This Co-op Brokerage Agreement (the “Agreement”) is made and entered into on this _______ (date), by and between:

  1. [Brokerage Firm Name], a company duly organized and existing under the laws of [Jurisdiction], with its principal office located at [Address], represented by [Broker’s Full Name], (“Listing Broker”), and
  2. [Brokerage Firm Name], a company duly organized and existing under the laws of [Jurisdiction], with its principal office located at [Address], represented by [Broker’s Full Name], (“Co-operating Broker”).

Collectively, the Listing Broker and Co-operating Broker may be referred to as the “Parties” or individually as a “Party.”

WHEREAS:

  • The Listing Broker has listed a vessel (or other asset) for sale and desires to engage the services of the Co-operating Broker to assist in finding a buyer.
  • The Co-operating Broker agrees to assist the Listing Broker by introducing potential buyers to the vessel (or other asset) and facilitating the sale.

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the Parties agree as follows:

1. DESCRIPTION OF ASSET

The asset involved in this agreement is as follows:

  • Asset Type: [Vessel, Yacht, Property, etc.]
  • Description of Asset: [Detailed description of the asset, including make, model, year, hull identification number, registration details, or other relevant features]
  • Asking Price: $[Price]
  • Location: [Location of the asset]

2. BROKERAGE SERVICES

  • A. Listing Broker Responsibilities
    The Listing Broker will:

    1. List the asset for sale, including marketing, advertising, and showing the asset to potential buyers.
    2. Provide all necessary documentation relating to the asset, including title and ownership proof, maintenance records, and survey reports (if applicable).
    3. Coordinate and manage the sales process, including negotiations and finalization of the sale.

  • B. Co-operating Broker Responsibilities
    The Co-operating Broker will:

    1. Actively seek and introduce potential buyers to the asset.
    2. Assist in the marketing and promotion of the asset, including leveraging their network, conducting showings, and coordinating buyer interest.
    3. Assist in the negotiation process between the Buyer and the Seller (if applicable).
    4. Ensure that all necessary documentation and paperwork related to the transaction are executed correctly by the buyer and seller.

3. COMMISSION STRUCTURE

  • A. Total Commission
    The total commission on the sale of the asset shall be [insert percentage, e.g., 10%] of the final purchase price (the “Total Commission”).

  • B. Distribution of Commission
    The Total Commission shall be divided as follows:

    • Listing Broker: [insert percentage, e.g., 50%]
    • Co-operating Broker: [insert percentage, e.g., 50%]

    The commission to be paid to each broker shall be based on the final sale price of the asset and will be due upon the closing of the sale.

  • C. Payment of Commission
    The commission due to each broker will be paid by the Listing Broker within [insert number of days, e.g., 10 business days] following the closing of the sale.

  • D. Commission on Proceeds
    The commission is calculated based on the final sale price. If the sale price is adjusted post-negotiation, the commission will be calculated on the adjusted price.

4. SALE TERMS

  • A. Offer and Acceptance
    The Parties agree that any offer from a potential buyer will be communicated promptly to the Listing Broker. The Listing Broker shall review the offer and negotiate on behalf of the Seller, with input from the Co-operating Broker when necessary.

  • B. Closing Process
    The Closing of the sale will be conducted according to the terms specified in the asset’s sale agreement. The Listing Broker is responsible for ensuring the successful completion of the transaction, including the transfer of ownership and documentation.

  • C. Expenses
    Any costs associated with the sale, such as surveys, inspections, or repairs, shall be borne by [specify the responsible Party, e.g., Seller or Buyer] unless otherwise agreed in writing.

5. NON-CIRCUMVENTION AND EXCLUSIVITY

  • A. Non-Circumvention
    The Co-operating Broker agrees not to bypass the Listing Broker by directly dealing with the Buyer introduced during the course of this Agreement without the written consent of the Listing Broker.

  • B. Exclusivity
    The Listing Broker acknowledges that the Co-operating Broker is authorized to bring other potential buyers and may also represent buyers of other assets during the term of this Agreement. This Agreement does not create an exclusive brokerage relationship between the Parties.

6. TERM AND TERMINATION

  • A. Term
    This Agreement shall commence on the date first written above and shall remain in effect until the asset is sold, or the Parties mutually agree to terminate it in writing.

  • B. Termination
    Either Party may terminate this Agreement upon [insert number of days, e.g., 30 days] written notice to the other Party. In the event of termination, the Parties will be entitled to commission on any sales or transactions completed during the term of this Agreement.

  • C. Successor Transactions
    If the asset is sold to a buyer introduced by the Co-operating Broker during the term of this Agreement, the Co-operating Broker is entitled to the agreed commission, even if the transaction occurs after termination.

7. CONFIDENTIALITY

Both Parties agree to maintain confidentiality regarding the terms of this Agreement and any information related to the asset, the Buyer, or the Seller, except as required by law or necessary to facilitate the sale.

8. INDEMNIFICATION

Each Party agrees to indemnify, defend, and hold harmless the other Party from any claims, liabilities, damages, losses, or expenses arising out of or related to the breach of this Agreement, including but not limited to any misrepresentation or failure to disclose material information about the asset.

9. GOVERNING LAW AND DISPUTE RESOLUTION

  • A. Governing Law
    This Agreement shall be governed by and construed in accordance with the laws of [insert jurisdiction].

  • B. Dispute Resolution
    Any disputes arising out of or relating to this Agreement shall first be addressed through good-faith negotiations. If the dispute cannot be resolved through negotiations, it shall be submitted to binding arbitration in accordance with the rules of the [insert arbitration body].

10. ENTIRE AGREEMENT

This Agreement constitutes the entire understanding between the Parties with respect to its subject matter. It supersedes all prior agreements, whether written or oral, between the Parties regarding the sale of the asset.

11. AMENDMENT

This Agreement may be amended or modified only in writing and signed by both Parties.

12. SIGNATURES

IN WITNESS WHEREOF, the Parties have executed this Co-op Brokerage Agreement as of the date first written above.

Listing Broker:
Name: _______________________
Title: ________________________
Signature: ____________________
Date: ________________________

Co-operating Broker:
Name: _______________________
Title: ________________________
Signature: ____________________
Date: ________________________

NOTARY ACKNOWLEDGEMENT (Optional, depending on jurisdiction)

State of ________________
County of _______________

On this _______________ day of ____________, 20, before me, a Notary Public, personally appeared ___________________________ (Name of Listing Broker) and ___________________________ (Name of Co-operating Broker), known to me or satisfactorily proven to be the persons whose names are subscribed to the within instrument, and acknowledged that they executed the same for the purposes therein contained.

Notary Public: ________________________
My Commission Expires: ________________