Can You Really Make Money Trading Commodities Online? The Necessary NDA 3
5. Commissions, fees, compensation or remuneration to be paid as part of transaction covering the "parties" to this agreement, shall be agreed upon by separate written agreement by the "parties" concerned and shall be paid at the time such contract designated, concluded or monies changing hands between buyers and sellers, unless otherwise agreed among the "parties", the "parties" hereby irrevocably and unconditionally agree and guarantee to honor and respect all such fees and remuneration, arrangements made as part of a commission transaction even in the event that the "party(s)" is not an integral member to a specific commission and fee/remuneration agreement.
There is going to be a separate document that outlines who gets paid what, for what, and when. this document will be subject to the terms of this NDA, so if anyone tries to mess around anyone else's rights to get paid for the work that they have successfully done, it's time to take them all to court!
6. In specific deals where this office allows the buyers or buyers mandate, and the seller to deal directly with one another, this office shall be informed of the development of the transactions by receiving copies of the correspondence made between the buyer or buyer's mandate and the seller.
This is a very interesting clause as it goes right to the heart of the NDA. If you as the middleman decide that the deal can't be done unless the buyer and the seller have to deal directly with each other instead of through you (and in many cases, the buyer and the seller have no choice but to communicate directly) then you are entitled as the middleman to receiving copies of all the correspondence between the buyer and the seller. This will not only keep you in the loop as to what is happening in this deal, but also will allow you to make sure that nobody is trying any funny business in cutting you out of your own deal.
7. The execution of each transaction shall be co-operationated by an international bank who shall served as an "intermediary" (herein after referred to as "the clearing house") who are responsible and authorised to the following:
There is an "official" transaction executor an that is a major international bank. At least you can be sure that they won't side with one party or the other. As big as this deal may be to you, to a huge international bank it's just pocket money. And no, I still can't find co-operationated in the dictionary. These guys make up their own damn words.
a) Verify the adequacy of the documentation required to complete the transaction, including but not limited to contract, letter of credit, marine insurance, bills of sale and other documentations.
The bank is going to make sure that all the t's are crossed and the i's are dotted on all the paperwork. That is a darn good thing as otherwise you'd be going broke paying for lawyers to go through the mountain of paperwork.
b) Confirm assay chemical analysis if any, price, quantity, delivery and location of the product being bought or sold.
The bank will also make sure that the product is actually what is stated, it's where it's supposed to be, and all the other details of the transaction.
c) Effect payments and transfer the transacted amount from the buyer's bank by way of letter of credit to the seller or the seller's bank and/or via SWIFT or similar wire transfer and/or via mutually acceptable alternate financial instrument.
The bank will make the payments, transfer the money, and take care of all the cash.
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