A Referral Partnership Agreement is a legally binding document drawn up by a third party, referred to as the ‘Referrer’, that involves the other parties participating in a marketing partnership. This partnership is designed to share revenues or profits among the parties to a mutual benefit and to ensure the continuation of their relationship in the long term.
There are two types of such agreements: those drawn up between two parties, and those between a number of parties, usually representing different businesses with different products and markets. Such agreements may include but are not limited to, royalty agreements, marketing and advertising joint ventures, joint venture distribution agreements, joint venture investment agreements and other similar arrangements. There are also templates for such an agreement to make a more formalized form of partnership.
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When you require a referral partnership template, you will need to contact the referrer of your choice, who will normally supply one to you free of charge. A template can then be downloaded from the website of the referrer and used to design and prepare the legal documents which are to be entered into the legal agreement. It should not take you much longer than a few minutes, if you have access to a computer and an internet connection. It could also help to prepare draft versions of the agreement on paper, to check for accuracy before the final format is developed and sent to the referrer. All you need to do here is to fill in the necessary information and print it out for you to use when you need the legal agreement in the future.
In the past it was difficult to determine who was the referrer of a business due to the informal nature of the business sector. The internet has helped to change this situation and today it is possible to find out who a business refers to without having to go to the expense of hiring an expensive consultant. This can often make the decision regarding who is the referrer of your company or your business much easier for the business owner.
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In general, businesses are paid by the sale of products or services provided. Some will also receive some or all of their revenues from some or all of their products or services sold through another business. In some cases, the business owner may receive all of their revenue from some of their product or service sales, but will still receive payment from the business owner of the products or services sold through another business. This situation can also result in a discrepancy when calculating the amount of payments due for the products and services supplied.
In a template, a referrer agreement may be drawn up to specify the exact percentage of revenue shared between the business and the referrer of the goods or services sold through the business. This may then be included in the legal agreement. The referrer agreement will also outline the amount of payments due to the business depending on the percentage of revenue received from the sales of the items sold, if any. If you have a large volume of products or services to sell through the same company, the referrer may offer you a lower percentage of revenue than other businesses may offer you. It is important to ensure the terms are agreed to in writing.
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You may also be asked to confirm in writing whether the referrer is willing to provide you with an annual fee. This fee can be in the form of a flat monthly fee or may be in the form of a fixed percentage of revenue received from the sales. This is important to make sure that if the referrer does not agree to pay you any amount of money, they will not continue to use you for the provision of goods or services. If you do not have this information in writing, it is not a problem because you should know what percentage they agree to share with you before signing the agreement.
This legal agreement may also be drafted to address issues such as the transfer of rights from one person to another. A good template should include this in detail. Most business owners are happy to transfer the rights and obligations associated with the sales of the business to the referrer and allow them to take the profits from the sales of the goods or services sold by the business.
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