Commission-based sales contracts require the payment of a commission to a sales representative when a sale is made.  These contracts are commonly used in the sale of goods and services and real estate. If you are the seller (i.e., commission payor), you should should try not to pay a commission on sales made to third parties with which you have an existing relationship.  The rationale is that the sales representative earns the commission only on those sales to customers that the representative introduced to ...

Commercial contracts generally terminate when the term expires or when both parties have fully performed their obligations.  In these situations, no additional agreement is necessary to memorialize the termination. In certain cases, however, the parties may wish to terminate the agreement before the ordinary termination date.  This may occur if the deal is unfavorable to both parties or one party fails to perform both parties seek a clean break.  In these instances, the parties should sign a simple termination agreement that includes: ...

Business contracts must often be modified to reflect changes to the parties' agreement.  Below I discuss the main questions you should ask when drafting and negotiating contract amendments. What approvals are required to amend?  Commercial contracts generally contain an amendment and modification provision that governs changes to the terms. Contracts typically require that amendments be made in writing signed by the parties. How much text must be amended?  If the volume of text to be amended is substantial and it would be ...