Legal Question in Business Law in Philippines

Commission on Out of State Deals

I am new to the buying and selling of goods and need a lot of advise. I found a deal offshore where one company wants to purchase something and one wants to see. I have not provided information to eaither of the companies. They want me to send them a contract and whatever else I need for my 10% commission. First of all what contracts do I need? secondly how does the transaction on monies work? How do I secure my 10%? Since both the companies are offshore, is there a way to have the money go through me? The buyer is ready to provide me with a Letter of Credit I just need to tell him what bank I use so he can get the LC from them. All confused please help.


Asked on 4/30/08, 5:18 pm

4 Answers from Attorneys
Gregg Gittler GITTLER & BRADFORD

Re: Commission on Out of State Deals

You need to engage the services of a lawyer (such as our firm) to prepare the necessary contracts for you. If you are acting as a sales representative for a company, you need a contract defining your rights and duties and those of the company you would be selling for. If you are going to be a distributor (buying and reselling on your own account), you need a different set of agreements.

Also, depending on what your role will be with respect to these companies (e.g., independent sales representative, direct agent, distributor, etc.), you will have to set up a proper entity to allow you to engage in business and to protect you individually. You may also have to contact a business insurance broker.

If you are embarking on a business venture, you are well served setting yourself up as a proper business venture.

With the companies being offshore, the only way to really secure your commission is to have the payments go through you.

Read more
Answered on 4/30/08, 5:31 pm
Gregg Gittler GITTLER & BRADFORD

Re: Commission on Out of State Deals

You need to engage the services of a lawyer (such as our firm) to prepare the necessary contracts for you. If you are acting as a sales representative for a company, you need a contract defining your rights and duties and those of the company you would be selling for. If you are going to be a distributor (buying and reselling on your own account), you need a different set of agreements.

Also, depending on what your role will be with respect to these companies (e.g., independent sales representative, direct agent, distributor, etc.), you will have to set up a proper entity to allow you to engage in business and to protect you individually. You may also have to contact a business insurance broker.

If you are embarking on a business venture, you are well served setting yourself up as a proper business venture.

With the companies being offshore, the only way to really secure your commission is to have the payments go through you.

Read more
Answered on 4/30/08, 5:31 pm
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Commission on Out of State Deals

Avoid scams! Deal locally. Never give out your bank information. Do not cash checks for people.

Read more
Answered on 4/30/08, 5:37 pm
OCEAN BEACH ASSOCIATES OCEAN BEACH ASSOCIATES

Re: Commission on Out of State Deals

If the goods are coming from China, then I may be able to assist in all facets including translation of the contracts which are needed. Contact me directly.

Read more
Answered on 4/30/08, 6:24 pm


Related Questions & Answers

More Business Law questions and answers in Philippines