AGREEMENT FOR RECRUITMENT SERVICES
This Agreement ("Agreement") is entered into as of _____________ by and between In House Recruiting LLC, an independent recruiting firm, and ______________________________________, a mortgage lender, mortgage banker, branch manager, real estate team leader, bank, broker, brokerage, company, or LLC. (collectively, “Company"),.
1. PURPOSE
The purpose of this Agreement is to set forth the terms under which In House Recruiting LLC will introduce, refer, and/or recruit loan officers and real estate partners (collectively, "Candidates") to _______________________________________ and Company agrees to compensate In House Recruiting LLC for such referrals on a continuing basis.
2. REFERRAL AND RECRUITMENT SERVICES
In House Recruiting LLC may identify and introduce potential Candidates to Company. Company shall evaluate each Candidate independently and is under no obligation to contract with any Candidate introduced by In House Recruiting LLC.
If Company elects to engage a Candidate, Company agrees that such Candidate shall be retained not as an employee of In House Recruiting LLC.
3. COMPENSATION
In consideration of the services provided by In House Recruiting LLC, Company agrees to pay In House Recruiting LLC ________________ weekly in addition to an assignment bonus equal to thirty (30) basis points (0.30%) of all funded loans generated for or retained by Company as a result of business conducted by each Candidate. This includes current and future team members, business partners, staff, or personnel referred to Company by the Candidate.
3.1 Perpetual Compensation
Payment of the thirty (30) basis points shall continue in perpetuity, for as long as:
The Candidate is engaged or contracted with Company
The Candidate generates funded loans, revenue, referrals, or business for Company.
3.2 Payment Terms
Assignment bonus payments to In House Recruiting LLC shall be made on a monthly basis, within fifteen (15) days following the close of each calendar month, accompanied by a statement detailing all funded loans generated by each Candidate and the calculation of amounts due.
4. RECORDS AND AUDIT RIGHTS
Company shall maintain accurate records of all revenue and commissions generated by Candidates and shall make such records available to In House Recruiting LLC upon reasonable request for purposes of verifying payment obligations.
5. INDEPENDENT CONTRACTOR RELATIONSHIP
In House Recruiting LLC is an independent contractor and is not an employee, partner, joint venturer, or agent of Company. Neither party shall represent otherwise.
6. CONFIDENTIALITY
Both parties agree to maintain the confidentiality of non-public business information exchanged pursuant to this Agreement, except as required by law.
7. TERM AND TERMINATION
This Agreement shall commence on the Effective Date and continue unless terminated by either party with seven (7) days' written notice.
Termination of this Agreement shall not affect Company's obligation to continue payments for any Candidate engaged prior to termination. All perpetual payment obligations under Section 3 shall survive termination.
8. INDEMNIFICATION
Each party shall indemnify and hold harmless the other against any claims, damages, or liabilities arising out of its own actions or omissions in connection with this Agreement.
9. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to its conflict-of-law principles.
10. ENTIRE AGREEMENT
This Agreement contains the entire understanding between the parties and supersedes any prior agreements or understandings relating to the subject matter.
11. AMENDMENTS
This Agreement may only be amended when signed by both parties.
12. SIGNATURES
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
In House Recruiting LLC
Name: __________________________________________
Title: ___________________________________________
Date: ___________________________________________
COMPANY
Company Name: __________________________________
Name: __________________________________________
Title: ___________________________________________
Date: ___________________________________________
