity map/lot plan that a listing broker can provide the selling broker upon request.
· Selling Broker warrants that he/she has pre-qualified his Client for the property inquired so as not to waste Listing Broker's time.
· Listing Broker must be ready to reply to Selling Broker and share Listings information should there be matching requirements.
· Listing Broker warrants that he/she has verified all documents of all properties For Sale or For Lease he will list and that such properties have titles that can be readily be transferred to the Buyer's names or that the property is not "subleased".
· Listing Broker warrants that he has proper Authority to Sell or Authority to Lease for properties posted and must be ready to show such Authority to any cooperating broker, when requested if sale or lease is imminent.
The Commission arrangement are as follows:
· Sales Transaction - Standard five percent (5%) of gross selling price but in no case lower than three percent (3%)
· Lease Transaction - Minimum of one (1) month's lease payment for every 1 year
· Commissions shall be Shared 50-50% basis between the Listing and Selling Brokers
CONFIDENTIALITY AND DURATION
Non Disclosure of Confidential Information:
· Agreement Not to Disclose
Brokerspaces agrees not to use any Confidential Information (as defined below) disclosed by Broker for Brokerspaces’s own use or for any purpose other than to carry out discussion concerning and the undertaking of the Services. Brokerspaces agrees to take all reasonable measures to protect the secrecy of and avoid disclosure or use of Confidential Information of Broker in order to prevent it from falling into the public domain or the possession of persons other than agents of the Broker or persons to whom Broker consents to such disclosure. Upon request by Broker, any materials or documents that have been furnished by Broker to Brokerspaces in connection with the Services shall be promptly returned by Brokerspaces to Broker.
· Definition of Confidential Information
“Confidential Information” means any information, technical data or know-how (whether disclosed before or other that date of this Agreement), including, but not limited to, information relating to business and product or service plans, financial projections, customer lists, business forecasts, sales and merchandising, human resources, patents, patent applications, computer object or source code research, inventions, processes, designs, drawings, engineering, marketing or finance to be confidential or proprietary or which information would, under the circumstances, appear to a reasonable persons to be confidential or proprietary. Confidential Information does not include information, technical data or know-how that : (i) is in the possession of Brokerspaces at the time of disclosure, as shown by Brokerspaces’s files and records immediately prior to the time of disclosure, or (ii) becomes part of the public knowledge or literature, not as a direct or indirect result of any improper inaction or action of Brokerspaces. Notwithstanding the foregoing, Brokerspaces may disclose Confidential Information with the prior written approval of the Broker or pursuant to the order or requirement of a court, administrative agency or other governmental body.
· Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the Republic of the Philippines
This Agreement may be executed in separate counterparts, with the same effect as if the parties had all signed the document. All counterparts shall be construed together and shall constitute one document
This Agreement may be modified and/or amended at any time by the signatories, through a written communication. Any amendment, alteration or modification of this Agreement shall be valid unless and until reduced in writing by both parties.
· Term and Termination
This Agreement will become in effect on the Effective Date and will remain in effect until terminated as provided in this Agreement.
Termination. Either Party may terminate this Agreement, with cause, upon thirty (30) days prior written notice to the other Party.
Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by Arbitration (according to Philippine Dispute Resolution Rules) through the appointment of 3 mutually acceptable Arbitrators/Brokers whose majority decision shall be final, executory, and binding to the Parties.
LIMITATION OF LIABILITY
Brokerspaces nor any of its officers, directors, managers, shall be liable to the Brokers for any loss, liability, damage or expense arising out of or in connection with the performance of any Services contemplated by this Agreement, unless such loss, liability, damage or expense shall be proven to result directly from the wilful misconduct of Brokerspaces. In no event will the Brokerspaces be liable to the Brokers for special, indirect, punitive or consequential damages, including, without limitation, loss of profits or lost business in the fair and just performance of its services.